Is the Colorado Springs Housing Market Poised for Recovery?
It was no surprise that scenic Colorado Springs was named the number one “Best big city” to live in by CNN Money, or that Forbes ranked it #3 for the “quickest recovery.” The latest report on the Colorado Springs area indicates hopeful signs for a near-term recovery in the housing market. A surge in affordable housing in Colorado Springs has been one catalyst for growth, as well a number of first-time homebuyers taking advantage of the $8,000 Federal Tax Credit. These factors, along with competitive pricing and record-low mortgage rates, have elevated Colorado Springs housing indicators this fall, an encouraging sign for homebuyers and realtors. The average sale price for Colorado Springs housing is now $214,848, according to the Pikes Peak Realtor Services Corp. While this is a 10% decline in price since a year ago, the good news is that sales are up 12% and inventory is down 20%. Another encouraging sign is the average number of days it takes to sell a home, which is down to 71 days
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