08 May Colorado Springs New Home Market
The Colorado Springs’ New Home Market is Hot but not its’ Hottest…
From 1997-2007 Colorado Springs issued nearly 50,000 single family new home permits, from 2008-2017 less than half of that…
According to the Pikes Peak Regional Building Department, new home permits issued in the past 10 years is less than half of the previous 10 years. With the boom of the housing market in Colorado Springs we were somewhat surprised at this finding. New home builders in Colorado Springs are having a difficult time keeping up with demand these days, in fact, many builders we know have a waiting list of new home buyers. Galiant Homes, a custom home builder in Colorado Springs, has seen their volume increase by 400% in 2017 compared to 2016 according to their President, Steve Miller.
From 1997-2007 the Pikes Peak Regional Building Department reports 49,330 single family permits issued (that is an average of 411 per month) compared to 21,248 single family permits issued from 2008-April 2017 (an average of 177 permits per month. That is 234 fewer permits per month on average).
In all fairness, Colorado Springs, like every other city in the US, has had to endure the market crash of 2007 and stronger vetting processes for buyers’ mortgage financing. One trend we have found in the Colorado Springs new home market are Denver residents building in places like Monument, Flying Horse, Kings Deer, High Forest Ranch and Cathedral Pines and willing to make the commute to Denver. Why? Money. Denver residents are learning that a new home in Colorado Springs can cost 10-15% less than a new home in Denver – and if you are building a $1,000,000+ luxury home that adds up quickly.
So, while Colorado Springs is not back at its’ early 21st century new home numbers, the trend is certainly going up in the right direction. In fact, April 2017 combined to be the highest of single family home permits issued in 12 years…The future is looking bright (especially for our local home builders and our economy).
Permits Issued Source: Pikes Peak Regional Building Department | www.pprbd.org/PublicAccess/Charts.aspx