It’s been happening for several months now in the Denver market, but it looks like the shift from a Buyers’ Market to a Sellers’ market is happening for Colorado Springs Homes as well.
We are starting to see a much lower inventory of homes on the market and this scarcity is causing buyers to move quicker and be willing to pay a higher price for homes in the Colorado Springs area.
Fox21 has a good article on this:
After years of being a buyer’s market in Colorado Springs experts say the tables are turning.
Over the last six months the market has transformed into a neutral market and is now turning into a seller’s market.
A neutral market is where it’s pretty balanced between buyers and sellers. Price stays stable,” Hank Poburka, Chairman of the Board of Pikes Peak Association of Realtors, said. ” We see that usually for just short periods of time.”
For the last five years buyers have had the advantage.
“That has had to do with a lot of things. Lots of foreclosures, lots of short sales, lots of hardships, and interest rates really made a big change too,” Poburka said.
Now sellers are getting their big break.
“We have very low inventory and very low interest rates and that’s causing demand to be high,” Poburka said.
As the article mentions, the number of Colorado Springs foreclosures has been declining, and this has been a major factor in the market shift.
As always, each neighborhood and area is different. If you would like numbers and figures for a specific area in Colorado Springs, call our team at 719-641-4209.