All Real Estate is Local...Here's What's Happening in Colorado Springs:
- In the year 2008, for single family homes, Colorado Springs had an average sales price decrease from a high in January of around $260,000 to a December low of $240,000. This represents a 7.9% reduction in local home values.
- 2008 average sales price is $239,204, 2007 is was $259,629, in 2006 is was $260,304, and $245,315 in 2005. So, our home values have rolled back in values to mid 2004. (It could be worse!)
- Another measurement of the local market are average sales. Average sales for the month of December were down to 495, down 0.8% from the previous month, recording lowest amount of sales in the last 5 years.
- Average sales from 2007 to 2008 were down by 16.6%
Here's the Good News:
- The number of listings improved (decreased) greatly in December! In November there were 5,547 listings on the market, but in December the number had decreased to 4,951; a 10.7% reduction.
- Total listings for 2008 were down from 2007, by 14.2%
- Total active homes on the market in 2008 is actually less than at any time since January 2007!
While the market hasn't been hot in last part of 2008, it at least thinned out in December. Our market does not have the plethora of listings that many have. We are returning to a seller's market. A balanced market is 6 months of inventory. We, currently, have 10 months, in November we had 11 months, October we had 9, September there was 8. The trend is downward; back to a seller's market.
Of course, December is typically a less active month. But all indications point to an equalization in the market for January and for 2009 as a whole.
Tell me about your market. What are your stats? How do you feel about 2009? Are you a Pollyanna, or a Doom-sayer?
To see all listings in El Paso County, click here.
Marianne Snygg, GRI, ABR, ASP
ERA Herman Group Real Estate
Colorado Springs and Monument Real Estate