Colorado Springs homes selling at one of the fastest clips in the nation

By Rich Laden Updated: June 7, 2018 at 6:52 am • Published: June 7, 2018 0
photo - A home for sale on Espanola Street Thursday, June 15, 2017. Photo by Mark Reis, The Gazette
A home for sale on Espanola Street Thursday, June 15, 2017. Photo by Mark Reis, The Gazette

Homes for sale in Colorado Springs can be here today and gone tomorrow.

And, in some cases, they're here today and gone today.

Single-family homes in the Springs typically sell within about six weeks - a pace that ranks the city among the top 10 metro areas in the nation when it comes to how quickly properties are sold, according to a report by Trulia, the online residential real estate service.

The speed at which homes are being snapped up is a familiar story for frustrated buyers who can't find homes and sellers who often field multiple offers, some local real estate agents say.

"It's no surprise," said Debbie Howes of Re/Max Performance in Woodland Park and board chairwoman of the Pikes Peak Association of Realtors. "Our days on the market are almost the lowest I've ever seen."

In April, the length of time for a Colorado Springs home to sell after it was listed was a median 43 days, Trulia said. That's based on homes listed with the online service.

Seattle, San Francisco and San Jose, Calif., each with a median 36 days from listing to sale, tied for the top spots in Trulia's rankings. They were followed by Oakland, Calif., 38 days; Denver, 41 days; and Salt Lake City, 42 days.

Colorado Springs was followed by Tacoma, Wash., with 44 days, and Sacramento, Calif., and Portland, Ore., each with 45 days.

A robust local economy and mortgage rates that remain historically low are fueling demand for homes, real estate industry members and economists have said. Colorado Springs-area sales for the first five months of 2018 are running 1.2 percent ahead of last year's record pace, according to the latest Pikes Peak Association of Realtors report.

But, like other cities, the supply of homes for sale in Colorado Springs - especially in the $300,000-and-under price range - is exceptionally tight. In May, 1,885 homes were listed for sale locally; that's down about 1,000 from the same month three years ago.

As a result, when homes go on the market, and if they're priced right and in good condition, they sell quickly.

Howes said she tries to educate her clients about the state of the market. She's working with a buyer who's looking in the mid-$200,000 price range, and has told him he might have to look at nearly a dozen homes before a successful purchase.

"He opted not to get into a bidding war on one, and lost out last week," Howes said. "We just keep plugging."

Don't expect any changes in the market over the next several months, Howes said. Demand will remain strong and supply tight.

"And the builders can't build enough, fast enough, to cover the people that are moving in for jobs and the kids that are being kicked out of their parents' basement," she said.

Other highlights of Trulia's report:

- The median number of days from listing to sale nationally was 64 in April. That's down from 77 a year ago.

- The length of time for homes to sell has fallen steadily over the last eight years. Nationally, it took 137 days for homes to sell in April 2010.

- Trade-up homes are selling the fastest at a median 57 days, followed by starter homes at 59 days and premium homes at 72 days.

- The markets with listings that have shortest list-to-sale time are in Western states. Those with the slowest times are in the East, including Syracuse, N.Y., 144 days; Long Island, N.Y., 132 days; and New York City, 128 Days.

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