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Colorado Springs Real Estate Market Update - May 2007

Thursday, May 10, 2007
by Jason Daniels
LISTING AND SALES SUMMARY
For the Colorado Springs Area
April 2007
 
 
All Sales
Existing Homes
MONTHLY SUMMARY
Apr 2006
Apr 2007
% + or -
Apr 2006
Apr 2007
% + or -
SINGLE FAMILY/PATIO HOMES:
 
 
 
 
 
 
New Listings
2,053
2,034
(0.9)
1,823
1,898
4.1
Sales
1,060
896
(15.5)
933
789
(15.4)
Ave. Sales Price
$243,936
$252,610
3.6
$228,344
$238,923
4.6
Median Sale Price
$201,950
$213,350
5.6
$194,000
$203,000
4.6
Total Active
4,800
6,052
26.1
4,010
5,307
32.3
CONDO/TOWNHOMES:
 
 
 
 
 
 
New Listings
267
280
4.9
209
237
13.4
Sales
161
126
(21.7)
122
110
(9.8)
Ave. Sale Price
$160,940
$161,035
0.1
$141,878
$149,847
5.6
Median Sale Price
$150,000
$147,500
(1.7)
$127,750
$138,950
8.8
Total Active
807
1,119
38.7
567
810
42.9
CUMULATIVE YTD SUMMARY
Jan-Apr 2006
Jan-Apr 2007
% + or -
Jan-Apr 2006
Jan-Apr 2007
% + or -
SINGLE FAMILY/PATIO HOMES:
 
 
 
 
 
 
New Listings
7,114
7,385
3.8
6,372
6,787
6.5
Sales
3,525
3,131
(11.2)
3,079
2,725
(11.5)
Ave. Sales Price
$248,468
$253,992
2.2
$231,995
$238,371
2.7
CONDO/TOWNHOMES:
 
 
 
 
 
 
New Listings
1,090
1,148
5.3
860
952
10.7
Sales
513
481
(6.2)
413
379
(8.2)
Ave. Sales Price
$152,984
$168,689
(10.3)
$138,650
$152,077
9.7
 
What Does This Mean?
 
We are seeing a 15.5% decrease in the number of sales from this time last year, and there are 26.1% more listings on the market.  The average sales price has only increased 3.6% compared to April 2006.  The statistics still show a market lull, but is still good compared to the national average.  Buyers now have more choice and can be more selective.  Sellers need to make sure their homes are priced correctly and are in excellent condition to be competitive.  Homes in great condition and great prices are still selling relatively quickly.  Sellerswho really need to sell are dropping their prices.
 
Now is still a great time to buy with more selection and interest rates still at historical lows.  It is also a great time to sell before more listings hit the market and increase the competition even more this summer. We have seen an inventory increase of over 400 homes since last month.

 

Five Quick Tips To Enhance Curb Appeal

In a buyer's market, its important for sellers to do what they can to get their home to stand out.  here are some quick tips you can use to generate some excitement for your home on today's market.  

1. Use paint:  A new coat of paint can go a long way to making your home look up to date. Neutral colors work best because they appeal to the most number of people.

2. Mow the Lawn:  Take the time to mow the lawn and clean the yard. Rake leaves and grass and put away any tools that may be lying around.  Don't turn buyers off with a messy yard.  If they like what they see on the outside, you'll improve your chances of getting them to take a look inside.

3. Plant Flowers:  Seasonal or perennials can bring a splash of color t your home and brighten things up from the street.  Flowers throughout the house will please the senses and make it feel like a home.   

4. Spruce Up Your Walkway:  Dressing up your walkway with bricks or paving stones will lead people to your front door.  Inexpensive solar lighting can enhance your entry even more!  

5. Window Treatments: Keep your home from looking plain or boring with some decorative shutters.  Windows are so important  to the overall appeal of your home.  Take some time to add plant boxes underneath and you'll see an immediate improvement that doesn't cost a lot of money!  

By following these tips, you will be able to capture the hearts and minds of today's buyers, as well as improve your chances for a quick sale at top dollar!

Mortgage Rates

Although much has been made about the condition of the subprime mortgage market, there are a number of outstanding loan programs available for today's buyers.  If you are thinking of buying a home in the near future and would like to know more about available mortgage options, please give us a call and we will be happy to match your needs with some of our area's most reliable mortgage planners.  Having the right loan for your needs can make all of the difference when negotiating an offer on your next dream home!

Colorado Springs Real Estate Market Update - March 2007

Monday, April 09, 2007
by Jason Daniels
LISTING AND SALES SUMMARY
For the Colorado Springs Area
March 2007
 
 
All Sales
Existing Homes
MONTHLY SUMMARY
Mar 2006
Mar 2007
% + or -
Mar 2006
Mar 2007
% + or -
SINGLE FAMILY/
PATIO HOMES:
 
 
 
 
 
 
New Listings
2,020
2,107
4.3
1,848
1,956
5.8
Sales
1,037
891
(14.1)
922
787
(14.6)
Ave. Sales Price
$251,192
$254,809
1.4
$236,595
$240,549
1.7
Median Sale Price
$212,000
$208,000
(1.9)
$201,325
$199,900
(0.7)
Total Active
4,486
5,659
26.1
3,759
4,907
30.5
CONDO/TOWNHOMES:
 
 
 
 
 
 
New Listings
341
335
(1.8)
246
290
17.9
Sales
148
123
(16.9)
120
87
(27.5)
Ave. Sale Price
$152,638
$178,955
17.2
$143,250
$156,424
9.2
Median Sale Price
$142,750
$157,137
10.1
$130,750
$139,000
6.3
Total Active
794
1,065
34.1
557
758
36.1
CUMULATIVE YTD SUMMARY
Jan-Mar 2006
Jan-Mar 2007
% + or -
Jan-Mar 2006
Jan-Mar 2007
% + or -
SINGLE FAMILY/
PATIO HOMES:
 
 
 
 
 
 
New Listings
5,063
$5,350
5.7
4,549
4,885
7.4
Sales
2,463
$2,235
(9.3)
2,144
1,936
(9.7)
Ave. Sales Price
$250,439
$254,424
1.6
$233,592
$238,005
1.9
CONDO/TOWNHOMES:
 
 
 
 
 
 
New Listings
821
870
6.0
649
717
10.5
Sales
352
355
0.9
291
269
(7.6)
Ave. Sales Price
$149,345
$171,406
14.8
$137,297
$152,988
11.4
 
What Does This Mean?
 
We are seeing a 14.1% decrease in the number of sales from this time last year, and there are 26.1% more listings on the market.  The average sales price has only increased 1.4% compared to March 2006.  The statistics show the market has slowed a bit, but is still good compared to the national average.  Buyers now have more choice and can be more selective.  Sellers need to make sure their homes are priced correctly and are in excellent condition to be competitive.  Homes in great condition and great prices are still selling relatively quickly.
 
Now is still a great time to buy with more selection and interest rates still at historical lows.  It is also a great time to sell before more listings hit the market and increase the competition even more this summer.

 

Finance 101

Are you in the market for a home?  This season it really pays to do your homework!  Because of the recent trouble in the subprime mortgage market, a number of lenders are tightening their standards, and some might find loans a little harder to come by.  Here are three tips for getting the most from your next purchase:

1. Review Your Credit History –  Credit reports are freely available from the credit reporting agencies, and now is a good time to review yours.  Address any blemishes you see and try to improve your score where possible.
2. Shop Around – Don’t always take the first quote that comes your way.  Take time to shop around, ask your real estate agent for a trusted lender, and do what you can to get the best rate possible.
3. Negotiate Price – Get the most from your next purchase by negotiating on the purchase price.  Review recent sales with your agent and make sure you aren’t overpaying. 

By talking with your real estate agent and following these basic steps, you will become a market expert in no time!  A little research can go a long way!

 

A Tip for Buyers and Sellers!

New Homes come with warranties to protect the buyer in case of the unexpected?  But what about existing homes?  Fortunately, there are a number of companies today who offer warranties on existing homes.  Sellers can now offer their buyers a level of assurance that was previously reserved for new construction, and buyers can buy with confidence!

If you are in the market to buy or sell, ask us about the advantages of a home warranty.  You might be surprised at how much protection is offered for a very reasonable fee.

Colorado Springs Real Estate Market Update - February 2007

Wednesday, March 07, 2007
by Jason Daniels
LISTING AND SALES SUMMARY
For the Colorado Springs Area
February 2007
 
 
All Sales
Existing Homes
MONTHLY SUMMARY
Feb 2006
Feb 2007
% + or -
Feb 2006
Feb 2007
% + or -
SINGLE FAMILY/PATIO HOMES:
 
 
 
 
 
 
New Listings
1,507
1,530
1.5
1,332
1,437
7.9
Sales
750
669
(10.8)
654
587
(10.2)
Ave. Sales Price
$248,330
$255,017
2.7
$233,259
$237,414
1.8
Median Sale Price
$205,000
$214,950
4.9
$196,000
$205,000
4.6
Total Active
4,171
5,202
24.7
3,428
4,403
28.4
CONDO/TOWNHOMES:
 
 
 
 
 
 
New Listings
226
268
18.6
197
211
7.1
Sales
108
100
(7.4)
89
83
(6.7)
Ave. Sale Price
$152,278
$182,319
19.7
$135,918
$162,034
19.2
Median Sale Price
$131,500
$143,950
9.5
$120,000
$130,000
8.3
Total Active
703
973
38.4
494
686
38.9
CUMULATIVE YTD SUMMARY
Jan-Feb 2006
Jan-Feb 2007
% + or -
Jan-Feb 2006
Jan-Feb 2007
% + or -
SINGLE FAMILY/PATIO HOMES:
 
 
 
 
 
 
New Listings
3,043
3,244
6.6
2,701
2,929
8.4
Sales
1,425
1,341
(5.9)
1,221
1,148
(6.0)
Ave. Sales Price
$249,955
$254,043
1.6
$231,384
$236,011
2.0
CONDO/TOWNHOMES:
 
 
 
 
 
 
New Listings
481
537
11.6
404
427
5.7
Sales
204
232
13.7
171
182
6.4
Ave. Sales Price
$146,956
$167,403
13.9
$133,119
$151,346
13.7
 
What Does This Mean?
 
We are seeing a slightly decreased number of sales from this time last year, and there are 24.7 % more listings on the market.  The statistics show the market has slowed a bit, but is still good compared to the national average.  Buyers now have more choice and can be more selective.  Sellers need to make sure their homes are priced correctly and are in good condition to be competitive.
 
Now is still a great time to buy with more selection and interest rates still at historical lows.  It is also a great time to sell before more listings hit the market and increase the competition this spring.

 

Meeting 80% of Today's Buyers

Did you know that over 80% of today's home buyers are using the Internet to find their next home?  The New York Times recently found that the majority of buyers research on the internet because of the availability of good home pictures and compelling virtual tours.  The more photos a listing can display, the more interest an online ad can generate for a seller. 

If you are thinking of listing your home with an agent, talk with us about our web marketing plan and let us show you how we can make your home stand apart from the crowd!

 

Protecting Your Home During a Freeze

Here are a few tips to keep your home safe during a freeze.

1:   Stop ice-dams
Heavy snow and ice can do a lot of damage to your roof - as it builds up and as it melts. Ice dams are when ice on your eaves blocks water from draining and the water is forced under the roof and into your attic or down the sides of your walls.

To prevent them, keep your attic well-ventilated to maintain a temperature close to that of the outdoors. A warm attic melts snow on the roof, causing water to run down and refreeze at the roof's edge, where it's much cooler. You should also make sure the attic floor is well-insulated so that heat rising into the attic is minimized.

2:   Protect your pipes
Frozen pipes are one of your home's major vulnerabilities.  To keep your pipes from freezing, wrap your main shut-off valve in insulation.  You'll also want to open hot and cold faucets enough to let them drip slowly. By keeping water moving through the pipes, you'll prevent freezing.

3:   Seal your drafts
Sealing your drafts can save you 20 percent on your heating bills, according to the Alliance to Save Energy. You can use incense or a candle to test for drafts around your windows or doors. A drifting line of smoke, rather than a straight one, could indicate a problem.

If the putty in your windows is dry and cracked, add newer sealant. Seal any visible cracks with the weather stripping or cloth.  But remember, you don't want to completely button up your home. When you have all your heating equipment running, you may need to get some fresh air into that house once in a while.