May Home Sales Drop in Colorado Springs

May home sales in Colorado Springs saw a 9.8% decline over 2010. The Colorado Springs real estate market has taken somewhat of a beating, with both sales and prices dropping. The average single family home price was off 8.4%, at $213,211. Some of this decline has been expected, as May of 2010 included many buyers who were trying to take advantage of the tax credit being offered at the time. Since homes had to be under contract by April 30 and closed by June 30, it is likely that we’ll see the year to year comparisons start to improve in July.
Interest rates remain low, with 30 year fixed rate loans hovering in the mid 4’s, and 15 year loans and ARM’s getting all the way into the 3’s. The inventory of homes for sale has also decreased, down 15.6%, so perhaps, barring unforeseen events, we could be looking at a stable, though smaller and more affordable, real estate market here in Colorado Springs for a while.
For more details, please visit www.LivingColoradoSprings.com/market-conditions.