On average, the number of homes sold was down 12.4% year over year and there were 550,423 homes sold in April this year, down 628,450 homes sold in April last year. 41% of the population lives in a rental property. 11 News spoke with local experts from Ticket Mortgage and . Colorado Springs real estate has appreciated by 92% since Q1 2000, at an annual average rate of 3.28%. At a national level, this means we expect to see continued home sales growth in 2022 of 6.6% which will mean 16-year highs for sales nationwide and in many metro areas. On the other hand, home sales stalled statewide this year, increasing by just 1.5%, much lower than last year's increase of 24.2% in November 2020. The Colorado housing market may be one of the best in the country for investing in real estate. In April, Fitch Ratings published a report that suggested the U.S. housing market has become overvalued due to significant home-price gains. If you're wondering if Colorado Springs is headed for a market crash, check out the latest stats for the Colorado Springs housing market. Well over 90% of the properties that have sold in the last 12 months were listed on the MLS. Many transactions were either short sales or foreclosures, so . 2 There's high demand with low inventory, so buyers are still rearing and ready to enter the market. On the high end, there is Zillow, which is forecasting 13.6% price growth in the coming 12 months, and . In fact, many housing market analysts and economists have recently predicted a continued rise in home prices through the end of 2021 and into 2022. When the . That index, if we go back to 1953, has increased on average, on a real basis, so net of inflation, about 0.8% per year. New home construction continues at a rapid pace but new sales data shows the market may be cooling down, slightly. Another capital city will take a housing market hit heading into 2021. Buyers are desperate and willing to try many different tactics to get their offers accepted. As of April 30, the average property value - as determined by the Zillow Home Value Index - stood at more than $486,000 compared to an expected price of just $333,000. New homes will be very tight with continued significant inflation. Published: Feb. 3, 2022 at 4:21 AM PST. This is actually a GOOD thing for our market. "The townhome-condo market reflects much of the same with inventory down 63.5% over 2020 and the median price up 14.4% to $304,513. The Colorado Springs-area housing market remained hot in August, though there are signs that it might be cooling slightly. "Are the Clintons the real housing crash . The S&P 500 closed up 18% in 2020 and up 27% in 2021. The Colorado Housing Market 2021 Will Be a Seller's Market If you were searching for a buyer's market in the US housing market 2021, you may not find it in Colorado. The average sales price was $546,047, up 16.0% from last year. Facebook Twitter WhatsApp SMS Email Print Save Colorado Springs will again be a top housing market in 2022, forecast says By Rich Laden rich.laden@gazette.com In addition, homes are still selling extremely fast in Colorado Springs. 2. 1 And even though sales dropped a little in December, they were still up from the year before. Updated: May 31, 2022 / 11:50 AM MDT. In June 2021, home prices across the U.S. surged 24.8% year-over-year to a median sale price of $386,888 according to Redfin. COLORADO SPRINGS, Colo. (KKTV) - Colorado Springs was ranked in the top 15 cities for best housing markets in 2022, according to a new study. In 2021, home sales actually declined by 0.2% during this time period. Look at the dramatic drop in inventory for March 2021. COLORADO SPRINGS - It may not be "cool" quite yet, but the scorching housing market we saw in the summer of 2021, looks to be settling down this fall. Reed McCulloch, executive director of the Chaffee County Housing Trust, finds it interesting that others are learning lessons from issues in his county. Real estate experts, however, say homebuyers shouldn't give up hope just yet as they predict an inflection point is soon coming which will eventually mean more longer lasting homes on the market . . If you pay much more than a home is worth, you will likely be underwater when the market rights itself. By the end of next year, mortgage rates could hit nearly 4%, based on Freddie Mac's forecasts, while realtor.com's Ratiu . Although it's good to worry about the housing market again, let us also recognize that the housing market has continued to rebound. The 10-year ARM (adjustable rate mortgage) was at 4.3%. Colorado Springs, Colorado . During the same time period, the number of homes sold . March 17, 2022. . As of June 1st, we have 1,355 homes for sale. It just means that a price collapse appears highly unlikely. Art on the Streets debuts 12 new pieces of art to decorate downtown Colorado Springs. The most interesting statistic is our significant increase in inventory. The final four months of 2021 saw home sales rise in September, October and November. 1. Colorado landed the following rankings: 3rd best state for low property taxes. In April 2022, home prices were up 15.5% compared to last year, selling for a median price of $424,405. Rising home prices are one sign of a hot seller's market. Some experts believe house values will keep rising over the coming months, but possibly at a slower pace than in 2020 and early 2021. Colorado Springs in the second quarter broke into the top 10 metros for its home price recovery, with a 45.8% gain above the pre-crash high. the housing market with the most rapid home value growth . A new Pikes Peak Association of Realtors report shows 1,870 single-family . The housing market's wild success contradicts. We have a new record median price at $487,000 which is an increase of 12.7% from last May. Our median price of $450,000 is the result of homes selling on average for 101.5% of list price. The housing market will continue to decrease and slow down. What is the housing market like right now? The average price of $554,013 did not break records, but it did show an increase of 13.2% from last year. As of April 30, the average property value - as . The building will have 214 apartments ranging in size from studios to . Colorado Springs Active Listings in March Over the Last 10-Years. That is significantly above the long-term home price appreciation. Based on sale and price information that he tracks for the Springs market, Eddie Hurt of ERA Shields Real Estate said local single-family home prices have increased 18.5% this year compared with 2020. So, if you watched my video last month in June about the average sales price in Colorado Springs, it was just over half a million dollars, $502,961 was the average home price in Colorado Springs for June. Baton Rouge, Louisiana, is expected to see a housing market downturn of 2.3%, the worst in the nation, after the coronavirus pandemic. And those rates are a bargain compared to what borrowers . info@berisfordgroup.com. Two, it will cause a huge amount of distress to the real estate industry. COLORADO, USA Bryan Vayhinger is a residential real estate appraiser and the president of one of the state's industry organizations, the Colorado Association . ( NewsNation) New home construction continues at a rapid pace, but new sales data shows the market may be cooling down, slightly. According to the Colorado Association of Realtors, the median Colorado single-family home price topped $500k for the first time in April of last year. As a result, there are more people looking for lower cost, adjustable rate loans. When the housing market stalled and interest rates began to rise in the mid-2000s, the wheels came off, leading to the 2008 financial crisis. If it continued, the theorized "bubble" would be at greater risk of popping. Don't buy more than you can afford. But if we go back to February 2019, the average 30-year mortgage rate was 4.37%. Through the first quarter of 2019, home prices have risen by nearly 70% since the post-recession low. Here's what housing data looked like in March 2022, which was released by the Colorado Association of REALTORS. Homes are sitting on the market longer than at. A seven-story apartment building is coming to the southwest corner of Cimarron and south Weber streets in Colorado Springs. But the Colorado housing market checked even more boxes as we entered 2021. This rate of change indicates significant inflation. The report explained that an increase in mortgage rates and/or home prices would impact monthly payments this way: A 5% increase in home prices increases payments by roughly 5% A 1% rise in interest rates increases payments by roughly 13% or 14% [] To quote their April 2021 report: National home prices rose by over 10% last year, the highest annual growth in over six years, and are now overvalued by 8.2% on a population-weighted average basis . . According to the aforementioned CAR report: Between 2015 and 2019, home sales were up from April to May by 53.4% on average. Stay informed and m. Our team of relocation experts would LOVE to help you! The group forecasts home price appreciation of about 3 percent next year. The median home price last month in February 2020 was $341,000. Fort Collins' median home price for the first four months of 2019 is $424,000, and the . Our lack of inventory makes it even more difficult for buyers to find homes. 8th best state for high traditional rental income. Colorado Springs' housing market continued to race at top speeds last month, though long-term mortgage rates that have topped 5% have caused some buyers and sellers to tap their brakes, some local . Here's Where Americans Are Moving (And Why) Amid all the uncertainty brought on by COVID-19 over the past six months, one thing is assured: the pandemic has re-ordered real estate markets across . This is especially true in the more affordable price range. If you're wondering if Colorado Springs is headed for a market crash, check out the latest stats for the Colorado Springs housing market. Housing market crash? Prices for Housing, 1967-2022 ($100,000) According to the U.S. Bureau of Labor Statistics, prices for housing are 850.54% higher in 2022 versus 1967 (a $850,536.40 difference in value). The stock market has been in decline and real estate prices are climbing to dizzying heights. 2022 Housing Prediction #5: Mortgage rates will be over 6%. With interest . And 10 years earlier, in February 2009, it was 5.13%. Just like home sales tend to ramp up around . As of April, the median home price in Denver hit a record $612,000 a 25% increase from last year. The National Association of Realtors predicts the housing market will cool rather than crash in 2022. Colorado Springs in the second quarter broke into the top 10 metros for its home price recovery, with a 45.8% gain above the pre-crash high. The Colorado Springs housing market is a very hot seller's market right now, meaning real estate investors will find competition when looking for a Colorado investment property in this city. In February 2022, the median price in the Colorado housing market (statewide) was $555,540, up +19.5% year-over-year. Realtor.com's forecast and housing market predictions on key trends that will shape the year ahead. A year ago, Colorado Springs ranked 13th for the size . In another article, we mentioned some of the history's worst stock market crashes and how to avoid being caught up in . Still, some local real estate agents wonder if Realtor.com's forecast underestimates how much home prices will climb next year in Colorado Springs. In October 2021, the average home in Colorado was priced at $528,211, a significant increase of 22.1% (YoY). You need to be prepared for both of these scenarios and to do something about it. Over the last 5 years the median price has increased over $100,000! Updated: 8:08 PM MDT May 21, 2021. We would love to chat with you Thinking about making the move to Colorado Springs? Florence has a good water system and "tons of water rights," he said, noting that three subdivisions were platted before the 2008 real estate market crash stalled development. Here's an overview of what experts predict will happen in the housing market leading into 2022: Even as we started into the year of COVID-19, the market was hot and showed no signs of slowing down. The MLS, or multiple listing service is critical for the operation of real estate sales in any area.