We were expecting May to be a strong closing month, and while it wasn’t outrageously great, it was respectable. Sales were up 6.7%, the median price (1/2 above, 1/2 below) was up 2.1%, and the average was 5.3% over 2009. Other notables:
- The inventory of unsold homes jumped 10.0%
- The sale price to list price ratio dropped to 97.55%
- The percentage of sales from distressed properties was down to 19.4%
- The 90th percentile jumped to $393,000. We may be seeing some new life at the upper end of the market!
Hopefully the rise in inventory does not signal a new glut of homes for sale. It is spring, so there is some seasonal influence. It may also be due in part to peoples perception that the market is improving, perhaps more than it really is. We’ve always known there was going to be some pent up supply of homes for sale when conditions improved, hopefully it is not a trend.
Bottom line? Real estate market conditions in Colorado Springs are improving, but slowly. For more details on historical trends, visit Colorado Springs Real Estate Market Conditions