August home sales in Colorado Springs rose again in August, up 7.9%. Prices also increased, with the median up 10.2% and the average up 6.5%. This is the 6th consecutive month of year to year price increases.
The inventory of unsold homes fell 13.2%, and reflects a 4.3 month supply at the August sales rate. Year to date, new home permits jumped a whopping 112.5% from last August. While some of this increase may in part be due to permits for replacing homes lost in the Waldo Canyon fire, year to date permits are up 52.2%. The lack of inventory of resale homes is definitely encouraging some buyers to choose new homes.
These numbers are very positive, but the unemployment rate in Colorado Springs was 9.7% in July. One has to wonder what sales would be like if more people were working!
“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/05 through 8/31/12 . 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 © 2012 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 firstname.lastname@example.org