Are we finally turning a corner in the housing market? According to a recent article in the Gazette
The pace of home construction soared last month in the Colorado Springs area according to a report today by the Pikes Peak Regional Building Department. Single-family home building permits totaled 166 in February in the Springs and surrounding El Paso County, more than a threefold increase from 53 permits during the same month a year ago.... It was the most single-family permits in any month since 180 permits were issued in May 2008 and the most in any February since 179 in 2007.
Active listings in the El Paso County for the month of February were 4361 with the median price at 182,000. The average days on market were 82.
This time last year the active listings on the market were 5060, and the average median price was 177,250. The average days on market were 95 for the first quarter of 2009. Although these seem like slight changes it is a move in the right direction towards stabilizing the housing market in the area.
The Colorado Springs area is unique in that we had a recent influx of military families that decided to purchase homes utilizing the tax credit and incredible interest rates. The lack of on-base housing contributed to the decrease in inventory especially in conveniently located communities to the bases. A large proportion of renters became first time buyers as the tax incentive and low rates made home ownership a reality for many allowing an escape from the variable expense of increasing rents.
The first quarter of 2010 appears to be promising for the Real Estate market here in El Paso County. The days of screaming deals are gone in the under 200k range with the average home price increasing and the multiple offer scenarios on the rise. Things could get very interesting for the Spring and Summer season here in Colorado Springs and I for one am looking forward to it.