QUICK FACTS
* The number of Active Listings is down 18% from 2011
* The number of Sales for the month were up nearly 22%
* The Inventory Level is down over 33% from 2011
* The Average Sales Price is up 5% while Median Sales Price is up 6%
* 63% of sales in the last 3 months were under $250K
* Forclosure starts are even with 2011
The months of inventory for all homes in Colorado Springs is down to 3.9 months. This is great news once again. We haven't seen this type of inventory since 2004. Most economists consider 6.0 months to be a balanced market. This is most likely why the median sales price is up 6%!
The number of Sold homes are also up 22% from July of 2011! Once again, GREAT NEWS!
The Average & Median Sales Prices for the same month over the past 10 years shows the "bubble" was in 2004 - 2009. The 10 years of data helps gauge the current health of the local real estate market.
Forclosure starts are also down from 2010 and 2009 where they peaked. However, it looks as though we will remain steady with 2011.
Monday, September 17, 2012
Tuesday, July 17, 2012
Real Estate Sales Summary Colorado Springs June 2012
Here are some Quick Facts about the 2nd Quarter of 2012 in the Colorado Springs Real Estate Market!
* The number of Active Listings is down 22% from 2011 (3707 vs 4761)
* The number of Sales for the quarter were up 4.3% from 2011 (2555 vs. 2449)
* The Inventory Level for the 2nd quarter is down from 5.5 months to 4.4 months
* The Average Sales Price for the quarter is up 8.5% while Median Sales Price is up 10.5%
* 65% of all sales in the last 3 months were under $250,000
* Foreclosure starts are down just 1.4% compared to 2011
Encouraging news! Keep in mind that over 4700 homes, condominium and town homes have sold in Colorado Springs already this year!
In the southwest area for the past month, 268 homes were listed. 137 Homes Sold in an average of 105 days. This equates to 5.9 months of inventory. When you get to the upper price ranges in District 12, this changes significantly. Once you get above $500,000, the months of inventory jumps to 18.5 months. Since the first of the year District 12 has seen 12 solds in this price range.
From $600 - $700,000 there are currently 28 Actives in District 12. Only 9 have sold since the first of the year leaving 18.7 months of inventory.
From $700 - $800,000 there are 37 Active listings with 9 solds since January 1, 2012 leaving 24.7 months of inventory.
From $800 - $1,000,000 there are currently 19 Active listings with only 4 solds leaving 23.7 months of inventory.
From $1,000,000 and up there are 54 active listings with 11 sold in 2012 leaving 30 months of inventory.
This paints an abrasive picture of the high end market thus far this year. However, when homes are priced well and are well cared for will sell in a timely fashion. Mortgage rates are historically low AGAIN, but the average buyer is looking for outstanding value and outstanding condition.
Remember that buying a home is the biggest investment most people will ever make and preparation is the key to a timely and advantageous sale!
* The number of Active Listings is down 22% from 2011 (3707 vs 4761)
* The number of Sales for the quarter were up 4.3% from 2011 (2555 vs. 2449)
* The Inventory Level for the 2nd quarter is down from 5.5 months to 4.4 months
* The Average Sales Price for the quarter is up 8.5% while Median Sales Price is up 10.5%
* 65% of all sales in the last 3 months were under $250,000
* Foreclosure starts are down just 1.4% compared to 2011
Encouraging news! Keep in mind that over 4700 homes, condominium and town homes have sold in Colorado Springs already this year!
In the southwest area for the past month, 268 homes were listed. 137 Homes Sold in an average of 105 days. This equates to 5.9 months of inventory. When you get to the upper price ranges in District 12, this changes significantly. Once you get above $500,000, the months of inventory jumps to 18.5 months. Since the first of the year District 12 has seen 12 solds in this price range.
From $600 - $700,000 there are currently 28 Actives in District 12. Only 9 have sold since the first of the year leaving 18.7 months of inventory.
From $700 - $800,000 there are 37 Active listings with 9 solds since January 1, 2012 leaving 24.7 months of inventory.
From $800 - $1,000,000 there are currently 19 Active listings with only 4 solds leaving 23.7 months of inventory.
From $1,000,000 and up there are 54 active listings with 11 sold in 2012 leaving 30 months of inventory.
This paints an abrasive picture of the high end market thus far this year. However, when homes are priced well and are well cared for will sell in a timely fashion. Mortgage rates are historically low AGAIN, but the average buyer is looking for outstanding value and outstanding condition.
Remember that buying a home is the biggest investment most people will ever make and preparation is the key to a timely and advantageous sale!
Wednesday, May 23, 2012
Colorado Springs Real Estate Market
If you are thinking about listing your home, the market information would support that NOW IS THE TIME! The number of Active Listings is down 26% from 2011 - 3383 vs 4480
Take advantage of the lack of homes available. In most parts of the city, the Days On Market is 4.3 months. This is great news. Economist consider 6 months on inventory to be a balanced market.
If you aren't convinced now is the time to market your home...this information might help sway you.
The number of Sales for the month of April were up nearly 5%
The Inventory Level is down over 29% from 2011 - 4.3 months vs. 6.1 months
The average sales price is up nearly 3% for the 2nd month in a row
The number of foreclosure starts in 2012 so far are down 3.4% compared to 2011
2,021 homes sold in Colorado Springs the first quarter of 2012. This compares to 1,972 first quarter of 2011. We hope to see number continue to rise.
If you are interested in seeing how your neighborhood compares with the over all numbers, please give us a call! We can be reached ad 719.330.9440 or 719.330.1779.
Have a Great Memorial Day Weekend!
Tyra & Colleen
Take advantage of the lack of homes available. In most parts of the city, the Days On Market is 4.3 months. This is great news. Economist consider 6 months on inventory to be a balanced market.
If you aren't convinced now is the time to market your home...this information might help sway you.
The number of Sales for the month of April were up nearly 5%
The Inventory Level is down over 29% from 2011 - 4.3 months vs. 6.1 months
The average sales price is up nearly 3% for the 2nd month in a row
The number of foreclosure starts in 2012 so far are down 3.4% compared to 2011
2,021 homes sold in Colorado Springs the first quarter of 2012. This compares to 1,972 first quarter of 2011. We hope to see number continue to rise.
If you are interested in seeing how your neighborhood compares with the over all numbers, please give us a call! We can be reached ad 719.330.9440 or 719.330.1779.
Have a Great Memorial Day Weekend!
Tyra & Colleen
Wednesday, January 25, 2012
2011 Annual Review and Forcast for the Colorado Springs Real Estate Market
QUICK Facts about 2011
* Foreclosure starts for the year dropped dramatically from 4829 in 2010 to 3603 in 2011
* The number of Active Listings is down 24%, indicating the number of listings is very balanced
* The number of Sales for the year were up 3.1% but 35% off the high in 2005
* The number of Sales for the 4th Quarter are up 12%
* The Average Annual Inventory is at its lowest level in 5 years
* The Average Sales Price was $218,172, a decline of 4.4% from last year
* 72% of all sales in 2011 were under $250,000
Quick Look at 2012
* In December the number of under contracts hit 1081, the highest number in 5 years
* 2012 should continue to see the # of distressed sales decrease
* Inventory levels will be similar to 2011, which is currehtly at 5 months
* The High End market is expected to begin a sustained recover - There are already 3 homes over 1Million under contract in the 1st month of 2012
* The total number of sales should increase 3-5%. approaching 9000 units
Looking back at 2011 and how the real estate market performed it seems it has finally
turned the corner. The most impressive result was the number of foreclosure starts being
down more than 25% from the previous year and almost 35% from their highest mark in 2009.
At the beginning of 2011, economists & media were saying banks had been holding on to
foreclosed properties in late 2010 but would be forced to flood the market with these under
valued homes in 2011. It never occurred. Despite the vast improvement, foreclosures remain
historically high and continue to negatively impact home values. Additionally, when many
homeowners are losing their homes it creates uncertainty and lack of consumer confidence
even to those who still own their homes.
Almost as impressive as the foreclosure numbers are the number of active listings and
inventory levels. Active listings at the beginning of 2011 were nearly the same as 2010. But as
the year dragged on listings began to disappear and on December 31 they had dropped to the
lowest level since February 2002; almost 40% below the highest levels reached back in 2007.
While the number of listings shrunk, the number of buyers actually increased pushing the
inventory levels below 6 months.
The only negative numbers to come out of 2011 were slipping sales prices. The average sales
price slid 4.4% and the median dipped 4.3% for the year. Most forecasters last year expected
local home sales prices to drop more than 5% as the market was still recovering from the Great
Recession as well as the first‐time homebuyers tax credit in 2009/2010.
Twelve months ago the majority of economists were predicting a double‐dip recession. In
real estate they were saying it was only going to get harder to get a mortgage and home values
were going to decline another 10% nationally. Somehow the American consumer began to
realize this to not be the case. The fact is, mortgage rates actually dipped and remain at
historically low levels and home values stabilized in most markets.
As 2012 begins, the local real estate market looks to be relatively healthy especially when
you consider how sick it has been over the past 4 years. There is reason for this optimism.
First and foremost is the number of homes which are currently under contract; 1081 which
is the highest we’ve seen in 5 years. Add to this the low inventory levels, affordable home
prices, historically low mortgage rates and the sinking number of foreclosures and the picture is
quite rosy.
Perhaps the most significant impact to the housing market and the economy as a whole has
nothing to do with these numbers. Rather it is the general feeling of measured optimism
amongst consumers that the worst is behind us. Our forecast for 2012 is it will be a good year, not great. We will continue to see measured improvement and in fact expect home values to increase 3‐5%. The housing market at $250k and below has been strong for 2 years and will continue to be. The higher price ranges will finally see some movement which will drive the average & median prices up. 2012 will be a year when people will again realize residential real estate is an excellent investment. Renters will realize they can actually buy a home for little or no down paymemt and their mortgage payment will be less than what they pay for rent. Current home owners will see they can move‐up and keep their current monthly payment or downsize with a 15 year mortgage and have a lower monthly payment. Investors will realize they won’t find a better return than real estate with current home values being so low, ridiculously low mortgage rates, high rental rates and the expectation of appreciation.
*
* Foreclosure starts for the year dropped dramatically from 4829 in 2010 to 3603 in 2011
* The number of Active Listings is down 24%, indicating the number of listings is very balanced
* The number of Sales for the year were up 3.1% but 35% off the high in 2005
* The number of Sales for the 4th Quarter are up 12%
* The Average Annual Inventory is at its lowest level in 5 years
* The Average Sales Price was $218,172, a decline of 4.4% from last year
* 72% of all sales in 2011 were under $250,000
Quick Look at 2012
* In December the number of under contracts hit 1081, the highest number in 5 years
* 2012 should continue to see the # of distressed sales decrease
* Inventory levels will be similar to 2011, which is currehtly at 5 months
* The High End market is expected to begin a sustained recover - There are already 3 homes over 1Million under contract in the 1st month of 2012
* The total number of sales should increase 3-5%. approaching 9000 units
Looking back at 2011 and how the real estate market performed it seems it has finally
turned the corner. The most impressive result was the number of foreclosure starts being
down more than 25% from the previous year and almost 35% from their highest mark in 2009.
At the beginning of 2011, economists & media were saying banks had been holding on to
foreclosed properties in late 2010 but would be forced to flood the market with these under
valued homes in 2011. It never occurred. Despite the vast improvement, foreclosures remain
historically high and continue to negatively impact home values. Additionally, when many
homeowners are losing their homes it creates uncertainty and lack of consumer confidence
even to those who still own their homes.
Almost as impressive as the foreclosure numbers are the number of active listings and
inventory levels. Active listings at the beginning of 2011 were nearly the same as 2010. But as
the year dragged on listings began to disappear and on December 31 they had dropped to the
lowest level since February 2002; almost 40% below the highest levels reached back in 2007.
While the number of listings shrunk, the number of buyers actually increased pushing the
inventory levels below 6 months.
The only negative numbers to come out of 2011 were slipping sales prices. The average sales
price slid 4.4% and the median dipped 4.3% for the year. Most forecasters last year expected
local home sales prices to drop more than 5% as the market was still recovering from the Great
Recession as well as the first‐time homebuyers tax credit in 2009/2010.
Twelve months ago the majority of economists were predicting a double‐dip recession. In
real estate they were saying it was only going to get harder to get a mortgage and home values
were going to decline another 10% nationally. Somehow the American consumer began to
realize this to not be the case. The fact is, mortgage rates actually dipped and remain at
historically low levels and home values stabilized in most markets.
As 2012 begins, the local real estate market looks to be relatively healthy especially when
you consider how sick it has been over the past 4 years. There is reason for this optimism.
First and foremost is the number of homes which are currently under contract; 1081 which
is the highest we’ve seen in 5 years. Add to this the low inventory levels, affordable home
prices, historically low mortgage rates and the sinking number of foreclosures and the picture is
quite rosy.
Perhaps the most significant impact to the housing market and the economy as a whole has
nothing to do with these numbers. Rather it is the general feeling of measured optimism
amongst consumers that the worst is behind us. Our forecast for 2012 is it will be a good year, not great. We will continue to see measured improvement and in fact expect home values to increase 3‐5%. The housing market at $250k and below has been strong for 2 years and will continue to be. The higher price ranges will finally see some movement which will drive the average & median prices up. 2012 will be a year when people will again realize residential real estate is an excellent investment. Renters will realize they can actually buy a home for little or no down paymemt and their mortgage payment will be less than what they pay for rent. Current home owners will see they can move‐up and keep their current monthly payment or downsize with a 15 year mortgage and have a lower monthly payment. Investors will realize they won’t find a better return than real estate with current home values being so low, ridiculously low mortgage rates, high rental rates and the expectation of appreciation.
*
Cheyenne Mountain School District STAR PERFORMER~
Cheyenne Mountain School District 12 had always been known for their academics in Colorado Springs. Last week, District 12 was named one of the star performers in a report by the Colorado Deparment of Education for Graduation and Dropout Rates!
Cheyenne Mountain District 12, a district of 4,400 students, has the highest fraduation rate of the 17 districts in the Pikes Peak region and AND IN THE STATE!
According to the report, CMD12 had a 96.6 percent graduation rate. The graduation rate for the class of 2011 statewide is 73.9 %. Up from 72.4 % in 2010. So how does this fit into our Real Estate Blog? Many of our clients have homes in District 12. Our excellent track record in education draws families to our area! We hear it over and over..."I want to be in an area where the schools are performing at top levels!" We feel blessed to live in such a great city and applaud the work of our great school district in keeping our children's education one of the best!
Cheyenne Mountain District 12, a district of 4,400 students, has the highest fraduation rate of the 17 districts in the Pikes Peak region and AND IN THE STATE!
According to the report, CMD12 had a 96.6 percent graduation rate. The graduation rate for the class of 2011 statewide is 73.9 %. Up from 72.4 % in 2010. So how does this fit into our Real Estate Blog? Many of our clients have homes in District 12. Our excellent track record in education draws families to our area! We hear it over and over..."I want to be in an area where the schools are performing at top levels!" We feel blessed to live in such a great city and applaud the work of our great school district in keeping our children's education one of the best!
Thursday, January 12, 2012
District 12 Real Estate Activity
A Snapshot of 2011
Total Active Listings as of 12/31/2011: 196 houses
Ranging in price from $88,000 for a small 2 bedroom Condo to $2,990,000 for a 10,697 Sq. Ft. Mansion
Total Sold Listings as of 12/31/2011: 343 houses
Months of Inventory for All D-12 2011 6.95 Months
Broken Down by Price Range - Sold Activity from 01/01/2011 - 12/31/2011
Under $300,000 38 Actives/118 Solds 3.9 Months of Inventory
$300 - $400,000 21 Actives/74 Solds 3.4 Months of Inventory
$400 - $500,000 27 Actives/55 Solds 5.9 Months of Inventory
$500 - $600,000 26 Actives/32 Solds 9.6 Months of Inventory
$600 - $700,000 18 Actives/26 Solds 8.2 Months of Inventory
$700 - $1,000,000 23 Actives/15 Solds 18.4 Months of Inventory
$1,000,000 43 Actives/23 Solds 22.6 Months of Inventory
If you are thinking about listing your home, this is a GREAT time! Number of listings on the market in Colorado Springs is at an all time low! Please let us know if we can help!
Tyra & Colleen
Total Active Listings as of 12/31/2011: 196 houses
Ranging in price from $88,000 for a small 2 bedroom Condo to $2,990,000 for a 10,697 Sq. Ft. Mansion
Total Sold Listings as of 12/31/2011: 343 houses
Months of Inventory for All D-12 2011 6.95 Months
Broken Down by Price Range - Sold Activity from 01/01/2011 - 12/31/2011
Under $300,000 38 Actives/118 Solds 3.9 Months of Inventory
$300 - $400,000 21 Actives/74 Solds 3.4 Months of Inventory
$400 - $500,000 27 Actives/55 Solds 5.9 Months of Inventory
$500 - $600,000 26 Actives/32 Solds 9.6 Months of Inventory
$600 - $700,000 18 Actives/26 Solds 8.2 Months of Inventory
$700 - $1,000,000 23 Actives/15 Solds 18.4 Months of Inventory
$1,000,000 43 Actives/23 Solds 22.6 Months of Inventory
If you are thinking about listing your home, this is a GREAT time! Number of listings on the market in Colorado Springs is at an all time low! Please let us know if we can help!
Tyra & Colleen
Tuesday, January 10, 2012
Colorado Springs Market Information thru November 30, 2011
QUICK FACTS about the Colorado Springs Housing market thru November 30th, 2011
# of Active Listings continues to drop, down 22%
# of Sales for the monty are up 23.9%
# of Sales for the last 3 months are up by 326 units
Sales YTD are now ahead of 2010 by 3.5%
Average Sales Price is down 6.45% from the same period last year
Foreclosure starts are down 26% compared to 2010
As we approach the conclusion of 2011, it is safe to say we are seeing many indicators that bode well for the local residential real estate market in 2012. Perhaps the most exciting number to glean from this month's data is the number of Active Listings. The current number of Active Listings (3668) is the lowest we have seen in almost 7 years! Our other favorite number is the percentage of foreclosure starts dropping by 26% to the lowest number in 5 years.
When you look at all the numbers and compare them to previous years, 2011 is very similar to 2002 with the exception of the number of distresses sales (foreclosures & short sales). Although foreclosure starts have plummeted, they are still high historically (about 3500). In 2002 the number was 1607. In 2002, the local MLS (city-wide listing database) did not have a field to track if a home was a short sale and it is safe to assume it was because short sales were far and few between. In 2011, we have become quite familiar with distressed sales and through November 30th, 1437 homes that have sold have been reported as distressed sales. With over 18% of all sales this year being distressed, the negative impact these have to home prices is real.
Our wish for 2012 is for distressed sales to decrease again another 25% while the number of sales stays on par with 2011. If this occurs, we feel the 2nd half of 2012 as well as 2013 will see the market returns to a place of balance for both buyers and sellers. Be sure to watch for our Annual Review & Forecast which will be out any day now!
# of Active Listings continues to drop, down 22%
# of Sales for the monty are up 23.9%
# of Sales for the last 3 months are up by 326 units
Sales YTD are now ahead of 2010 by 3.5%
Average Sales Price is down 6.45% from the same period last year
Foreclosure starts are down 26% compared to 2010
As we approach the conclusion of 2011, it is safe to say we are seeing many indicators that bode well for the local residential real estate market in 2012. Perhaps the most exciting number to glean from this month's data is the number of Active Listings. The current number of Active Listings (3668) is the lowest we have seen in almost 7 years! Our other favorite number is the percentage of foreclosure starts dropping by 26% to the lowest number in 5 years.
When you look at all the numbers and compare them to previous years, 2011 is very similar to 2002 with the exception of the number of distresses sales (foreclosures & short sales). Although foreclosure starts have plummeted, they are still high historically (about 3500). In 2002 the number was 1607. In 2002, the local MLS (city-wide listing database) did not have a field to track if a home was a short sale and it is safe to assume it was because short sales were far and few between. In 2011, we have become quite familiar with distressed sales and through November 30th, 1437 homes that have sold have been reported as distressed sales. With over 18% of all sales this year being distressed, the negative impact these have to home prices is real.
Our wish for 2012 is for distressed sales to decrease again another 25% while the number of sales stays on par with 2011. If this occurs, we feel the 2nd half of 2012 as well as 2013 will see the market returns to a place of balance for both buyers and sellers. Be sure to watch for our Annual Review & Forecast which will be out any day now!
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