Colorado Springs Housing Market is Changing

Housing market changing to sellers market

Posted: Mar 11, 2013 9:56 PM by Annie Snead


Listen up home buyers and especially sellers, the housing market has taken a turn this year.

Local realtors and economists say it’s starting to become sellers market.

We spoke to the experts to find out what this means for our local economy.

“We’re going to move back home to Arkansas closer to our family, turned out to be a good time for us with the market kind of turning around and we’re very optimistic about it being a good time to sell,” said Jillian Pettus.

Pettus has lived in her home in the Fairfax neighborhood for four years.

She says they have hope the five bedroom home will sell pretty quickly, it’s going on the market this week.  “The housing market has turned a great deal in the last six years, the previous years we’ve been very much a buyers market, last year we started turning into a neutral market and this year we’ve started turning into a sellers market,” said Hank Poburka. 

Poburka is chairman of the board for the Pikes Peak Association of Realtors says the change is good news for folks who’ve been “under water” for the past few years their housing value is increasing.
Also interest rates are low and so is inventory. 

“For many years the builders haven’t been building so they’re trying to catch up to today,” he said.
Senior economist Fred Crowley at UCCS says demand is growing. 

“What’s happening locally within Colorado Springs because of the supply and demand, prices of homes are rising and what this is doing for a lot of people who are at the edge of whether or not they would be upside down in their mortgage, they’re now finding out they’re no longer upside down so this is reducing foreclosures,” said Crowley.
He says foreclosures have dropped almost 50 percent in just the past few years,
and there’s new home activity. 

“This is what we call the multiplier affect in economic, because we do something it creates a job for someone else that now has income, unemployment rates go down incomes go up we start buying more things the city is happy because these are taxable things that we’re buying,” said Crowley. 

Crowley adds– they expect home sales to be up at least 25 to 30 percent this year, with the interest rate remaining low.
He says every new home that’s built creates about five to seven jobs.