Patricia Beck , GRI
Clear, and 28 ° F. Colorado Springs Market Information
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.
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.
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.
