10.30.08
Market Recovery Predicted for Colorado Springs Real Estate Market
Boy, am I sick of bad news. Expensive bailouts. Economic crisis. Election mud slinging. I’m to the point that a root canal sounds more fun than watching 20 minutes of Headline News. So, how ’bout some good news for a change?
SmartMoney Magazine (November 2008) published a list that ranks Colorado Springs as #6 in the nation of “25 Cities Ready to Rebound”!
The article proposes that overbuilding and speculative pricing are now “working their way through the system”. Experts are beginning to predict a slow, but definite turnaround. National sales figures do not correctly explain local market trends. In fact, the Colorado Springs market is doing much better (and has in the past) than the national averages.
The study in SmartMoney Magazine analyzed 25 metropolitan areas that they found to be promising. In Colorado Springs, they cite a 21.3% increase in pricing from 2002-2007. The year-to-date price change (2008) is only -.03%….a much smaller change than the general media would have us believe.
Colorado Springs has always made the cut for the best-of-the-best lists (fitness, places to live, business-friendly cities, etc.) so I believe this article make a valid prediction. Colorado Springs is a wonderful place to call home and it only makes sense that the housing market will recover in support of the trends. If you’re thinking about buying a home or selling a home in Colorado Springs, let us know.
