June was the 11th straight month of increased real estate sales and the second month where real estate prices reached record highs, according to the Pikes Peak Association of Realtors.
PPAR statistics indicate the cumulative year-to-date sales in single family/patio homes was up 20 percent higher than last year and condo/townhome cumulative sales were up more than 45 percent during the same period last year.
New single family/patio home listings for the month were up 3.6 percent over June 2014 and listings on condo/townhomes were up more than 6 percent over the same period last year.
Homes priced at $350,000 and below have seen the greatest interest, although higher priced home sales are gaining traction.
“This trend seems to be saying that homeowners are starting to realize that as the job market, economy and home prices stabilize, mortgage interest rates will rise, and with them will go the probably ‘once-in-our-lifetime’ chance for historically low rates,” according to a statement by Realtor Harry Salzman issued via a news release.
As rental rates rise, those looking for investment properties are looking at the possibility of higher rental incomes, Salzman said, adding, “With job announcements from Raytheon, a new medical complex in the works for Penrose-St. Francis Health Services and ongoing expansion at UCCS, the Colorado Springs housing market is primed for solid growth.”
June 2015 compared to June 2014, according to PPAR:
Single family/patio homes
- New listings: 1,881 (up 3.6 percent)
- Number of sales: 1,401 (up 17.5 percent)
- Average sales price: $279,241 (up 4.4 percent)
- Median sales price: $250,000 (up 5.5 percent)
- Total active listings: 3,173 (up 5.5 percent)
- New listings: 217 (up 6.4 percent)
- Number of sales: 212 (up 45.2 percent)
- Average sales price: $166,342 (down 4.2 percent)
- Median sales price: $151,250 (down 2.5 percent)
- Total active listings: 291 (down 32.2 percent)
In statistics provided by the Pikes Peak Realtors Services Corp., the PPAR released the median and average sales prices for sales of single family/patio homes.
Black Forest, median $418,000, average $437,054; Briargate, median $342,400, average $358,994; Central, median $217,000, average $225,721; East, median $190,500, average $218,427; Fountain Valley, median $217,500, average $216,490; Manitou Springs, median $334,500, average, $337,300; Marksheffel, median $258,000, average $272,996; Northeast, median $239,000, average $255,624; Northgate, median $365,999, average $387,830; Northwest, median $336,500, average $359,462; Old Colorado City, median $210,000, average $243,175; Powers, median $236,500, average $247,571; Southwest, median $308,750, average $352,271; Tri-Lakes, median $415,500, average $445,553; and West, median $201,000, average $240,126.