Our current real estate market is unprecedented. The ramifications of the pandemic, work-from-home, and supply chain disruptions have significantly influenced Colorado Springs’ (and the state of Colorado’s) record-breaking real estate market. According to Colorado Public Radio, the median price for a single-family home in the Pikes Peak region in December of 2021 was $450,000. This median price matched the record set in the summer of 2021. Additionally, Colorado Springs-based Empire Title reported that the average home price rose by 18.6% in 2021 compared to 2020.
The question is, though, will the market continue to break records in 2022? Experts predict that the market will continue to stay hot but not at the same recorded-breaking pace we saw in 2021. A slight increase in inventory may cause the market demand to taper off slightly. The Colorado Springs Gazette reported that Colorado Springs contractors are projected to develop 4,000 new homes in 2022. Lawrence Yun, chief economist at the National Association of Realtors, was interviewed by the Washington Post and mentioned, “With more housing inventory to hit the market, the intense multiple offers will start to ease,” Yun said. “Home prices will continue to rise but at a slower pace.”
In 2022, we will continue to see the power vested in the sellers so, if you are thinking of selling, now is a great time! Buyers are going to have to be more strategic when approaching the market - but that does not mean if you are a buyer, now is the wrong time to buy. If you are looking to buy soon, we encourage you to come up with a game plan that will give you a competitive edge. And, as always, no matter what side of the real estate negotiations you are on, part of that game plan should include having a knowledgeable and competent realtor on your team.
If you are looking for the perfect real estate agent to help you with buying or selling a home, get in touch with Harris Group Realty now, or email Barbara here.