Colorado Market Turn-around in 2010
The real estate market is beginning to make slow and steady improvement in many states across the country. There are some states that are starting their recovery by stabilizing and others that are seeing a small percentage of their housing market recovering. Still other states have been seeing strong recovery indicators happening consistently, and according to a recent poll the strongest market recovery in the country is happening in Colorado.
Colorado Springs housing market lies east of the Rocky Mountains at base of Pikes Peak. March 2010 marks the areas 8th month of year over year increases of home sales in the double digits. There is a high military family population in Colorado Springs with NORAD, U.S. Air Force Academy, Fort Carson, and Peterson Air Force Base all located in the area. There has been a 6% decrease in inventory recently due, at least in part, to many military families returning home. The homes in the area are regaining some of their lost value as well. The average sales price of a Colorado Springs home is up 1.5%, and the median prices up 2.6%.
The Denver, Colorado housing market has seen increases in the average sales price of both homes and condos sold from last month. Although sales prices remain down from last year, absorption rates have improved significantly from last year. The 9.0 months of inventory of homes in 2009 has dropped dramatically to 6.7 months of inventory available. The inventory of condos and townhomes is currently 6.4 months, which is down from 2009’s 7.1 months of inventory available. The continuing decrease in inventory will raise prices in 2010. Denver is yet another Colorado area enjoying a slowly strengthening real estate markets.
Even small coal mining towns like Superior, Colorado are seeing significant market improvements. Home sales were up 17.4% in a February 2009 2010 comparison; condo and townhome sales are showing even better recovery numbers with a 17.5% increase in sales and a 24.9% increase in average sales price year over year.
There are similar stories all over the state of Colorado. While unemployment remains an issue in many Colorado industries, licensed Colorado real estate brokers are in demand. Those who have their Colorado real estate brokers license are already reaping the rewards of a recovering housing market. Many others are just discovering the possibilities of a Colorado real estate career. With the ease and accessibility of online real estate education, a prosperous Colorado real estate career is just weeks away.
While other states are struggling with the economic climate, the cities of Colorado are enjoying recognition on many public opinion polls. From the best place to retire to the happiest city in America, Colorado is beginning to thrive. There are signs of the housing market recovery found in many cities statewide, and all indicators point to continued strengthening throughout 2010. Whether you already enjoy a career in real estate or if you are considering one; Colorado’s housing market appears to be turning around in 2010.
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About The Author: Tom Davidson is the acting Director of Sales & Operations for Express Schools, LLC. Since 1996 the companies under this banner have offered online real estate licensing and insurance licensing courses as well as online real estate exam prep and insurance exam prep.