The Wheaton Team

April home sales in Colorado Springs were UP 4.8% from last year, at 784 homes sold. Prices also rose, with the average up 2.6%, and the median (1/2 above, 1/2 below) up 4.1%. The 90th percentile was $378,000, indicating continued weak activity in the higher end homes. The inventory of unsold homes dropped 26.3% to 3,377 homes, which is a 4.3 month supply at the April sales rate. 6 months is thought by many to be a sign of a ‘normal’ real estate market. This is the lowest number of active listings on the market in April in 12 years, since April of 2000. The Selling Price to List Price Ratio was 96.9%, well in line with the longer term trends, but the highest in 2 years.
The percentage of homes disclosed as distressed was 15.3%, or 120 homes. Due to new short sale reporting rules at the Pikes Peak Association of Realtors, this figure will likely be more accurate than in prior years, as previously many short sales in particular were under-reported. This compares with 23.7% of sales in April of 2011, a significant improvement.
Colorado Springs home buyers are continuing to take advantage of low interest rates, which have been consistently in the upper 3′s. Low long term mortgage rates and higher rent prices are making the decision to buy rather than rent MUCH more attractive at this time.
“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/05 through 4/30/12 . 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.” Copyright © 2012 REALTOR® Services Corp.

March home sales in Colorado Springs were down 6.8% from last year, at 723 homes sold. There were over 1700 sales pending at month end. Prices recovered nicely however, showing the first year to year increases since February of 2011. The average was up 2.7%.  For more information, contact us at 719-536-4581.

Sales were up 14.7%, Average price was down 9.8%, Median down 7.2% . The inventory is staying low for the moment, down 26.4% at 3,174 single family and patio home listings, and right at about 6 month supply for the current selling rate. For more information,  contact us at 719-536-4581

If you are thinking of buying land near Colorado Springs, please read this article with ideas of what to avoid and what to look for when purchasing land!