Living Colorado Springs » Real Estate statistics

Colorado Springs Real Estate Market Bouncing Back

Rick Van Wieren — Thu, 01 Mar 2012 21:55:59 +0000

Single family homes in Colorado Springs sold at a healthy clip in February, up 14.7% from 2011 at 514 homes sold. The inventory of unsold homes dropped to a 10 year low of 3,174 homes, down 26.4%. Prices remained soft, with the average down 9.8% at $212,551. The median (1/2 above, 1/2 below) fell 7.2% to $176,750, and 90% of the homes sold were under $345,000, reflecting continued demand for entry level homes, and weakness at the high end.
The increase in sales marked the 8th consecutive month where sales exceeded the prior year for the same month, going back to July of last year. Low interest rates (even into the 3′s!), rising employment, and stronger consumer confidence in the Colorado Springs economy all are factors in the increase.
For more details, please visit http://LivingColoradoSprings.com/market-conditions , or call Rick Van Wieren at 719-331-7675

Colorado Springs Real Estate Market Improves in January – A Little

Rick Van Wieren — Wed, 01 Feb 2012 18:27:17 +0000

Home sales in Colorado Springs ticked up again in January, by 3% over January of 2011. The inventory of unsold homes also shrunk, to only 3,156 homes, a 10 year low. The bad news was that prices also shrunk, with the average down 2.9% from 2011 and the median down 4.3%. The lower prices are likely affected by the mix of distressed properties, 23.8% of total sales. January prices are usually the lowest of the year, because they reflect contracts from December that often include homes that are distressed and are being cleared off the books by motivated asset managers at the banks.
Interest rates remain in the upper 3′s, making this historically one of the lowest cost of housing periods on record.
For more details please visit www.LivingColoradoSprings.com/market-conditions.

Colorado Springs Real Estate Market Poised for Recovery

Rick Van Wieren — Mon, 02 Jan 2012 16:52:24 +0000

With a new year comes new hope. Sometimes that hope is even based on fact, which is the case for the Colorado Springs real estate market. Those facts are:

Homes sales for December were up 3.5% from last year, the 6th consecutive monthly increase.
The inventory of unsold homes in December was down a whopping 25.5%, the lowest number of homes on the market in 10 years
Fewer than 1 in 5 homes sold in December were indicated to be distressed (ie short sales, foreclosure, bank owned, etc)
Sales for 2011 were up 3.3% for the entire year.
Interest rates are now in the upper 3′s, making this one of the most affordable times in history to buy
Prices are roughly equivalent to 2004 – again making this an insanely affordable time to buy
Ft Carson’s large population of roughly 30,000 troops is largely home now, adding to the local economy
New civilian jobs are being added fairly steadily, with unemployment falling
Gas prices have fallen back below $3.00 per gallon, making some of the more rural settings in our area more affordably accessible
The I25 widening project from Woodmen to Interquest Parkway is finally going to start, bringing a few construction jobs, but more importantly, easing the connection between Colorado Springs and it’s northern suburbs and neighborhoods, and ultimately the Denver job market.

It’s not all good news. Prices fell in December (the average was down 9.6%, the median 6.8%). There is still uncertainty in the world economy. International developments could put our troops back in harms way, or escalate the number required where they currently are deployed.

But for now, there is hope for the Colorado Springs real estate market. Probably even more than for the Denver Broncos to advance in the playoffs

Colorado Springs Home Sales Continue to Improve

Rick Van Wieren — Sun, 02 Oct 2011 19:41:08 +0000

Home sales in Colorado Springs have now improved 3 months in a row when compared with 2010. While prices remain soft (September was down 5.2% or 4%, depending on whether you compare the average or the median), year-to-date sales are now ahead of last year as well. The inventory of unsold homes has dropped every month since March, indicating sellers are continuing to stay on the sidelines.
For buyers being offered interest rates in the 3′s, it is no surprise that more homes are being purchased. As the local economic outlook continues to improve, the bargains are just too good to pass up. For more details, please visit www.LivingColoradoSprings.com/market-conditions.

Home Sales Up in July in Colorado Springs

Rick Van Wieren — Mon, 01 Aug 2011 14:33:05 +0000

Colorado Springs home sales were up 11.9% in July 2011 over July 2010. While prices remained soft (down 5.2%), this was the first year to year increase in some time. The 90th percentile was $390,000, and 17.4% of sales were disclosed as ‘distressed’ in some fashion (bank owned, short sale, etc). The inventory of unsold homes stood at 4,710, a decrease of 20.9%, and a 5.9 month supply. 6 months is considered a ‘normal’ market.
Sales are up in part because of continued low interest rates, still in the mid 4′s. Also, July of 2010 was abnormally low because the tax credit program had just expired. Look for sales and prices to bump along at fairly stable levels, with small improvements expected as the economy finds its legs.
For more details please visit http://www.LivingColoradoSprings.com/market-conditions .

June Colorado Springs Home Sales Off By a Little

Rick Van Wieren — Wed, 06 Jul 2011 22:03:13 +0000

June homes sales in Colorado Springs were off from last year – but not by much. Sales were off 4.7% from June of 2010 at 871 units. Prices were soft however, with the average down 9.0% and the median down 9.8% at $185,000.
Going forward, year to year comparisons are expected to improve, as June 30 2010 was the deadline for closing on homes that were eligible for the First Time Home Buyer Tax Credit. Interest rates continue in the low to mid 4′s for many programs, making this a great time to buy a home in Colorado Springs.
One of the factors affecting the market is military personnel assigned to Ft Carson coming home from overseas assignments. As US troop levels in Iraq and Afghanistan drop, the population at Ft Carson will grow.

Colorado Springs Real Estate Market Conditions Improve

Rick Van Wieren — Fri, 01 Apr 2011 15:14:23 +0000

Last month was a tough one in the Colorado Springs real estate community. A steep drop in sales can be unnerving when you are supposed to be in a recovery Thankfully, March came back strong, with sales up 73.3% over February, and more importantly, up 7.3% over March of 2010. Year to date sales are down only 4.3%, indicating a more stable situation.
Most of the action seemed to be in lower priced homes. The average price was down 2% from last year, and the median was down 5.2%. The 90th percentile was only $350,000. Properties disclosed as ‘distressed’ sales were 25.8% of the market, and probably contributed to some of the price softness.
Going forward, it is a little hard to predict. As troops come home to Ft Carson, the new helicopter brigade arrives, etc, we’ll see some additional demand on the affordable side. Pending sales are on par with last month, and the inventory of unsold homes has shrunk compared with last year, indicating the selling activity is keeping pace with the listing activity. While prices are soft, things are starting to move, and some buyers who are ‘watching’ the market, are seeing their favorite listings disappearing as other buyers go ahead and take the plunge.
For more details, statistics, etc please visit the Colorado Springs Real Estate Market Conditions section of this site.

Colorado Springs Real Estate Market As Schizophrenic As The Weather

Rick Van Wieren — Tue, 01 Mar 2011 17:16:36 +0000

February 2011 home sales in Colorado Springs were down 21.7% from 2010. That is a big number. With only 448 closings, it is a scary number. But on the flip side, average prices were up 13.6%, and the median was up 4.67%, indicating some strength. The ratio of selling price to listing price was 97.1%, and inventory of unsold homes remained flat at 4314 homes, down 1.1% from last year.
So what is going on? There are over 1300 homes that are under contract to one degree or another, which could indicate some stronger closing months to come. Interest rates, while higher than Q4 of 2010, are still really good, and have even backed down a bit this week in the upper 4′s, making the already affordable homes here even more affordable. New listings appear to be absorbed at about the same pace they are coming onto the market, at least for the moment. Of course it is also possible that the new listings are replacing homes that are being taken off the market for other reasons (failed listings).
For more details, please visit Colorado Springs Real Estate Market Conditions.
So what does all this have to do with the weather? March has arrived like a lamb, with temps in the 60′s along the front range, while the mountains have been getting some nice ‘dumping’ of snow. Winter is not over, but the spring like temperatures sure are pleasant. What a great time to pick out a new home!

Colorado Springs Real Estate Market Gaining Stability?

Rick Van Wieren — Tue, 01 Feb 2011 17:29:10 +0000

January home sales in Colorado Springs were very comparable to last January. Unit sales, average price and median price all were within 1% of January of 2010, indicating that perhaps, a new level of stability has hit the market. With interest rates in the upper 4′s, and no more talk of government intervention, it is about time! The real estate industry (and this agent especially!) is really ready for things to get back to normal, even if it is a ‘new normal’.
For a more detailed analysis, please visit Colorado Springs Real Estate Market Conditions.

Oh by the way, wow did it turn cold yesterday! It was in the 60′s over the weekend, and was -13 this morning! Can’t wait for the warm up after this. Upper 40′s by Friday?

September Colorado Springs Homes Sales Weak

Rick Van Wieren — Fri, 01 Oct 2010 15:00:46 +0000

September 2010 homes sales in Colorado Springs dropped 26.7% from 2009. This is the 3rd straight month showing year to year declines, and the largest so far, indicating that some of the weakness in the housing market is not from borrowing sales into the spring with tax credits, but rather indicates a more fundamental shift in buying. Prices were still up from the prior year (7.25% average, 2.7% median), but dropped from the prior month. The inventory of unsold homes grew 14.9%, a trend that also goes back several months. Double dip, or just an extension of the same housing recession? I’m sure it matters what you call it, those of us who depend on the housing market for our living are ready for things to get better. They almost were at one point.

For more details on homes sales trends in Colorado Springs, please visit the Market Conditions section of the LivingColoradoSprings.com web site.