Home sales increased by 6.8% in El Paso County for the month of May when compared to April. Compared to one year ago, May sales were 12.2% lower; this can be attributed to the first time home buyer tax credit last year.
There were 89 fewer single family home sales in May 2011 when compared to May 2010. There were also 794 additional single family homes for sale in May 2010. In order for the market to stabilize and to create more demand, inventory levels need to remain low while home sales continue to increase. Although inventory levels are remaining stable, home sales in Colorado Springs need to continue to increase. Home sales were higher in May compared to April but are still low for this season in comparison to previous years.
Compared to the previous month of April, the average sales price ($213,270) slightly decreased while the median sales price ($185,000) slightly increased. Last May, the average sales price was $232,648 and the median sales price was $194,450.
The Colorado Springs real estate market may not appear to be improving much but sales are headed in the right direction without the assistance of the tax credit incentive as we had last year and that is a good sign.
**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed