Real estate prices are going up in Colorado Springs. According to Pikes Peak Association of Realtors, the spike in home prices have gone up as a request for housing to remain strong.
There has been a 14% increase in home prices in the last 2 to 3 years. It has already been four consecutive months that these prices have set a record high in the city. The median price of all the houses that were sold last month was close to $325,000.
Since last year, the city saw a 10.8% increase in house prices which went up to an average of $361,500. However, real estate economists and experts claim that average pricing of the houses could easily be changed by either a very high sale or a very low one.
According to a report by The Realtors Association, the first half of 2018 had a total of 7,704 sales. Compared to last year’s total in the same amount of time, there is a 0.9 increase in sales.
Most properties were not on the market longer than 3 weeks. However, last year in June, homes were on the market for about 26 days before they were bought.
Over the past few years, inventory of homes has increased 3,000 or even 4,000 in the summer.
Although all these numbers remain to be higher than before, the sales are not as high as demand is right now.
Realtors blame the short supply of houses that are for sale. If there were more houses being sold, the sales would be higher too.
One of the agents at The Platinum Group Realtors in Colorado Springs, Hank Poburka, says that “people are just getting tired of looking.”
The only solution for this, he says, “Builders have to build more.”