In these turbulent times, it’s easy to get sucked into the doom and gloom of the media reports and our neighbors’ stories. I thought it might be good to start off 2012 with some positive reports about the Manitou Springs real estate market:
- At the worst point of the recession, Manitou Springs had 131 residential properties on the market. In July, 2011, when inventory was at its highest for the year, there were only 103. Less properties on the market tends to be good news, because it means there have been more people buying up inventory.
- In 2009, there were 57 residential properties sold in Manitou Springs. From January 1 to December 26, 2011 (the date I wrote this article), there had been 74 sold. More sales mean more people who needed to make a move were able to do so.
- The number of homes that went through foreclosure in Manitou Springs was 10 in 2011. Although this didn’t decrease from the year before, it still represents considerably less than 1% of the housing stock. When you have a low percentage of foreclosures in an area, you’re less likely to have a downward spiral in real estate values.
- The rental market is thriving. There are very few rentals available in Manitou Springs right now (which is a good thing for landlords, but not so good for people who want to rent here). What does this do to the purchase market? More investors will want to buy if they know they’ll be able to find tenants easily. Also, as the rents go up, and if the interest rates remain low, some tenants will decide it’s cheaper to buy than rent.
- Manitou Springs is still a very desirable town. We have a unique mix of characteristics that make people fall in love with it and want to move here. We’ve got location, location, location—the most important quality of real estate!
Yes, we live in turbulent times and I wish I had a crystal ball. Will everything be rosy in 2012? Probably not. Are we trending toward a better real estate market? It looks like we just might be doing that.
If you have any questions or comments about the Manitou Springs real estate market, please contact Rachel at Rachel@ManitouSprings.com or 719-685-0220.
