In 2013 the residential real estate market in the Pikes Peak
Region had an impressive year. The local market did not suffer as much through
The Great Recession as many markets around the country; values locally dropped
17% vs 50%+ in other markets. This past year market values and sales units were
strong, while the distressed sales market (short sales, foreclosures) all but
dried-up. As has been the case for nearly 2 years, inventory levels remain low
and have had a strong influence on prices increasing, even forcing some buyers
to delay purchases.
Over the last quarter, the local market cooled down
significantly with the likely culprits being lack of buyer confidence due to
concerns over the federal financial deadlock and individuals not knowing the
impacts of the new healthcare system. This lack of confidence showed itself as
under contracts during the 4th Quarter
dropped by 14% (612 units).
Residential real estate in the Colorado Springs metro area
is set-up to have another strong year in 2014.
Combine with the fact the market is trending up, our area is attractive
with a stellar quality of life, excellent K-12 schools, and fine higher
education institutions including high growth at UCCS, leading industry sectors
in space/amateur sports/homeland security / mining, and world-class
recreational opportunities. The Pikes
Peak region will continue to be a place where families and professionals choose
to live.
Want more information about our local Real Estate, don't hesitate to contact me: dhatch@erashields.com
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