NewsCovering Colorado


Housing market grows in Colorado Springs, affordability could change

Posted at 6:15 PM, Nov 29, 2018
and last updated 2018-12-01 11:51:01-05

COLORADO SPRINGS – The real-estate site Trulia published its list of top housing markets to watch in 2019, and Colorado Springs was at the top.

Donna Hatch,a real-estate agent with ERA Shields Real Estate, is seeing this market boom first-hand.

“We haven’t had really that many issues with taking off the market because we’re such a hot market right now. historically it is a quick market for us,” she said.

Factors like job growth and starter-home affordability went into the ranking, but the affordability factor has proven critical.

“I think with the affordability of Colorado, Colorado is still an affordable state i think that helps push us up to number one over those other markets,” said Cathi Sullivan, the owner and broker of ERA Shields Real Estate.

“235 in this area is really good,” Hutchinson said when describing average price points.
“You can a 3-bedroom, 2-bathroom family home – between that price and the 325’s.”

But prices have been steadily rising, as Colorado remains a very attractive place to live.

“Well [prices are] going up,” said homeowner Vincent Arena.
“I mean price and demand. People moving in from all over the country.”

It’s great news for the real estate industry, but there remains wide spread criticism of a huge void for those looking for affordable housing, despite those who says it’s been a relatively affordable market.

“Really it comes down to the fact that we were pretty inexpensive to begin with,” said Dr. Tatiana Bailey who directs the UCCS Economic Forum.

By the end of this year, Bailey says the median price for a single-family home in Colorado Springs will be around $305,000.

That’s up 14 percent from last year.

But Hutch says it’s still a better alternative to other nearby markets.

“The further north that you go, the price points have gone up,” she explained.
“The market there has accelerated so quickly in the past few years that it’s making us look more desirable.”

If you’re looking to buy or sell, Hatch says the best time to do that is when school is out in the summer months.
But if you want to sell your home right now during the holiday months, she says the buyers you get are more likely to be highly committed.