Home inventory has only increased by 1.5% for the month of July 2009 when compared to six months ago (February 2009). Compared to the previous month of June, there was a minor increase in single family homes for sale. It is good that we are seeing inventory levels remaining steady while home sales are increasing; this will ultimately reduce the months of inventory in Colorado Springs.
Single Family Home Inventory in the Pikes Peak MLS was 21% higher in July 2008!
Looking at stats for July 2009, Single Family Home inventory in the Pikes Peak MLS is sitting at 5.4 months (compared to 5.8 months in June). Single family inventory has remained at 6 months or lower since May. There is a balanced market in Colorado Springs when inventory sits at 6 months; the market is definitely improving for sellers.
Many buyers are probably noticing bidding wars and multiple offers on properties at this time, particularly with bank owned properties. Additionally, I have observed many sellers are not negotiating as much on the price as they were a few months ago.
*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed
Patio homes are included in these stats