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Colorado Springs home sales and prices continue to rise in September

October 4, 2017 Updated: October 4, 2017 at 5:42 pm
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photo - A home for sale on East Platte Ave. Thursday, April 28, 2016. Photo by Mark Reis, The Gazette
A home for sale on East Platte Ave. Thursday, April 28, 2016. Photo by Mark Reis, The Gazette 

Denver's housing market might be showing signs of a slowdown, but Colorado Springs-area home sales and prices soared again in September.

The latest Pikes Peak Association of Realtors report showed that home sales totaled 1,509 last month in the Springs and surrounding communities, a 9.3 percent increase over the same month last year. Monthly sales have risen on a year-over-year basis for most of the past three years.

Through the first three quarters of 2017, Springs-area home sales totaled 12,449, up 7.1 percent over the same period in 2016. If sales continue on the same pace during the fourth quarter, they could top last year's record of 15,318.

The brisk pace of local sales contrasted with that of the Denver market, where single-family home sales dropped 15.3 percent in September on a year-over-year basis, according to the Denver Metro Association of Realtors.

Other highlights of the Pikes Peak Association of Realtors' report include:

- Homes averaged 26 days on the market before selling, down from 35 days in September 2016.

- The median price - or mid-point - of homes that sold in September increased to $275,000 or 4.2 percent higher than the same month last year. Median prices now have increased every month since December 2014 on a year-over-year basis. In Denver, median prices hit $409,000 in September, up 7.6 percent from a year earlier.

- The average price, considered less reliable because it can be skewed by a few very high or very low sales, totaled $309,698 in September, up 6.3 percent compared with last year. Average prices also have risen every month since late 2014. Denver's average single-family home sales price of $476,051 in September climbed 8.5 percent on a year-over-year basis.

- Most homes sold in the Colorado Springs area were in lower price ranges; 61.2 percent of September's sales were priced at $300,000 or less.

- The supply of homes for sale remains low, based on trends over the past several years. Only 2,145 homes were listed for sale in September, down 12.2 percent from a year ago. Monthly listings routinely topped 5,000 during the Great Recession years. Even before the downturn, however, monthly inventories often topped 3,000.

In general, local real estate agents have said a stronger economy, increased job growth, improved consumer confidence and low mortgage rates have stoked the demand for housing. That demand, combined with a tight inventory, has helped drive up prices.

The Pikes Peak Association of Realtors' report tracks home sales whose transactions were handled by real estate agents but doesn't include sales by individual owners. Most home sales last month took place in El Paso County.

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Contact Rich Laden: 636-0228

Twitter: @richladen

Facebook: Rich Laden

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