An update on the housing market in Colorado Springs

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COLORADO SPRINGS, Colo. — More than 1,300 single family homes are up for sale in Colorado Springs.

“The housing thing is becoming a problem especially for first time buyers because that price is moving up. Our average price is $294,000 and just a few years ago it was just barely $200,000,” said Joe Clement, broker/owner of RE/MAX Properties Inc.

But there is still an inventory problem.

“We woke up January 1st, 2017 and found out we were a little Denver. We’re not Denver yet, but we’re heading in that direction. And it’s about a supply and demand problem. We have more people looking for homes than we do have homes to sell,” Clement said.

But the homes in the upper price range are getting a lot of attention.

“Like $500,000 to $750,000, we already have 74 sold homes and a year ago at this time we had 50,” Clement said.

While multiple offers aren’t common in that price range, realtors say they’re now starting to see a few.

The homes near others that were damaged by landslides in the Broadmoor Bluffs and Skyway areas are also doing well, with a median price increase of $40,000.

“There’s some homes that are in more of a slide zone than others that aren’t in a slide zone that might have to discount a little because there’s a fear factor. But in general, we’re seeing the houses get decent prices in Broadmoor Bluffs. Again, it’s case by case because it depends on where you are and what you have for drainage and things like that,” Clement said.

A year ago at this time, there were 150 homes listed at over a million dollars with one home that closed.

Today, there are 104 homes up for sale at over a million dollars and 11 homes have already closed.

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