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
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