The Trifecta of low interest rates, low prices, and low inventory is leading the Colorado Springs housing market into recovery, despite a local jobless rate that’s stuck at 9%. April home sales were up nearly 5% compared to the same month last year, for a total of 784. Prices are creeping higher, too, after spending more than a year in decline. The average sale price last month was up 2.63% to $221,125. The median home price (where 1/2 of the sales are higher, 1/2 lower) stands at $192,525 and that’s up just over 4% from April, 2011. Many properties are attracting multiple offers. But the flurry of activity is restricted for now to the $250,000 and below price range, where there’s a scanty 3-4 month supply. For home sellers in the $300,000 to $500,000 price range, homes are taking an average of 4 to 6 months to sell. Double that for a Old North End mansion or estate home on acreage in Black Forest. These owners should expect 9 to 12 months on market to sell a luxury property of $1M or more .

Inventory at 12 Year Low

In real estate, it’s all about supply and demand. And there are currently just 3,383 single family homes on the market. That’s the lowest number of available homes in April in 12 years, since April 2000. Distressed property sales are also declining. Just 15% of the properties that sold last month were short sales or foreclosures.

We’ve Got An App For That

Shopping for your dream home while on the go just got easier. RE/MAX has launched a mobile app for iPhone and Android smartphones, and it’s getting rave reviews. Use the app to shop for homes near your current location, including listing photos and directions. Email homes to friends or realtor, and use the mortgage calculator to estimate monthly payments. Download the app at www.remax.com/mobile.

Views, luxury and quality come together in our featured home, a custom 3 bedroom, 4 bath Arts & Crafts American Bungalow on 2 and a half spectacular acres just outside Manitou Springs. Special features include the drive-through portico, hand crafted woodwork, and stunning gourmet kitchen. Enjoy the true Colorado lifestyle …just minutes from the city! 8270 Aspenglow Lane, Cascade CO 80809 is available for $965,000. For your private showing, call Dana Smith!

Summer’s Comin’!

It’s our favorite season downtown, when a non-stop calendar of fun activities brings tourists and locals to our front door! The Farmer’s Market returns to Acacia Park every Monday starting June 4th. The Pikes Peak Hill Climb Fan Fest is July 7th, and on August 24th, join an estimated 250,000 bike racing fans for the 2012 Pro Cycling Challenge ! Click here to visit the Downtown Partnership website for a complete list of concerts, activities and events coming up in the downtown area.

Colorado Springs home prices increased 2.6% in March, reversing a 14 month downward trend.  The average sale price last month was $217,097.  The median home price (where 1/2 of the sales are higher, 1/2 lower) stands at $189,000 and that’s up 5% from last year. Most real estate professionals expect prices to continue to rise due to the scanty inventory of available homes.  Just 3,269 homes are on the market today.  That’s the lowest number of active listings in 10 years, since February of 2002.  There’s just a 4.5 month supply of available homes currently, creating a seller’s market in the $250,000 and below price range.  Colorado Springs home sales fell 6.7% in March compared to a year ago.  But last month’s total of 723 sales was way up over February’s total of 514. And there is a huge bulge of pending contract properties — 1700 — pointing toward continued strength in the housing market.

March New Home Sales Spike 25%

As predicted, the Colorado Springs new home market is also showing strong gains in 2012.  March was the best month for local homebuilding in almost four years.  A total of 172 single family home permits were issued last month in El Paso County, up 25% from March 2011.  So far this year, permits total 367—a 30% increase from first quarter 2011.   At the current pace of construction, we’ll see about 2,000 new homes built  in Colorado Springs this year.

Alley Concert Behind RE/MAX On June 2nd

The Downtown Summer Concert series kicks off June 2nd with a “battle of the bands”  in the alley behind our favorite real estate office!  The free concert begins at Acacia Park at 7 pm and then moves to the alley behind yours truly, RE/MAX Properties,  and also the Modbo,  just south of us,  with dueling musicians!  We had a great crowd last year kicking up their heels, so save the date, bring the kids, and join us!

Featured Home: Cheyenne Canyon Charmer

Our featured home is a 3 bedroom, 2 bath cottage with a superb location in Cheyenne Canyon, just blocks from the Stratton Open Space.  The south-facing 1,800 sq ft homehas an updated kitchen, abundant natural light and historic charm. We love the rock fireplace and gleaming hardwood floors!  For more details on 1518 W Cheyenne Rd, Colorado Springs, CO 80906,offered at $234,900,  call Barbara Stanley.

Chocoholics, Rejoice ! At last, a candy & ice cream shop to replace our beloved Michelle’s!!  Pikes Peak Chocolate and Ice Cream has just opened a downtown Colorado Springs store at 125 1/2 N Tejon Street, offering premium chocolates and truffles, candies from all over the world, and Josh n ’John’s ice cream.  This is an expansion for the local chocolatiers, who already have a successful location in Manitou Springs.