High demand, low inventory for El Paso County housing market

EL PASO COUNTY, Colo. (KRDO) -- Another month, another record set in the Colorado Springs housing market. El Paso County is facing a record low inventory of properties to sell, despite record-high demand. Market experts predict the area's population will exceed that of Denver over the next decade.

Berkshire Hathaway Home Services says with that demand comes new challenges for the housing market to keep up.

“The market is becoming very competitive, and prices are continuing to soar," says realtor Christian Swift of Berkshire Hathaway Home Services.

According to a new report from the Pikes Peak Realtor's Association, Colorado Springs-area home prices are skyrocketing to record-highs, again.

The prices are, in part, due to the low supply of properties and low mortgages, allowing buyers to show their hand at the home they want. Swift says working remote is just one of the factors contributing to Colorado Springs being a hot spot.

“The community, the outdoor living activity, I think a lot of people have gone to more remote working and so they want to move to places they can enjoy outdoor space yet have amenities like larger cities have," says Swift. "Colorado Springs truly has all of that.”

According to the realty group, there are less than 400 homes currently on the market. However, an average of 1,000 to 1,200 people move to the area every month.

Right now, homes stay on the market for an average of 10 days. This time last year, an available property stayed on the market for a little over two weeks.

Still, Bobby Landry, a licensed real estate broker, says this trend won't last forever.

“It’s going to evolve, the pendulum is going to swing," Landry says. "It is going to evolve back to a more balanced market. Most statisticians and experts are saying we should see that evolution in the next year or two.”

His advice to sellers and buyers is to look at the big picture.

“We’re probably at or near the peak of the market, while there’s no anticipation of any kind of a drop in value," says Landry.

Housing experts also say the Russian invasion into Ukraine is causing instability on Wall Street and that could have an impact on the future of mortgage rates.