Colorado Springs home sales and prices rise again in March, quoting the Colorado Springs Gazette:
The single-family home resale market enjoyed another strong showing last month.
Home sales in March totaled 1,009, which was 21.3 percent higher than the same month last year, according to a report this week by the Pikes Peak Association of Realtors. It was the eighth straight monthly increase in sales.
Sales totaled 2,362 from January through March, which was the best first quarter for any year since 2006, the report showed.
The median price – or midpoint – of homes that sold in March rose to $225,000, a 7.1 percent increase when compared with the same month last year. Prices have increased in 10 out of the last 11 months.
“It was a very good month,” said Cherri Fischer, a real estate agent with ERA Shields Real Estate and board chairwoman of the Realtors Association.
A pent-up demand on the part of buyers, low mortgage rates and stronger consumer confidence are helping to propel the resale market, Fischer said. “Around Colorado Springs, there’s a little bit more of a positive feeling within the community, which starts at the national level,” she said. “Sometimes it takes awhile for it trickle down to the El Paso County area.”
Even with the demand for existing homes, the supply remains tight. The inventory of homes listed for sale totaled 2,538 in March, down by nearly one-third from the same month last year. The supply of homes for sale is in sharp contrast to the recession years, when inventories often ranged from about 5,000 to 7,000 a month.
Expect the resale side to remain strong for the next few months; the number of pending sales and homes under contract is at a 10-year high, she said.
“It’s looking like it for the next month and the following month, as well,” Fischer said of the continued upswing in the market.
The association’s home sales report includes transactions that were handled by its members and doesn’t include homes sold by individual owners. Most of the transactions in the report take place in El Paso and Teller counties.
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