The Wheaton Team

VIDEO AVAILABLE: Peak Producer June 2011 Real Estate Statistics empiretitle

December home sales in Colorado Springs reversed a recent trend, and increased 1% over sales from December of 2009. Prices continued to strengthen, up 4.4% at $232,939, and the median (1/2 above, 1/2 below) up 3.1% at $198,500. The 90th percentile was $390,000. The stronger sales can be attributed in part to the low interest rates of the October and November time frame, when many of December’s closings were written initially as contracts. It remains to be seen whether this will be a trend into the new year, or is simply a blip.

The inventory of unsold homes increased by 9.74%, a smaller increase than in prior months, and reflecting an 6.89 month supply of homes at the December selling rate. This compares favorably with figures of the earlier part of 2010 and most of 2009. The Selling Price to List Price Ratio was 97.55%, well in line with longer term averages.

The percentage of homes disclosed as distressed was 21.62%, or 136 homes.

For more details, see the Colorado Springs Homes Sales Trend Data

“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/05 through 12/31/10 . 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.

We have had a great month of November and feel the historic low interest rates are getting buyers attention.  We have seen 30 year fixed mortgages as low as 3.87% and 15  year rates as low as  3.5 %!  Rates matter  and can save buyers thousands of dollars in interest.  Also there has been positive news in the employment front with news of many defense contractors adding  new positions !

Market Update from January – October 2009 -2010

Average Price up 6%

Median Price up 4%

Residential units sols down 5%

Inventory Levels down 4%

Number of Listings Up 13%

Foreclosures Down 11%

Some good news for the local housing market!! The first 3 quarters of 2010 have outpaced 2009. The historically low interest rates are a positive influence on our market. We do however expect alot of bank owned homes and short sales to be coming on the market which could have a negative impact on home values. Buyers are experiencing a lack of confidence which is causing inventory levels to increase back to 2008 levels.
Statistics for January 2009 through Sept 2010
* Average Sales Price is up 4.9%
* Median Sales Price is up 3.7%
* Residential Units Sold down 3.1%
* Number of Listings up 4.3%
* Foreclosures are down 12.9 %
* Interest Rates are historic lows!
* Number of Listings