Realtors and market analysts in Colorado Springs have been try to figure out exactly what is going on with the Colorado Springs housing market in 2011.  While some say it is still too early to tell what will happen in the ‘Springs this year, national headlines don’t look quite as promising as last year.  One reason for this may be the lack of a Federal New Homebuyers Tax Credit in 2011, which was a great incentive to buy real estate even in a sluggish market.   

When you compare the Colorado Springs housing market for 2011 with other similarly sized cities across the country, the Pikes Peak real estate picture looks a lot better than most.  Idyllic weather, jaw-dropping mountain vistas, a vibrant technology sector and excellent quality of life are just a few of the reasons why the Colorado Springs housing market is usually healthier than some other markets. Add the steady stream of military relocations to the area’s many military bases, and it is easy to see why pricing remains competitive.  Recent articles in Outside Magazine and CNNMoney.com have also proclaimed Colorado Springs as one of the “best places to live” in the country.

Based on the December numbers, the Colorado Springs housing market may do well in 2011, but first it must unload a surplus of active inventory.  The average number of days on the market is still hovering around 96, but the sale-to-list-price ratio is a respectable 97.9 percent.  With 3,626 active listings as of December 2010, and an average sale price of $294,777, speculators are cautiously optimistic. 

An article published in The Gazette entitled “'Muted' economic growth forecast for 2011” (9/28/10) the local economy in Colorado Springs is expected to add new jobs by the second quarter, but no one is forecasting a “robust rebound” yet; everyone is just sitting around the sidelines and waiting for someone else to start hiring.   How this will affect local real estate statistics is another question though, since so much of the Colorado Springs housing market depends on military relocations.

For the best advice about buying or selling a home, and a better understanding of the Colorado Springs housing market for 2011, speak with a professional realtor from Action Team Realty in Colorado Springs.

 

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