Home Sales in Manitou Springs

HOME SALES IN MANITOU SPRINGS – ANNUAL REPORT

Frequently, I am asked how the Manitou Springs real estate market is performing and my answer is usually the same, “Very well”. Hard to believe? Allow me to provide some interesting statistics, based on single-family home sales in the MLS (through Realtors):

Studying the numbers in depth provides more information supporting the chart above:

1. In 2010, almost half of the transactions (26 homes) sold for less than $300,000.
2. In 2009, exactly half the transactions (22 homes) sold for less than $300,000.
3. In 2008, more than half the transactions (27 homes) sold for less than $300,000.
4. In 2007, ten properties sold for $400,000 or more – a very high number.

The increase in home sales in 2010 was certainly impacted by President Obama’s $8,000 incentive package that expired last April. The time required to sell a home continues to increase, which makes sense in this unstable market.

Why does Manitou Springs, year after year, continue to be a solid real estate market? Appreciation (an increase in the value of property) is one answer. The appreciation rate for the last (13) years for most of Manitou Springs was 93% and Crystal Hills was 106%. These numbers are very attractive compared to neighboring communities.

Other reasons for solid sales include the downtown renovation project and downtown events that are attracting larger and larger crowds. The average home price has been reduced. The interest rates have been and are still incredibly low. The school district is a strong draw. Also, there are few vacant buildable lots so the demand will always be greater than the supply.

I have always said that homes that have been properly maintained, priced accurately, marketed aggressively will always sell, in any market.

For further information, contact Mike Casey, Owner of “Homes of Manitou Springs” or visit his website at HomesofManitouSprings.com