Presented by: Jason Daniels
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For the Colorado Springs Area
LISTING AND SALES SUMMARY
For the Colorado Springs Area
October 2008
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All Homes
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Existing Homes
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MONTHLY SUMMARY
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Sept 2008
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Oct 2008
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% +/-
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Oct 2007
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% +/-
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Sept 2008
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Oct 2008
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% +/-
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Oct 2007
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% +/-
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SINGLE FAMILY/PATIO HOMES:
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New Listings
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1,315
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1,302
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(1.0)
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1,514
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(14.0)
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1,217
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1,210
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(0.6)
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1,368
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(11.5)
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Sales
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734
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649
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(11.6)
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723
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(10.2)
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674
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585
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(13.2)
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657
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(11.0)
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Ave. Sales Price
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$239,385
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$230,012
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(3.9)
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$243,160
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(5.4)
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$225,121
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$216,759
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(3.7)
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$227,594
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(4.8)
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Median Sales Price
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$200,000
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$189,000
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(5.5)
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$205,000
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(7.8)
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$194,500
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$181,500
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(6.7)
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$199,900
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(9.2)
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Total Active
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6,030
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5,841
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(3.1)
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6,470
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(9.7)
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5,346
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5,167
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(3.3)
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5,632
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(8.3)
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CONDO/TOWNHOMES:
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New Listings
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201
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166
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(17.4)
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167
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(0.6)
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154
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146
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(5.2)
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148
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(1.4)
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Sales
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99
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83
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(16.2)
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105
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(21.0)
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79
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69
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(12.7)
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86
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(19.8)
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Ave. Sale Price
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$151,296
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$149,204
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(1.4)
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$154,737
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(3.6)
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$135,397
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$146,128
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7.9
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$144,996
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0.8
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Median Sale Price
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$142,500
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$132,000
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(7.4)
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$139,900
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(5.6)
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$134,000
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$118,297
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(11.7)
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$128,000
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(7.6)
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Total Active
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941
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889
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(5.5)
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1,036
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(14.2)
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727
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689
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(5.2)
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793
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(13.1)
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CUMULATIVE YTD SUMMARY
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Jan-Oct 2008
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Jan-Oct 2007
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% +/-
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Jan-Oct 2008
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Jan-Oct 2007
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% +/-
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SINGLE FAMILY/PATIO HOMES:
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New Listings
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15,936
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18,525
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(14.0)
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14,775
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16,925
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(12.7)
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Sales
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7,345
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8,685
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(15.4)
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6,651
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7,762
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(14.3)
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Ave. Sales Price
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$241,752
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$260,618
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(7.2)
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$230,071
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$247,211
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(6.9)
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Volume
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$1,775,668,440
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$2,263,467,330
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(21.6)
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$1,530,202,221
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$1,918,851,782
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(20.3)
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CONDO/TOWNHOMES:
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New Listings
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2,278
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2,640
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(13.7)
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1,874
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2,242
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(16.4)
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Sales
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964
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1,280
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(24.7)
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766
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1,009
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(24.1)
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Ave. Sales Price
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$159,790
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$175,239
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(8.8)
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$146,963
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$160,572
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(8.5)
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Volume
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$154,037,560
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$224,305,920
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(31.3)
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$112,573,658
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$162,017,148
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(30.5)
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For the Colorado Springs Area
What Does This Mean?
We are seeing a 10.2% decrease in the number of sales from this time last year, however there are 9.7% less listings on the market which means the market is correcting. The average sales price has decreased again by 5.4% compared to October 2007, however the median sales price is down by 7.8%. 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 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 www.allcoloradospringslistings.com
-or-
Is Your Home Energy Efficient?
Cooler temperatures and higher fuel costs have many people looking for better heating solutions. Heating and cooling systems are some of the most important investments you'll ever make in your home. These systems can account for 44% of your home's energy use. The more energy efficient an appliance is, the less it costs to run and the lower your utility bills. Home sellers with modern heating and cooling systems can command top dollar for these features, as buyers will factor the heat source into any offer.
The Biggest Bang For The Buck!
First-time buyers and bargain hunters everywhere are looking for ways to stretch their dollar. Here are three helpful tips for maximizing your purchasing power:
- Save money with a fixer-upper! Although these homes take a little elbow grease, the money you save can be significant. Put that extra money in your savings account, re-invest it in your home, or upgrade your location!
- Higher fuel costs have made remote properties less attractive for certain buyers. Don't be afraid to search a little farther out from your work if good public transportation is available.
- Size matters. Bigger homes are typically more expensive, so why not buck the trend and look for something a little smaller? There is generally less demand for smaller homes, and you can spot some great deals if you are willing to act fast!
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RE/MAX Advantage, 5590 N Academy Blvd., Colorado Springs , CO, 80918
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