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November 7, 2019
HARRY’S BI-WEEKLY UPDATE
A Current Look at the Colorado Springs Residential real estate Market
As part of my Unique Brand of Personal Service, it is my desire to share current real estate issues that will help to make you a more successful and profitable buyer or seller.
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BREAKING NEWS
This news was just so good I couldn’t wait for the next eNewsletter to share it with you.
For some time now I’ve been telling you about the popularity of Colorado Springs and our very healthy residential real estate market. Today, the National Association of Realtors (NAR) released a report that shows exactly that.
The American Community Survey releases the Public Use Microdata Sample files every year, which include population and housing unit records with individual response information. Focusing on homeowners who moved into their homes within the last year, NAR was able to identify characteristics of the homebuyers and their homes at a local level.
Where are people buying homes?
Comparing the number of buyers with the number of all homeowners, NAR identified the top 10 large metropolitan areas with the highest concentration of buyers:
- Colorado Springs, CO (11.1%)
- Las Vegas-Henderson-Paradise, NV (10.8%)
- Cape Coral-Fort Myers, FL (10.6%)
- Phoenix-Mesa-Scottsdale, AZ (10.0%)
- Provo-Orem, UT (9.8%)
- Tucson, AZ (9.3%)
- Boise City, ID (9.2%)
- Tampa-St. Petersburg-Clearwater, FL (9.2%)
- Ogden-Clearfield, UT (9.0%)
- Orlando-Kissimmee-Sanford, FL (8.9%)
Based on the NAR’s Home Buyers and Sellers Survey, a typical homebuyer was 46 years old earned nearly $92,000 in 2017.
The profile of a typical Colorado Springs buyer is illustrated below:
NAR also released the areas with the highest concentration of sellers, and, as you might guess, Colorado Springs is nowhere near the top 10.
While several cities in the top buying areas are also in the top selling areas, we are not even close to that. Our shortage of available homes for sale is indicative of our lack of sellers in recent times.
The chart below identifies the typical home seller in Colorado Springs according to the survey:
Bottom Line?
Colorado Springs is economically healthy and thriving, thanks in part to Mayor John Suthers and our City Council who have worked diligently to get us there.
If you’ve even considered selling, we’ve got a LOT of potential buyers for your home! It truly is a Sellers Market right now.
Call me today at 593.1000 or email me at Harry@HarrySalzman.com and let’s talk about all of your residential real estate options.
