Realtor.com just listed Colorado Springs as the hottest market in the United States ... for the third consecutive month. We're certainly feeling it as agents. Erin and I are seeing our buyers compete against multiple offers on most homes right now, and we're digging deep into our bag of tricks to make our offers stand out put the best face forward for our clients. What are others seeing out there?
The Realtor.com list is based on two factors: 1. Market demand as measured by page views per property; and 2. The pace of the market as measured by the number of days a listing remains active. (Or we should say the low number of days a listing remains active.)
I certainly understand it. There's a spillover effect from the higher priced Denver, and the city itself is beautiful. Plus, there's some good downtown development going on especially on the south and west sides of downtown. New restaurants (mostly Denver-based establishments, which I have to point out as a Denver snob now living in Colorado Springs), a sports venue, higher end apartments.
I'm sure this is not great news for those looking to buy, but if you're buying with the long-term in mind, you want to see this. There's no midwestern price-stagnation here. You might pay a lot, but we're seeing appreciation for years to come as well.
@James Carlson would you say properties in Colorado Springs cashflow better than the Denver market on average?
Hey @Zac Newell
Is it easier? Yes. Is it easy? No. Colorado Springs is not the fish-in-a-barrel situation you might run into in some Midwest cities. We tell our clients if we can get something that cash flows a bit, then great. You buy that, take your monthly cash and hold hold hold. It doesn't appear that the growth in home values in Denver, Colorado Springs or elsewhere along the Front Range is slowing any time soon. (I know Colorado Springs is poised to cross the $400,000 average home price threshold for the first time soon.)
That said, they still allow some short-term rental investment properties for Airbnb if you can find them. You gotta find the right zoning and then contact the city to ensure there are no other investment STRs within 500' of yours. Those will cash flow quite nicely.