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Tuesday, 18 February 2020
Agent Resource Center
Agent Resource Center

Manitou Springs, Colorado- 2019 Real Estate Wrap-up and 2020 Outlook

Written by Posted On Sunday, 09 February 2020 17:08
Downtown Manitou Springs, Colorado Downtown Manitou Springs, Colorado

Manitou Springs, Colorado is a small town located at the western edge of Colorado Springs, Colorado and the eastern base of Pikes Peak. This idyllic town is popular with tourists and locals alike. The town has the feel of a charming little mountain town but comes with the benefit of amenities and conveniences in close proximity.

This combination makes the area extremely popular with home buyers relocating to the "Pikes Peak" Region. The problem is that there are very many sales in this area and no real room for development.

Number of Home Sales

In 2019 the town of Manitou Springs averaged 8.5 sales per month. Just to give you an idea of how exclusive Manitou Springs has become let’s compare it to Monument, Colorado. Manitou Springs has a population of 5,322 and averages 8.5 sales per month while Monument has 7,380 residents and averages 52 sales per month. Monument has more land available and does extend into rural El Paso County but the comparison is fair enough for our purposes. Here is the breakdown of sales per month.

Manitou Springs Real Estate

These numbers have more to do with a lack of supply and not a lack of demand. Of course, in any market where demand outpaces supply, we see prices rise, and that’s exactly what is happening in Manitou Springs. 

Median Sales Price

Manitou Springs desirability coupled with a general lack of inventory has significantly impacted the median home price in this area. Manitou has seen a nearly 52% increase in the median sales price between 2015 and 2019. 

Manitou Springs Median Home Price

This is a course great news if you are a homeowner looking to sell. If on the other hand, you are a homebuyer looking to get in the area it makes things difficult, especially if you are on a budget.

Median Days to Sell

Rising prices and shrinking inventory appear to have little impact on the number of days it takes a home to sell. The “Median Days to Sell” number has fallen nearly 86% from 70 days in 2015 to 17 days in 2019. If you want to live in Manitou, you need to be prepared to jump when homes come on the market. 

Manitou Springs Colorado

Months of Inventory

As if we needed one more statistic to show you how competitive the Manitou Springs real estate market has become. Having said that, no analysis of an area's real estate market wouldn't be complete without a look into the month’s supply of inventory statistics. traditionally in residential real estate, a balanced market is one that has 6 months of inventory. More than 6 months of inventory is considered a buyer's market while on the other hand below six months of inventory is considered a seller's market. 

Manitou Springs averaged 4.2 months of inventory in 2019. this is clearly a seller's market. Having said that, that number would have been lower except for 3 months (Jan, Jul & Oct) of the year where the number crept over six months of inventory mark. This anomaly had to do with a couple of unique luxury properties that took a while to sell. All in all Manitou Springs is a Seller’s market, the exception to that rule is in the luxury or above. It’s important to note that there were no sales over $1,000,000 in Manitou Springs Reported to the Pikes Peak MLS in 2019. 

Manitou Springs Real Estate

Manitou Springs averaged 4.2 months of inventory in 2019. this is clearly a seller's market. Having said that, that number would have been lower except for 3 months (Jan, Jul & Oct) of the year where the number crept over six months of inventory mark. This anomaly had to do with a couple of unique luxury properties that take longer to sell. 

All in all Manitou Springs is a Seller’s market, the exception to that rule is in the luxury or above. It’s important to note that there were no sales over $1,000,000 in Manitou Springs Reported to the Pikes Peak MLS in 2019. 

Conclusion

Manitou Springs is a fantastic area loved by both tourists and locals. If you are considering buying a home in this area it’s important that you understand the state of the real estate market in Manitou. It’s a fast “seller's market”. In order to succeed you need to have your financing in place, this means get pre-approved and certainly work with a Realtor that knows the area and the market. You’ll need to move fast when the right home comes on the market.

If all of this seems like too much, you might consider looking at Homes For Sale in Colorado Springs. While the Colorado Springs market is still very hot, there are more opportunities because there are more home sales each year. Manitou is a special place but it takes a lot of work and luck to find your dream home in Manitou.

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Joe Boylan

I have been a Colorado Springs Realtor since 1997 and as a first-year agent, I received the Real Trends Magazine, "Rookie of the Year" Award. Since then I have participated in hundreds of real estate transactions. 

https://www.springshomes.com
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