Advice from Marie...  Remember this phrase when you begin your home search:     “Money is made on the buy”.

Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period January 2002 through year to date . 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."

This chart shows us the average Colorado Springs homes sales price since the year 2002. Colorado Springs has experienced a steady and healthy increase in our average sales price from 2002 - 2007 and a slight decline in 2008 and 2009. The main source of the decline in sales price in 2008 and 2009 is largely a result of the difficulties the higher end markets have experienced over the past two years.   Homes in Colorado Springs during the nation wide “boom” years 2003-2005 experienced normal and healthy appreciation rates of approx. 5-6% . Compared to the markets with over 20% appreciation rates, we leveled at about 5.8%. Coupled with continued growth and healthy local economy this is one of the main reasons why our market remains healthy. Colorado Springs homes are affordable and because we didn’t go through the roof in appreciation our market has not struggled to the extent that many real estate markets have a cross the nation. 

 This chart displays the average days that a home was on the market before it sold. You will notice a slight but steady increase of days on the market of the past four years. This is a result of higher inventory. Over the past year we have seen a year over year increase in sales in decrease in inventory which will slowly bring this number back down to normal levels.

This chart  displays the number of total new listings by year. The main point to get from this is that we are seeing a large decline in new listings and total inventory when compared to the prior five years. In an environment where inventory levels are high this is a promising chart as it shows that our inventory levels are recovering quickly to more “normal” levels.

 The chart shown displays the total number of Colorado Springs home sales by year. As you will notice the number of home sales in Colorado Springs was at its peak during the “boom” years of 2004 & 2005. We have experienced a decrease in home sales over the past three years. We believe that the decrease in the total number of home sales is a result of a combination of a correction from the “boom” years, a more stringent mortgage market, and consumer confidence. 

 This chart displays the average sales price in comparison to the listing price. What is important to note here is that we are seeing a high sales to list price even when compared to our best years of 2004 and 2005. Some markets are experiencing sales to list prices well below what we are seeing. Although there are deals to be had in Colorado Springs, when a home is priced at market value it sells at a reasonable rate. This gives a feel for overall sentiment compared to other real estate markets.  It is still a buyer’s market, but home sellers are receiving fair sales prices

 The graph displayed here shows our total active inventory against the number of total sales year over year for the 3rd QTR.  With a 13% increase in 3rd QTR sales and 21% decline in total inventory when compared to the same period last year, the Colorado Springs real estate market is showing signs of strength and a return to more normalized conditions.  If inventory levels continue to decline and sales continue to increase we should start to see price home price appreciation in many price points and locations.

The charts above show our average sales to list price percentage and average days on the market for sales year over year for the 3rd QTR.  Third QTR 2009 experienced an increase in the average sales price to list price and a decline in the average days on the market when compared to the same period last year. These are also strong indicators that our market remains healthy and continues to show signs of strength.

Most of the real estate markets we hear about in the media that are experiencing declining housing prices are also experiencing over 15%, 20%, and even 30% appreciation.  Obviously,  these levels of increased housing prices were completely unsustainable and have resulted in a price decline. In Colorado Springs,  we are in a buyer’s market that still remains healthy. Colorado Springs remains a highly desirable city to live.  Our economy is healthy. We continue to grow. We never experienced the outrageous appreciation seen in other markets. 

Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period January 2002 through year to date . 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."