Colorado Springs home sales were up 11.9% in July 2011 over July 2010. While prices remained soft (down 5.2%), this was the first year to year increase in some time. The 90th percentile was $390,000, and 17.4% of sales were disclosed as ‘distressed’ in some fashion (bank owned, short sale, etc). The inventory of unsold homes stood at 4,710, a decrease of 20.9%, and a 5.9 month supply. 6 months is considered a ‘normal’ market.
Sales are up in part because of continued low interest rates, still in the mid 4’s. Also, July of 2010 was abnormally low because the tax credit program had just expired. Look for sales and prices to bump along at fairly stable levels, with small improvements expected as the economy finds its legs.
For more details please visit http://www.LivingColoradoSprings.com/market-conditions .
© 2011, Rick Van Wieren Real Estate, Inc. All Rights Reserved. On republishing this post you must provide link to original post.