Colorado Springs, Colorado
Real Estate Market Data
About Colorado Springs, Colorado Real Estate Market: Most sellers don’t really list their property until the beginning of April (tax time) and/or in preparation of moving their families while the kids are on Summer break. However, the Colorado Springs, Colorado Real Estate Market appears to have begun much earlier in 2016 (March) than we have seen in previous years. Nov-Dec 2015 also saw an increase of homes For Sale along with an increase in the number of homes being sold; if the price was right.
2014 (2-years ago): DoD announced another round of budget cuts and base re-alignments. The first to hit the news was Peterson AFB’s 3xx Airlift; we didn’t see much impact from this one. However, the next BRAC year is in 2016… its not good for cities like Colorado Springs that are heavily dependent upon DoD.
March 2015: Interest Rates have jumped to 4.25 to 4.5% and we have heard some buyers have already been quoted 5.x%. For those who are first time home buyers and on a tight budget… they just got priced out of a home and a seller just lost a potential buyer.
In June-August 2015, homes were moving; however, they were the good to the best homes on the market. Average homes needing work and attempting to ask top dollar are not moving. Many home owners wishing to sell their homes need to offer concessions to their potential buyers to fix-up the home. Such as, for a 1K SqFt Ranch, this can range from a simple $3-5K for painting to upwards of $30-40K for a full rehab.
As we start to close 2015 (Oct-Dec), inventory is building and sales slowing. We have already had a couple of good Winter snow storms, and kids are trenched into their school year. Families with kids tend to not want to move once the school year begins (Aug). Families without kids tend to not want to move during the Winter season. If your going to sell now, price the home right… and/or offer concessions to the buyer to move.
About Colorado Springs, Colorado Real Estate Health: Good/Steady
Foreclosure rates are steady and currently higher than the national average (2.7%).
Filings started climbing again in early 2014 and are now on par with May ’08 and Jan ’12 filings.
About Colorado Springs: Demographics:
- As of December 15, 2015 Interest rates now 4.0-5% (UP 1/2 – 3/4%)
Fed Chairmen ending QE
Some buyers now priced out of market
- Unemployment is flat (As of Oct 2014)
DoD Contracts still laying off (Lockheed, Northrup Grumman)
Caveat: Sequestration (opens in new window)
Caveat: Colorado Springs employment is HEAVILY dependent upon DoD/Military
- Median home prices $200,000
- Median home selling prices, flat
- Trending models predict overall market to flatten
- Stimulus impacts on housing prices are still an unknown
About Colorado Springs: Top Ten Companies* and Industry:
- Memorial Health System – Health Care & Pharmaceuticals
- Penrose-St. Francis Health Services – Health Care & Pharmaceuticals
- Broadmoor Hotel, The – Convention/Tourism
- Progressive Insurance Company – Finance, Insurance & Real Estate
- Verizon Business – Communications
- Atmel Corporation – Industrial Goods
- Northrop Grumman Corporation – Aeronautics & Defense
- United Services Automobile Association – Auto, Homeowners, Commercial Insurance
- Lockheed Martin Corporation – Aeronautics & Defense
- Compassion International – Non Profit / Headquarters
*ranked by employee count, July 2011
Source: Colorado Springs (opens in new window).
About Colorado Springs, Colorado Real Estate, El Paso County, 2011:
Population 440,000, 21% growth since 2000
- Females: 216,000 (49%)
- Males: 223,000 (51%)
- Median Resident Age: 35
- Colorado Median Age: 36
Estimated median Colorado Springs income in 2014: $54,000 ($45,000 in 2000).
Colorado Springs estimated per capita income in 2014: $29,000
Colorado Springs estimated median house/condo in 2014: $206,000 ($143,000 in 2000).
El Paso median gross rent in 2014: $900
Colorado Springs Real Estate (mean) prices in 2014: All Housing $240,000, Detached Houses $259,000, and Townhouses/Other Attached $165,000
More About Colorado Springs, Colorado Real Estate details can be found at City-Data (opens in new window).
About Colorado Springs Military Housing Information:
Colorado Springs is home to many of our hosted military soldiers, officers and their families. For their convenience the following are links to the local base/post websites and their housing office.
Fort Carson Army Post – The Mountain Post:
At present, over 18 units are assigned: 440th CABN, 4th Eng. BN, 4th ID, 43rd BDE, 1-25 ATK, 10th CSH, 13th ASOS, 52nd Eng. BN, 71st Ord., 423 Trans CO, 759th MP BN, AFSBn, DENTAC, USAG, MEDDAC, MSE, VETCOM, WCAP, and WLC.
Fort Carson Housing
Peterson Air Force Base:
Home of the 21st Space Wing, which is comprised of multiple Squadrons and Groups: 21st Operations Group, 21st Mission Support Group, 721st Mission Support Group, 21st Medical Group, 821st Air Base Group, 21st SW Wing Staff Agencies, and North American Aerospace Defense Command (NORAD – See below).
Peterson Air Force Base Housing
Cheyenne Mountain Air Force Station:
Central collection and coordination center for a worldwide system of satellites, radars, and sensors providing early warning of any air, missile, or space threat to North America.
NORAD – North American Aerospace Defense Command:
Bi-national (United States and Canada) organization charged with the mission of aerospace warning, aerospace control, and maritime warning in the defense of North America.
US NORTHCOM – North American Command:
Plans, organizes, and executes homeland defense and civil support missions.
United States Air Force Academy:
The Air Force Academy Mission is to educate, train and inspire men and women to become officers of character, motivated to lead the United States Air Force in service to our nation.
Air Force Academy Housing