February 2011 home sales in Colorado Springs were down 21.7% from 2010. That is a big number. With only 448 closings, it is a scary number. But on the flip side, average prices were up 13.6%, and the median was up 4.67%, indicating some strength. The ratio of selling price to listing price was 97.1%, and inventory of unsold homes remained flat at 4314 homes, down 1.1% from last year.
So what is going on? There are over 1300 homes that are under contract to one degree or another, which could indicate some stronger closing months to come. Interest rates, while higher than Q4 of 2010, are still really good, and have even backed down a bit this week in the upper 4’s, making the already affordable homes here even more affordable. New listings appear to be absorbed at about the same pace they are coming onto the market, at least for the moment. Of course it is also possible that the new listings are replacing homes that are being taken off the market for other reasons (failed listings).
For more details, please visit Colorado Springs Real Estate Market Conditions.
So what does all this have to do with the weather? March has arrived like a lamb, with temps in the 60’s along the front range, while the mountains have been getting some nice ‘dumping’ of snow. Winter is not over, but the spring like temperatures sure are pleasant. What a great time to pick out a new home!
© 2011, Rick Van Wieren Real Estate, Inc. All Rights Reserved. On republishing this post you must provide link to original post.