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!!!
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