June Colorado Springs home sales were up 4.7%, compared with June of 2009. This was undoubtedly affected by deadline of the Home Buyers Tax Credit, with June 30 being the last day to close to still be eligible (before the last minute extension of the closing deadline passed by both the house and the senate). The average price was up 7.5% at $242,315, and median was up 5.3% at $205,000.
Less positive was the increase in homes for sale. The inventory of homes for sale in Colorado Springs rose 14.5%, to the highest level since October 2008. Also, the Selling Price to List Price ratio dropped to 96.7%, which is low by local standards.
With interest rates in the 4’s, the remaining summer months should be moderately healthy, and more ‘normal’, with tax credits and other government stimulus actions less of a factor. The things that will turn our market around more quickly than anything will be more jobs in Colorado Springs, and the return of the thousands of troops who are currently deployed to the Middle East, to Ft Carson.