Current Colorado Springs Real Estate Market through September 20, 2011 has some positive and negative information. Here are the quick facts:
1. # of Active listingsare down from 5556 in 2010 to 4208. This is good news for Sellers but may make it difficult for Buyers. As the supply lowers, demand will increase! So Buyers...what ARE you waiting for?
2. # of Sales for the month are up from 603 to 672...Good news Sellers! Homes are Selling!
3. # of Sales for 3rd Quarter are up 298 units (15%)...When is that last time we heard that! SALES ARE UP!
4. Sales YTD are equal to 2010.
5. Average Sales Price is down 5% from the same period last year
6. Foreclosure starts are down nearly 30% to 2010...Sellers, you have LESS competition!
So...3rd in Review...
Perhaps we have fallen into the trap that we encourage you to avoid? The media in the past few months has really been hounding us with bad news; double-dip recession is imminent, the stock market "crashes" 200+points (then over the next week it recovers with little or no headlines), The EU's economic Crisis is pulling the world's economy into another recession, political upheavals in the Middle East, the US Congress is paralyzed by partisanship politics and Tim Tebow has no chance of being even a good QB in the NFL! Has all this bad news started to make some of us believe it?
Then we started looking at the 3rd Quarter real estate stats and noticed quite the contrary: the number of active listings in October is at the lowest level for the same month in over 10 years (fewer sellers), the number of sales for the 3rd Quarter is up 15% over 2010 (more buyers), there will be about 1300 fewer foreclosure starts this year than last and mortgage rates last week dipped below 4%! We don't recall seeing these headlines on the network news.
We spoke about the "new normal" earlier this year and perhaps that is what we are experiencing. Home values are down from the heights of 2006, but they are still at the levels we saw in 2003! It is not normal to expect values to increase constantly & forever! What is and has been normal over the past few years is lack of Buyer Confidence. Buyers...it's time to get with the program! These interest rates will NOT be this low forever!
Our pledge to you is we are no longer going to allow others to negatively impact our confidence. Our market is improving, home values continue to be at levels on par with WWII (when you consider current wages, home prices & mortgage rates) and we will start picking the Broncos to actually win some games with TEBOW at the helm!!!
Wednesday, October 26, 2011
Tuesday, October 11, 2011
3rd quarter District 12 Broadmoor Bluffs and Colorado Springs Real Estate Update
We have just completed the third quarter of 2011 and the market has shown the typical surge of activity for the summer season. We are still facing "a wild ride" in real estate with some home prices continuing to decline, but there are buyers out there and great opportunities to be had!
Here is the market analysis for homes sold in Broadmoor Bluffs/Spires community during the July-August 2011 time frame.
3rd quarter 2011 - 16 homes sold with a selling time of 6 - 400 plus days
3rd quarter 2010 - 15 homes sold
Currently there are 49 active listings, down from 58 active listings as of September 30, 2010
The Average Active Listing: Year Built - 1998 * List Price - $594,754 * Days of Market - 182 * Avg Square Feet - 4483
When looking at the numbers for active and sold homes in the 3rd quarter 2011, the news is much more positive in our neighborhood then in the city as a whole. The number of homes for sale in this neighborhood has decreased - good news - and the average price has improved significantly - up from $523,126 in 2010 to $581,729 at the end of the 3rd quarter in 2011. Homes last quarter sold for an average of 94% of the asking price. This compares to sales at 95.7% of asking price in 2010 at the same time.
Colorado Springs as a whole has had a mixed set of statistics for 2011.
2011 - Number of active listings down 24.5% from 2010
YTD Sales through September 2011 up .5% from 2010
2011 Average Sales price for single family homes was down 4.1% from 2010
92.5% of all sales this year were under $400,000.
While some of these numbers may seems discouraging, keep in mind that 7179 homes, condominiums and town homes have sold in Colorado Springs this year!
Don't let all the national news discourage you, especially if you are looking to sell - here in Colorado Springs we are in a better position then in many other areas of the country. A well cared for home that has been updated and is priced aggressively will still sell in a timely fashion. Mortgage rates remain incredibly low. In our opinion, there is always a market for high quality homes in good condition and priced "right". In this market we must again emphasize that pricing is critical to success - the average buyer is shopping for outstanding value and outstanding condition.
If you're considering updating your home and would like some advice on the new trends or what buyers are looking for, we'd be happy to offer our assistance. And if a home sale is on the horizon, we can even help you arrange your home to best prepare it for a profitable sale.
Remember that buying a home in the biggest investment most people will ever make and preparation is the key to a timely and advantageous sale!
Tyra & Colleen
Here is the market analysis for homes sold in Broadmoor Bluffs/Spires community during the July-August 2011 time frame.
3rd quarter 2011 - 16 homes sold with a selling time of 6 - 400 plus days
3rd quarter 2010 - 15 homes sold
Currently there are 49 active listings, down from 58 active listings as of September 30, 2010
The Average Active Listing: Year Built - 1998 * List Price - $594,754 * Days of Market - 182 * Avg Square Feet - 4483
When looking at the numbers for active and sold homes in the 3rd quarter 2011, the news is much more positive in our neighborhood then in the city as a whole. The number of homes for sale in this neighborhood has decreased - good news - and the average price has improved significantly - up from $523,126 in 2010 to $581,729 at the end of the 3rd quarter in 2011. Homes last quarter sold for an average of 94% of the asking price. This compares to sales at 95.7% of asking price in 2010 at the same time.
Colorado Springs as a whole has had a mixed set of statistics for 2011.
2011 - Number of active listings down 24.5% from 2010
YTD Sales through September 2011 up .5% from 2010
2011 Average Sales price for single family homes was down 4.1% from 2010
92.5% of all sales this year were under $400,000.
While some of these numbers may seems discouraging, keep in mind that 7179 homes, condominiums and town homes have sold in Colorado Springs this year!
Don't let all the national news discourage you, especially if you are looking to sell - here in Colorado Springs we are in a better position then in many other areas of the country. A well cared for home that has been updated and is priced aggressively will still sell in a timely fashion. Mortgage rates remain incredibly low. In our opinion, there is always a market for high quality homes in good condition and priced "right". In this market we must again emphasize that pricing is critical to success - the average buyer is shopping for outstanding value and outstanding condition.
If you're considering updating your home and would like some advice on the new trends or what buyers are looking for, we'd be happy to offer our assistance. And if a home sale is on the horizon, we can even help you arrange your home to best prepare it for a profitable sale.
Remember that buying a home in the biggest investment most people will ever make and preparation is the key to a timely and advantageous sale!
Tyra & Colleen
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