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!