Updated as of 2/1/2012.
January home sales in Colorado Springs were UP 3% from January of 2011, at 474 homes sold. Prices were still soft, with the average down 2.9% at $204,814, and the median (1/2 above, 1/2 below) down 4.3% at $172,500. The 90th percentile was $336,000, indicating very weak activity in the higher end homes. The inventory of unsold homes dropped 27% to 3,156 homes, which is a 6.7 month supply at the January sales rate. 6 months is thought by many to be a sign of a ‘normal’ real estate market. This is the lowest number of active listings on the market in 10 years, since February of 2002. The Selling Price to List Price Ratio was 97.3%, well in line with the longer term trends.
The percentage of homes disclosed as distressed was 23.8%, or 113 homes. Due to new short sale reporting rules at the Pikes Peak Association of Realtors, this figure will likely be more accurate than in past months, as previously many short sales in particular were under-reported. The rate did jump from prior months, but even with the new reporting, is lower than January of 2011. This jump may also reflect the desire by banks to clear short sale and foreclosure property prior to year end.
Colorado Springs home buyers are continuing to take advantage of low interest rates, which have been consistently in the upper 3′s. Low long term mortgage rates and higher rent prices are making the decision to buy rather than rent MUCH more attractive at this time.
For more details, see the Colorado Springs Homes Sales Trend Data
“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/05 through 1/31/12 . 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 © 2010 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 rick@ricksellscolorado.com
