Much to the relief of locals, Colorado Springs has seen a decrease in the number of homes that are vacant as well as abandoned. This is great news for many locals who have been wondering when their neighborhood would finally recover from the economic downturn.
The local economy is rebounding which has helped to increase the number of residents moving into these soon-to-be-occupied houses and apartments. The city’s housing market appears to be on track toward building back up its inventory of colorado springs homes, eventually catching up with pre-recession numbers. However, it is still early in the new year to see dramatic improvements in this area.
From a market perspective, there are a number of advantages that have helped to propel apartment and condo prices upwards. Besides being located near the heart of city and well-served by public transportation, there are other benefits to consider such as the availability of jobs and proximity to attractions in the area. As time passes, the market will dictate if these are all-important to consider.
Markets like these can serve as a wonderful place to live and offer a financial foundation that is sound. Nearly all homes are treated to a wide range of upgrades and improvements during their construction phase, helping them to be a solid investment over time. That being said, this brings up one point that is important when considering investing in any home purchase: There is no guarantee that prices will continue to rise at their current pace.
The median sale price of a Colorado Springs home that was originally built during the 2004 to 2014 period is $240,000 according to the Denver Business Journal. The city’s recent population has been growing rapidly, which has increased demand for housing and also for services. In order for these two trends to continue, the local housing market will have to continue to grow. As it stands right now, most buyers are still looking in the $400,000+ range when they are searching through listings. This definitely makes the city’s overall market more expensive.
The median estimated sale price of an apartment in the city is $362,000 according to the Denver Business Journal. This figure is down by 2.8% from a year earlier and down by 5.5% from five years ago. While the overall prices are lower than they were at their peak, they are still well out of reach for many buyers in this area who have limited budgets to work with.