Last month was a tough one in the Colorado Springs real estate community. A steep drop in sales can be unnerving when you are supposed to be in a recovery 🙂 Thankfully, March came back strong, with sales up 73.3% over February, and more importantly, up 7.3% over March of 2010. Year to date sales are down only 4.3%, indicating a more stable situation.
Most of the action seemed to be in lower priced homes. The average price was down 2% from last year, and the median was down 5.2%. The 90th percentile was only $350,000. Properties disclosed as ‘distressed’ sales were 25.8% of the market, and probably contributed to some of the price softness.
Going forward, it is a little hard to predict. As troops come home to Ft Carson, the new helicopter brigade arrives, etc, we’ll see some additional demand on the affordable side. Pending sales are on par with last month, and the inventory of unsold homes has shrunk compared with last year, indicating the selling activity is keeping pace with the listing activity. While prices are soft, things are starting to move, and some buyers who are ‘watching’ the market, are seeing their favorite listings disappearing as other buyers go ahead and take the plunge.
For more details, statistics, etc please visit the Colorado Springs Real Estate Market Conditions section of this site.
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