Colorado Springs Home Sales Jump in August Over ’08

The preliminary sales data from the Pikes Peak Association of Realtors indicates home sales in Colorado Springs for August of ’09 to be up a whopping 14.5% over August of ’08, while the inventory of unsold homes dropped 20.3% from 1 year ago. Prices are still on the soft side, but down only 5.4% from 1 year for the average, and only 2.5% for the median. The average home sold for 97.5% of the asking price. This is the strongest year to year gain in sales we’ve seen since I started tracking it several years ago. It is due to several factors, including:
1. Stronger demand from returning GI’s to Ft Carson
2. The $8,000 first time Home Buyer Tax credit (which is due to expire in less than 3 months)
3. Low interest rates, still in the low 5’s.
A more sobering look indicates prices and sales dropped from July, indicating that we may have seen our best sales month already this year, which follows our normal seasonal pattern.
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