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All Real Estate Is Local...How's Yours?

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!

In Summary:

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.

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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 4 commentsMarianne Snygg • February 05 2009 01:14PM

Comments

Glad to hear your market is on the upswing!  In my area, we are also experiencing a "clearing of inventory" so to speak.  It's mostly the lower priced properties, REOs, that are going first (and fast!) which are bringing down the average and median prices.  However, this will not last forever, once inventory has come down sufficiently, prices will surely firm up again and stabilize.

Posted by Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES, Florida Waterfront and Country Club Living (Tropic Shores Realty - Ich spreche Deutsch!) over 10 years ago

You make an excellent point about the REO's and low-end properties going fast. However, with the tax credit the Senate has just passed, it just might stimulate the move-up buyer, allowing for more inventory at the lower end.

I really think we're on our way out of this depression! (I know, call me Pollyanna!)

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

I like the "all Real Estate is Local" line.  It is so true!  National, state and local have 3 distinct things going on, yet the media tends to only tell the first two...I am a "glass half full Pollyanna" as well, and I think it helps us stay young, at least that's my story and I'm sticking to it! =o)

Posted by c m over 10 years ago

Cheryl: I like your story! And I'll stick with it, too. I love to see all the activity in your business and wasn't our Open House yesterday a hoot? Up, up, and away!

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

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