Home sales in Colorado Springs ticked up again in January, by 3% over January of 2011. The inventory of unsold homes also shrunk, to only 3,156 homes, a 10 year low. The bad news was that prices also shrunk, with the average down 2.9% from 2011 and the median down 4.3%. The lower prices are likely affected by the mix of distressed properties, 23.8% of total sales. January prices are usually the lowest of the year, because they reflect contracts from December that often include homes that are distressed and are being cleared off the books by motivated asset managers at the banks.
Interest rates remain in the upper 3’s, making this historically one of the lowest cost of housing periods on record.
For more details please visit www.LivingColoradoSprings.com/market-conditions.
© 2012, Rick Van Wieren Real Estate, Inc. All Rights Reserved. On republishing this post you must provide link to original post.