Presented by: Jason Daniels
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For the Colorado Springs Area
For the Colorado Springs Area
November 2008
                                                       All Homes                                                     Existing Homes  
MONTHLY SUMMARY                    
    Oct 2008 Nov 2008 % +/- Nov 2007 % +/-   Oct 2008 Nov 2008 % +/- Nov 2007 % +/-
SINGLE FAMILY/PATIO HOMES:                    
  New Listings 1,302 951 (27.0) 1,211 (21.5)   1,210 878 (27.4) 1,113 (21.1)
  Sales 649 499 (23.1) 667 (25.2)   585 445 (23.9) 574 (22.5)
  Ave. Sales Price $230,012 $213,466 (7.2) $252,074 (15.3)   $216,759 $197,871 (8.7) $238,724 (17.1)
  Median Sales Price $189,000 $187,000 (1.1) $207,500 (9.9)   $181,500 $178,900 (1.4) $199,850 (10.5)
  Total Active 5,841 5,547 (5.0) 5,967 (7.0)   5,167 4,897 (5.2) 5,168 (5.2)
  New Listings 166 140 (15.7) 160 (12.5)   146 125 (14.4) 128 (2.3)
  Sales 83 62 (25.3) 85 (27.1)   69 48 (30.4) 71 (32.4)
  Ave. Sale Price $149,204 $154,641 3.6 $138,036 12.0   $146,128 $131,944 (9.7) $125,834 4.9
  Median Sale Price $132,000 $146,250 10.8 $130,000 12.5   $118,297 $114,950 (2.8) $121,000 (5.0)
  Total Active 889 853 (4.0) 970 (12.1)   689 676 (1.9) 755 (10.5)
CUMULATIVE YTD SUMMARY                  
      Jan-Nov 2008   Jan-Nov 2007 % +/-     Jan-Nov 2008   Jan-Nov 2007 % +/-
SINGLE FAMILY/PATIO HOMES:                    
  New Listings   16,881   19,730 (14.4)     15,648   18,029 (13.2)
  Sales   7,844   9,351 (16.1)     7,096   8,335 (14.9)
  Ave. Sales Price   $239,951   $260,019 (7.7)     $228,050   $246,637 (7.5)
  Volume   $1,882,175,644   $2,431,437,669 (22.6)     $1,618,242,800   $2,055,719,395 (21.3)
  New Listings   2,422   2,803 (13.6)     2,003   2,374 (15.6)
  Sales   1,026   1,365 (24.8)     814   1,080 (24.6)
  Ave. Sales Price   $159,478   $172,923 (7.8)     $146,078   $158,288 (7.7)
  Volume   $163,624,428   $236,039,895 (30.7)     $118,907,492   $170,951,040 (30.4)
For the Colorado Springs Area
What Does This Mean?
We are seeing a 27% decrease in the number of sales from this time last year, however there are 5% less listings on the market which means the market is correcting.  The average sales price has decreased again by 7.2% compared to November 2007, however the median sales price is down by only 1.1%.  The statistics still show a market lull, but our local market is still beating the national average and seems to be somewhat improving. Buyers still 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 with competative prices are still selling relatively quickly.  It's still a beauty contest and price war for Sellers.  Sellers who really need to sell are dropping their prices in line with the market.  If you need to sell now, don't wait until  next spring as there will be more inventory to compete with as well as possible continued downward pressure on prices.  Those who don't need to sell might want to wait a couple of years, unless they want to buy up and get a big discount on a move-up home.  It's also a great time to invest in real estate and expand your retirement portfolio..
Now is still a great time to buy with more selection and interest rates still at all time historical lows.  If you would like a list of homes available within your criteria visit
If you would like a CMA on your current home visit
Make Room for the Holidays

The holiday season is upon us, and motivated buyers and sellers have a unique opportunity in today's market. Many home buyers have year-end moving goals, and sellers should do what they can to make their homes visitor-ready for potential buyers!  Here are a few tips to keep in mind this season:Welcome buyers:

  • Create a warm and inviting atmosphere: Tasteful seasonal decorations, scented candles, holiday potpourri, and fresh-baked cookies can heighten the experience.
  • Be flexible:  There are a million and one things to do this season, and sometimes it can be difficult to make room for showings.  By doing what you can to accommodate a buyer's schedule, you increase the odds of selling your home. 
  • Take a walk:  When your home is being shown, go for a drive or a walk. Take yourself, your family, and pets and let the agent and their clients have the freedom they need. An agent can always do their best job of showing your home when you are not underfoot.
  • Act decisively: When you do get an offer on your home, act quickly and decisively. Follow the advice of your agent and separate your emotions from your business side.

So enjoy the holidays, and remember to make a little room in your schedule to work with those motivated buyers. You'll be glad you did!

Mortgage Rates Still at All Time Lows
Finally, some good news for the mortgage industry! In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced on 11/25/08 that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year!  In fact, I just received the current mortgage rates for today from Coleen Leri at First Community Mortgage and for a 30 year fixed conventional loan the current PAR rate is 5.375%.

If you have been on the fence about buying or refinancing a home, now is the time to act. Interest rates are extremely low and home prices in some areas are at 2003-2004 levels. There is also an incredible selection of homes to choose from here in Colorado Springs.  Add to that recent declines in energy prices and lower consumer interest rates, and you have a great holiday recipe for success, but only if you give us a call.

Don't wait until it's too late. Call us today and get pre-approved. Rates have already been very volatile and this opportunity might not survive the holidays. In many markets, falling prices are bringing out buyers that have been waiting to buy and they are scooping up both bargains and hot properties. As the market improves interest rates will climb again.  Let me offer you some pointers to help you negotiate a great deal and lower your costs to close.

Please call me if you are ready to buy or if you have any questions about refinancing.  I can put you in touch with some great local lenders.  I hope you have a Merry Christmas and a Happy New Year.

RE/MAX Advantage, 5590 N Academy Blvd., Colorado Springs , CO, 80918