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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