Pikes Peak Association of Realtors report that single-family homes sold in January show an increase of 13.3% over this time last year. This sets a record high of home prices in the Springs with an average of $298,774.
The previous record was set just 6 months ago when the average home price was $295,877.
Along with increasing home prices, mortgage rates have also gone up. Freddie Mac places the current average rate at 4.19% for a 30-year, fixed-rate loan. Historically, however, these rates are still well below the average.
Inventory levels for Colorado Springs in January are down almost 31% from last year, totaling 1,331 homes.
Despite the tight market and little inventory, experts predict the high demand will drive houses in the area upwards from $280-$300,000. The city also had 908 total homes sold in January, and by the looks of it, has a significant chance to break its total record home sales of 15,318.