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Location, location, location!!! Yeah!

Location, Locaiton, Location!!! Yeah!

All real estate is local, it's your location that is important to your market recovery. It doesn't matter if that location is in a specific neighborhood within a city, or the entire MLS. It's different for different location.

I believe that we are on our way to a recovery of sorts. I've found some stats that I think are very interesting about El Paso County, Colorado real estate. Take a look...then let's discuss what this says.

Single Family/Patio Homes

Year

Total
Active

Number of Sales

Number of Sales YTD

         Monthly Sales Price       

Average  Median
Feb 2009 5,060 504 917 $206,608 $177,250
Jan 2009 4,925 413 413 $198,644 $173,000
Dec 2008 4,951 495 8,339 $227,376 $180,000
Nov 2008 5,547 499 7,844 $213,466 $187,000
Oct 2008 5,841 649 7,345 $230,012 $189,000
Sept 2008 6,030 734 6,696 $239,385 $200,000
Aug 2008 6,323 778 5,962 $235,098 $199,900
July 2008 6,544 886 5,183 $252,549 $223,950
June 2008 6,595 867 4,296 $256,829 $223,000
May 2008 6,396 840 3,426 $251,543 $210,000
Apr 2008 6,175 772 2,584 $239,578 $207,750
Mar 2008 5,849 722 1,811 $236,503 $202,000
Feb 2008 5,571 556 1,091 $226,692 $197,500
Jan 2008 5,401 534 534 $235,023 $198,750

What these stats say to me is that the local real estate market has stopped its downward trend! Median home prices are on the rise. Average prices are on their way back up. The best news is the number of sales. Homes sales have rolled back to January 2008 levels. But they have increased over the last four months! Yeah!

Personally, I am getting a lot of activity in my business that just wasn't there in the fall/winter of 2008. I'm anxiously waiting for the March figures to be released. I just know they're going to show improvement.

Here's a few Nationawide stats for February 2009...

  • Home prices are down another couple of percentage pts.
  • Sales are up 5%, and
  • 60% of all sales were on foreclosure properties

So, how's your market? Are you seeing a small recovery? Or at least a turn around in the downward trend?

Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period January 2008 through February 2009.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market.

 

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

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Colorado Springs and Monument Real Estate

Comment balloon 2 commentsMarianne Snygg • April 04 2009 07:39PM

Comments

Marianne - While it's been a LOT busier this year so far, I don't think it's been enough to consider it to be a full turnaround.  Happy to see some recovery occurring there!

Posted by Jason Crouch, Broker - Austin Texas Real Estate (512-796-7653) (Austin Texas Homes, LLC) over 10 years ago

Jason: I have to agree with you...it's not complete. Probably won't be until 2010, but I'll take what I can get! It's better here than it's been in a long time. Call me a Pollyanna! Thanks for stopping by.

Posted by Marianne Snygg, ABR, ASP, GRI, SFR (ERA Herman Group Real Estate) over 10 years ago

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