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August Housing Stats for Colorado Springs

Colorado Springs Statistics of Active, Solds, Median and Average Sales Price

Single Family/Patio Homes

Year

Total
Active

Number of Sales

Number of Sales YTD

         Monthly Sales Price       

Average Median
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

Good news. According to these stats, we have less inventory on the market in August than in July.

On the downside, there were fewer sales in August than in July. We still have a year's plus inventory. and our home prices have dropped. The average price has declined by 7%, and the median by 11%.

Many sellers are concerned whether they should take an offer now at 7 to 11% less than what they might have gotten if they'd sold in July. But the alternative is holding on to the property through the winter, as sales have dropped off. If you compare the figues of holding on to the property and selling in the Spring as opposed to selling now, and factor in the costs of keeping the utilities on, the snow plowed, taxes, insurance, and regular upkeep. You might be surprised to find you'll break even. And if you accept the lower offer, you won't need to worry about the property any longer.

Now, I don't want to talk myself out of a job, but at this time, if you don't have to put it on the market now, then DON'T! Prices will come back up, and when they do, that's the time to sell. It's just like your money in the stock market...don't sell when it's down-wait 'till it comes back up, again. And it will!

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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 0 commentsMarianne Snygg • October 05 2008 10:15PM

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