Well, What is happening in the Colorado Springs housing market people!!! It's a mixed bag but here is what we know so far...
It STINKS!!! Just kidding...well sort of. The following is information as of the end of February 2010. The inventory of homes on the market is actually at a 4 year low! Good news for you sellers out there. There has been a 10% increase in the number of listings over the last 60 days which is the largest surge in listings since 2001...this could signal some downward pressure on prices in the future.
For those of you with homes under $250,000, there is a STRONG demand for your home! 82% of all sales in the last 90 days were under $300,000.
Colorado Springs has 8.7 months of inventory overall. Under $225,000 the inventory is even lower. Your price range is dictating how long it will take you to sell you home. Average months on market range from 2.54 for the $75,000 - $100,000 and a whoppin' 46.5 monthe for the $1.5 -$2.0 million price range. It's all about "hitting" the right price for the buyers who are currently in the market.
In January and February, 2010, less than 45% of all sales were distressed sellers (forclosures, short sales, etc.) Sounds terrible doesn't it! Well, compare that to 60% during the same time frame last year in 2009 and it makes this year look pretty rosey!
Interest rates remain low for now. Experts have been predicting increases starting in April due to a change in the fed's policy with respect to the purchase of mortgate backed securities. So what are you buyers waiting for?
March information will follow in a few days as we are just compiling this data.
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