Home inventory increased by 4% for the month of June 2009 when compared to six months ago (January 2009). Compared to the previous month of May, there was a slight increase (1.6%) 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 22% higher in June 2008!
Looking at stats for June 2009, Single Family Home inventory in the Pikes Peak MLS is sitting at 5.8 months (compared to 6 months in May). We have not seen the inventory this low in a long time! 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