Colorado Springs Current Market Conditions
The post below are the stats from our MLS, Pikes Peak Assn of REALTORS(r), for the month of September.
Interesting stuff...if you're a REALTOR(r) or a Home Buyer/Sellerin El Paso County. What it's saying is that sales are down, average sales prices are down, and median sales prices are also down. The good news (for some) is that listings are UP!
It's the beginning of a recovery for us. We may have hit the bottom and are starting back into a seller's market. For the last year, we've been in a buyer's market. It looks like it's turning around.
We are expecting an influx of military families to our local military installations. And they are going to breathe live into our economy. We have so much inventory that I'm sure that those that want to buy will have no trouble finding a great home and a good loan.
Rates are down...this is the time to buy!
LISTING AND SALES SUMMARY
September 2008
| All Homes | Existing Homes | |||||||||||
| MONTHLY SUMMARY | ||||||||||||
| Aug 2008 | Sept 2008 | % +/- | Sept 2007 | % +/- | Aug 2008 | Sept 2008 | % +/- | Sept 2007 | % +/- | |||
| SINGLE FAMILY/PATIO HOMES: | ||||||||||||
| New Listings | 1,395 | 1,315 | (5.7) | 1,390 | (5.4) | 1,292 | 1,217 | (5.8) | 1,289 | (5.6) | ||
| Sales | 778 | 734 | (5.7) | 695 | 5.6 | 726 | 674 | (7.2) | 615 | 9.6 | ||
| Ave. Sales Price | $235,098 | $239,385 | 1.8 | $255,330 | (6.2) | $231,047 | $225,121 | (2.6) | $237,553 | (5.2) | ||
| Median Sales Price | $199,900 | $200,000 | 0.1 | $210,000 | (4.8) | $195,000 | $194,500 | (0.3) | $199,500 | (2.5) | ||
| Total Active | 6,323 | 6,030 | (4.6) | 6,767 | (10.9) | 5,623 | 5,346 | (4.9) | 5,901 | (9.4) | ||
| CONDO/TOWNHOMES: | ||||||||||||
| New Listings | 197 | 201 | 2.0 | 208 | (3.4) | 169 | 154 | (8.9) | 154 | 0.0 | ||
| Sales | 97 | 99 | 2.1 | 96 | 3.1 | 69 | 79 | 14.5 | 77 | 2.6 | ||
| Ave. Sale Price | $172,171 | $151,296 | (12.1) | $216,377 | (30.1) | $143,929 | $135,397 | (5.9) | $218,118 | (37.9) | ||
| Median Sale Price | $141,080 | $142,500 | 1.0 | $161,035 | (11.5) | $125,000 | $134,000 | 7.2 | $153,000 | (12.4) | ||
| Total Active | 975 | 941 | (3.5) | $1,117 | (15.8) | 762 | 727 | (4.6) | $863 | (15.8) | ||
| CUMULATIVE YTD SUMMARY | ||||||||||||
| Jan-Sept 2008 | Jan-Sept 2007 | % +/- | Jan-Sept 2008 | Jan-Sept 2007 | % +/- | |||||||
| SINGLE FAMILY/PATIO HOMES: | ||||||||||||
| New Listings | 14,636 | 17,017 | (14.0) | 13,568 | 15,558 | (12.8) | ||||||
| Sales | 6,696 | 7,962 | (15.9) | 6,067 | 7,106 | (14.6) | ||||||
| Ave. Sales Price | $242,840 | $262,174 | (7.4) | $231,300 | $249,013 | (7.1) | ||||||
| Volume | $1,626,056,640 | $2,087,429,388 | (22.1) | $1,403,297,100 | $1,769,486,378 | (20.7) | ||||||
| CONDO/TOWNHOMES: | ||||||||||||
| New Listings | 2,111 | 2,473 | (14.6) | 1,727 | 2,094 | (17.5) | ||||||
| Sales | 880 | 1,175 | (25.1) | 697 | 923 | (24.5) | ||||||
| Ave. Sales Price | $160,780 | $177,071 | (9.2) | $147,046 | $162,023 | (9.2) | ||||||
| Volume | $141,486,400 | $208,058,425 | (32.0) | $102,491,062 | $149,547,229 | (31.5) | ||||||
|
Any electronic print or non-print forms of advertising or other forms of public representation based in whole or in part on information supplied by the PPMLS must clearly demonstrate the period of time over which such claims are based and must include the following or substantially similar notice: "Based on information from the Pikes Peak REALTOR® Services Corp. (RSC), for the period Jan 2007 through Sept 2008. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market." |
I've started back with my guitar lessons. We have a really great organization here in the Springs that offers music classes, mostly for acoustical, and group. It's called the Black Rose Acoustical Society (BRAS), and it's a great place to take lesson and at a good price. Best of all, my instructor, Charlie Hall, is very funny fellow. Oh, and can he play well!
The worst part about not having played in a while is that I don't have the callouses on my finger tips and it's such a pain, literally, trying to develop them. Does anyone have any suggestions or help for me? I keep hoping that somewhere out there are little finger protectors that I can use.
Tips on Staging Your Clients Property
When you enter the home, try to look at it from a buyer's point of view. Can you see the room or is all you see the furniture and the clutter? Here are some tips you can use.
If all these things are done, the home WILL sell faster than if it's not done. These days, most homes are staged and they are your competition. You need to outshine your competition. Visit other homes in the area that are selling for what your want to sell you home for.
Colorado Springs Statistics of Active, Solds, Median and Average Sales Price
| Single Family/Patio Homes |
Year |
Total Active |
Number of Sales |
Number of Sales YTD |
Monthly Sales Price |
|
| Average | Median | |||||
| Aug | 2008 | 6,323 | 778 | 5,962 | $235,098 | $199,900 |
| July | 2008 | 6,544 | 886 | 5,183 | $252,549 | $223,950 |
| June | 2008 | 6,595 | 867 | 4,296 | $256,829 | $223,000 |
| May | 2008 | 6,396 | 840 | 3,426 | $251,543 | $210,000 |
| Apr | 2008 | 6,175 | 772 | 2,584 | $239,578 | $207,750 |
| Mar | 2008 | 5,849 | 722 | 1,811 | $236,503 | $202,000 |
| Feb | 2008 | 5,571 | 556 | 1,091 | $226,692 | $197,500 |
| Jan | 2008 | 5,401 | 534 | 534 | $235,023 |
$198,750 |
Good news. According to these stats, we have less inventory on the market in August than in July.
On the downside, there were fewer sales in August than in July. We still have a year's plus inventory. and our home prices have dropped. The average price has declined by 7%, and the median by 11%.
Many sellers are concerned whether they should take an offer now at 7 to 11% less than what they might have gotten if they'd sold in July. But the alternative is holding on to the property through the winter, as sales have dropped off. If you compare the figues of holding on to the property and selling in the Spring as opposed to selling now, and factor in the costs of keeping the utilities on, the snow plowed, taxes, insurance, and regular upkeep. You might be surprised to find you'll break even. And if you accept the lower offer, you won't need to worry about the property any longer.
Now, I don't want to talk myself out of a job, but at this time, if you don't have to put it on the market now, then DON'T! Prices will come back up, and when they do, that's the time to sell. It's just like your money in the stock market...don't sell when it's down-wait 'till it comes back up, again. And it will!
Service is number one! My clients are everything to me. They're fantastic people and their best interest is my singular concern. Realtors that refer clients to me are always happy with my service.
Satisfied clients are the key to my success Satisfied clients are my best resource for new business. In this competitive business of real estate, service, knowledge, and experience make all the difference. My service is second to none and has earned me a valuable source of referrals. I have obtained the Graduate Realtors Institute (GRI) designation; Accredited Buyer Representation (ABR); and Accredited Staging Professional (ASP) designations. I am knowledgeable about current laws, market conditions, and I participate in the most advanced education available! My clients tell me that I am unusual for a sales professional, in that I am not pushy; I am informative, patient, and communicate often and well. If you are considering a real estate professional, please give me an opportunity to earn your business. I am confident you will be happy!
National Association of Real Estate Professionals I am a founder and current board member of the Colorado Springs Chapter of the National Association of Hispanic Real Estate Professionals (NAHREP). NAHREP is a nationwide organization with chapters all over the United States. Our mission is to create sustainable homeownership in the Hispanic Community. I am proud to be affiliated with this wonderful organization.
