Colorado Springs Realty Blog

Home sales in El Paso County were highest during the summer months and lowest in the first quarter of the year. Looking back at 2009, the average sales price was lowest in November ($198,644) and highest in July ($231,457). 

Overall, the average sale price was much lower in 2009 than in 2008 due to the increased number of  foreclosures and short sales in Colorado Springs.  The average sales price reached $256,829 in June 2008 compared to $231,457 in July. 

In 2009, many of the foreclosure and short sale properties sold below market value and utlitmately decreased the average sales price in Colorado Springs.  On the bright side, there were a total of 8,745 single family home sales in 2009 compared to 8,339 in 2008.

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

Patio homes are included in these stats

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For more information on Colorado Springs Real Estate or the Colorado Springs Area contact me or visit my website.

Home inventory has decreased by 18.3% for the month of January 2010 when compared to six months ago (August 2009). Compared to the previous month of December, there was a 4.3% increase in single family homes for sale.  With the exception of January, Single Family Home Inventory has been steadily dropping since July 2009.  We will soon be entering the busier season for real estate in Colorado Springs and can expect inventory levels to increase again next month.

Single Family Home Inventory in the Pikes Peak MLS was nearly 16.3% higher in January 2009 and we had 51 fewer single family home sales.

Looking at stats for January 2010, Single Family Home inventory in the Pikes Peak MLS is sitting at 8.9 months (compared to 6.3 months in December). This is a significant increase; Single Family Home inventory hasn't been above 6 months since May 2009 (with the exception of last month).  There is a balanced market in Colorado Springs when inventory sits at 6 months.

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For more information on Colorado Springs Real Estate or the Colorado Springs Area contact me or visit my website.

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

Patio homes are included in these stats

Homes sales decreased by 25.5% in El Paso County for the month of January when compared to December 2009.

There were 51 additional single family home sales in January 2010 when compared to January 2009 (12.3% increase).  There were also an additional 805 single family homes for sale in January 2009.  Inventory levels are lower than one year ago while sales have remained steady over the past 6 months.   The real estate market in Colorado Springs is seeing improvement. 

The average sales price ($211,008) and the median sales price ($178,290) decreased when compared to the previous month of December.  Last January, the average sales price was $198,644 and the median sales price was $173,000.

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

Patio homes are included in these stats

Search for homes in Colorado Springs

For further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

There are many types of foreclosures available in Colorado Springs and one type of foreclosure is a VA Repo. These types of properties are sold by the Veterans Administration (VA).

There are a few important things buyers should be aware of when looking to purchase a VA Repo in Colorado Springs.

1. Inspection - Normally, buyers reserve the right to perform an inspection of the property they wish to purchase and if something is discovered during the inspection regarding the home's condition, buyers can normally terminate the contract and get their earnest money back.  VA does not have an inspection clause in their contract and buyers run the risk of losing their earnest money if they back out of the contract.  Also, VA properties are "sold as is" so dont' expect the seller to pay for repairs.

2. Title Insurance- VA does not provide title insurance for their properties, therefore, buyers have to pay for title insurance that the seller would normally pay for in normal transactions.  Title insurance varies depending on the contract price of the home and adds a few extra hundred dollars to buyer closing costs.

3. Contract-  The contract to purchase a property owned by VA is different than the Contract to Buy and Sell Real Estate that is used in Colorado.  The contract is only two pages and is made up of four sections.  The buyer also determines the amount to be given for earnest money and if VA does not see it as sufficient they can make a request for more.

There is a benefit for investors who wish to purchase a VA Repo but do not have enough funds for a 20% down payment that is required by most lenders on investment properties.  VA Vendee financing allows buyers or investors to purchase a VA property with as little as 5% down.

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If you are interested in purchasing a VA Repo, contact Patricia Beck, your Colorado Springs Real Estate Agent.

There were a total of 8,745 single family home sales in El Paso County in 2009 compared to 8,339 in 2008.  Take a look below to view the total sales for major areas in Colorado Springs and surrounding areas.

The Powers area of Colorado Springs had more home sales than any other area in Colorado Springs for the fifth year in a row. The Northeast area came in second while the Marksheffel area (new area added in 2009) came in last.

Looking at all of El Paso County, Fountain Valley had the highest number of single family home sales and even surpassed the Powers area by 140 home sales.

COLORADO SPRINGS

Highest median list price:

1. Black Forest
2. Northgate
3. Briargate

Lowest median list price:

1. Southeast
2. Central
3. Old Colorado City

Highest average sale price:

1. Black Forest
2. Northgate
3. Northwest

Lowest average sale price:

1. Southeast
2. Central
3. Old Colorado City

Best list price vs. sale price ratio:

1. Marksheffel
2. Southeast
3. Powers

Lowest Days on Market:

1. Southeast
2. East
3. Central

Highest Days on Market:

1. Black Forest
2. Northgate
3. Southwest

EL PASO COUNTY

Highest median list price:

1. Tri-Lakes
2. Black Forest
3. Northgate

Lowest median list price:

1. Drennan/Truckton/Edison
2. Southeast
3. Midway

Highest average sale price:

1. Tri-Lakes
2. Black Forest
3. Northgate

Lowest average sale price:

1. Drennan/Truckton/Edison
2. Calhan/Ramah
3. Southeast

Best list price vs. sale price ratio:

1. Fountain Valley
2. Southeast
3. Falcon

Lowest Days on Market:

1. Southeast
2. East
3. Northeast

Highest Days on Market:

1. Drennan/Truckton/Edison
2. Rock Creek
3. Peyton

As you can see in the graph below, 2005 was the peak for real estate in Colorado Springs.  We saw a 4.9% increase in Single Family Home Sales in 2009 when compared to 2008.  Colorado Springs is heading in a positive direction and we can expect to see an increase in home sales in 2010.  Colorado Springs saw the most significant drop in home sales from 2007 to 2008 (16.6%).

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

Colorado Springs Realtor Patricia Beck, providing real estate services to home buyers and sellers.

Fannie Mae and Freddie Mac have recently changed guidelines regarding seller contributions. 

If you are purchasing a second home that is not your primary residence, the seller can not contribute more than 2% of the purchase price toward buyer closing costs.  In other words, if an investor purchases a home for $150,000, the seller cannot give the investor more than $3,000 to use toward closing costs.

This new guideline will probably impact new investors the most since they will need to bring more cash to the closing table in addition to their down payment.  Most lenders require a minimum 20% down payment on investment properties. 

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To find out more about Colorado Springs Realty and the Colorado Springs Area contact me or visit my website.

Homes sales decreased by 21.5% in El Paso County for the month of December when compared to November 2009.

There were 128 additional single family home sales in December 2009 when compared to December 2008. There were also an additional 1,000 single family homes for sale in December 2008.

The average sale price ($223,143) and the median sale price ($192,500) increased when compared to the previous month of November.  Last December, the average sale price was $227,276 and the median sale price was $180,000.

Homes $200,000 and below are still selling more quickly due to increased first time home buyer traffic. Now with the buyer tax credit being extended through June 30, 2010, we can expect to see more home buyers enter the real estate market.

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

Patio homes are included in these stats

Search for homes in Colorado Springs

For further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

Home inventory has decreased by 23% for the month of December 2009 when compared to six months ago (July 2009). Compared to the previous month of November, there was a 8% decrease in single family homes for sale.  Single Family Home Inventory has been steadily dropping over the past six months.  It is good that we are seeing inventory levels declining; this is necessary if we want to see the real estate market in Colorado Springs improve.

Single Family Home Inventory in the Pikes Peak MLS was nearly 20% higher in December 2008 and we had 128 fewer single family home sales!

Looking at stats for December 2009, Single Family Home inventory in the Pikes Peak MLS is sitting at 6.3 months (compared to 5.4 months in November).  This is the first month Single Family Home inventory has been above 6 months since May 2009.  There is a balanced market in Colorado Springs when inventory sits at 6 months; the market is improving for sellers.

Search for homes in Colorado Springs

For more information on Colorado Springs Real Estate or the Colorado Springs Area contact me or visit my website.

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

Patio homes are included in these stats

The Mortgage Forgiveness Debt Relief Act was passed in 2007 to protect distressed homeowners from being taxed by the IRS on the debt that was cancelled by the lender on the short sale of their home.  Prior to the bill being passed, the IRS viewed the deficiency amount as income and the homeowner was taxed.

Some distressed homeowners may still be required to pay taxes (also known as the phantom tax) on the cancelled debt amount if they do not meet the requirements set forth by the Mortgage Forgiveness Deb Relief Act of 2007.  For example, if the debt was not used to acquire a principal residence, the individual may not be able to avoid taxes from the IRS.

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Some home owners who are in distress may choose the option of a Deed in Lieu instead of a short sale.  The home owner gives the deed for the house back to the bank and can walk away from the house without having to worry about having to do a short sale.  A Deed in Lieu benefits the lender since the lengthy foreclosure process can be avoided. 

The home owner can walk away and the bank may not seek a deficiency judgment (money bank has lost on the mortgage) since the owner gave up the property.  If the distressed home owner has equity in the home, a Deed in Lieu may not be the best option.  The bank has to approve a Deed in Lieu and if the home has more than one lien, it may not be accepted. 

A Deed in Lieu is reported on an individual’s credit report and in some instances can be viewed the same as a foreclosure.  There are alternatives to foreclosure, contact a real estate agent in Colorado Springs who is experienced.

Colorado Springs Real Estate Agent, Patricia Beck, providing real estate services to home buyers and sellers.