The Colorado Springs real estate market was a mixed bag in June. While prices were up 14% from June of 2011, sales were actually down 3%. This may be due to resurgent new home sales (permits were up 65.6%!), which take longer to complete and are not all reported through the MLS. The inventory of homes for sale was down 22.2%, which at this point is probably also a drag on sales, as the selection in some categories is limited.
Interest rates remain in the 3’s, historically low and creating extremely favorable conditions for buying.
The Waldo Canyon fire will undoubtedly affect July sales, and may have affected June closings as well. There many anecdotal reports of delayed closings on the west side of town and in Teller County, due to access problems and also temporary insurance moratoriums in certain zip codes. While there were 346 homes destroyed in the fire, insurance proceeds are expected to allow for complete rebuilding of most structures. This may actually have some effect on new homes, as subcontractors are drawn into the reconstruction efforts. Rental housing is at a premium for the moment, as families scramble to find temporary housing while they rebuild.
For more details, please visit www.LivingColoradoSprings.com/market-conditions/ .
“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/05 through 6/30/12 . RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.” Copyright © 2012 REALTOR® Services Corp. Questions about this data analysis should be directed to Rick Van Wieren, RE/MAX Properties, Inc, 1740 Chapel Hills Dr, Colorado Springs, CO 80920 ph 719-590-4768 or email firstname.lastname@example.org