The Colorado Springs-area housing market, which saw home sales roar to another record high last year and prices spike for the seventh straight year, will be red hot again in 2022 – albeit maybe just a few degrees cooler than in 2021.
Among predictions from local real estate industry members:
• Sellers will continue to get top dollar and multiple offers for their homes.
• Buyers should again expect fierce competition as they battle for a limited number of properties listed for sale.
• Construction will launch on upward of 4,000 new homes for the third straight year, even as builders again confront supply chain issues, a skilled labor shortage and a lack of buildable lots.
Sales won’t break a record, yet the demand for housing will remain robust as the Pikes Peak region’s population swells.
• Prices will rise again by double digits, though not quite as high as last year.
“I’m 31 years in the business and I have never seen anything like this,” said Dean Weissman, a real estate agent and co-owner of The Platinum Group Realtors in Colorado Springs. “I mean, I am going, ‘This has got to slow down; the prices have got to level off.’ They’re not. And our buyers are saying, ‘We want the house. What’s it going to take to get it?’
“Comps (comparable sale prices) don’t necessarily matter,” he added. “People will try and get an idea of what do things sell for in this particular neighborhood. But at the end of the day, you can tell them, ‘You’re paying $75,000 over (list price).’ And they say, ‘Just get me the house.’ It’s crazy.”