Colorado Springs Real Estate January Snapshot

Colorado Springs Real Estate Compared to last year, in a nutshell:

a lot of buyers + less homes for sale = increased prices

Why might this be good news? Well, while prices are going up, which is not a good thing when you want to buy, mortgage payments are relatively low, because interest rates are still at the bottom.

So while before the bust of the bubble, sellers were winning due to high sales prices, later buyers ruled the buyers market with lowball offers – we have now a win/win market: Sellers get a little more, buyers still get a good interest rate and thus low monthly payments. Tah-dah.

Here is the snapshot:

Sales in January 2012 compared to the sales in January 2013

Fact:

• In January 2013 we have 7.19% LESS total active listings but 39% MORE sales – reducing the inventory of homes for sale even more

Result:

• If you were a buyer this January,  you’ll have less homes to chose from to buy. The last time we’ve had so few homes for sale was BEFORE 2002. This is also the reason why buyers chose to build instead of buying existing homes.

Fact:

• Sales increased by 11% compared to the same time last year.

Result:

• If you are selling your home this January vs last January you would on average get 11% more for it…ie. instead of $150,000  last year you could receive $165,500 this January

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In short:

• Numbers of homes for sale pretty much stayed the same, numbers of sales declined only by 6%.
• The average sales price sank significantly*, however median (half over, half under) only changed little.

*The significant change in average price could be attributed to the banks selling off a greater amount of bank owned properties.

“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 01/01/2012 through 1/31/2013.  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.”