Home inventory decreased by 11.4% for the month of October 2008 when compared to June 2008. We had the highest number of Single Family Homes for sale in June which is not surprising since inventory is normally highest during the summer months in Colorado Springs.
Single Family Home Inventory in the Pikes Peak MLS has also decreased by 9.7% when comparing October 2007 to October 2008.
Looking at stats for October: Single Family Home inventory in the Pikes Peak MLS is sitting at 9 months (compared to 8.2 months last month). Colorado Springs will reach a balanced market when inventory drops down to 6 months.
*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed