Location, Locaiton, Location!!! Yeah!
All real estate is local, it's your location that is important to your market recovery. It doesn't matter if that location is in a specific neighborhood within a city, or the entire MLS. It's different for different location.
I believe that we are on our way to a recovery of sorts. I've found some stats that I think are very interesting about El Paso County, Colorado real estate. Take a look...then let's discuss what this says.
| Single Family/Patio Homes |
Year |
Total Active |
Number of Sales |
Number of Sales YTD |
Monthly Sales Price |
|
| Average | Median | |||||
| Feb | 2009 | 5,060 | 504 | 917 | $206,608 | $177,250 |
| Jan | 2009 | 4,925 | 413 | 413 | $198,644 | $173,000 |
| Dec | 2008 | 4,951 | 495 | 8,339 | $227,376 | $180,000 |
| Nov | 2008 | 5,547 | 499 | 7,844 | $213,466 | $187,000 |
| Oct | 2008 | 5,841 | 649 | 7,345 | $230,012 | $189,000 |
| Sept | 2008 | 6,030 | 734 | 6,696 | $239,385 | $200,000 |
| Aug | 2008 | 6,323 | 778 | 5,962 | $235,098 | $199,900 |
| July | 2008 | 6,544 | 886 | 5,183 | $252,549 | $223,950 |
| June | 2008 | 6,595 | 867 | 4,296 | $256,829 | $223,000 |
| May | 2008 | 6,396 | 840 | 3,426 | $251,543 | $210,000 |
| Apr | 2008 | 6,175 | 772 | 2,584 | $239,578 | $207,750 |
| Mar | 2008 | 5,849 | 722 | 1,811 | $236,503 | $202,000 |
| Feb | 2008 | 5,571 | 556 | 1,091 | $226,692 | $197,500 |
| Jan | 2008 | 5,401 | 534 | 534 | $235,023 | $198,750 |
What these stats say to me is that the local real estate market has stopped its downward trend! Median home prices are on the rise. Average prices are on their way back up. The best news is the number of sales. Homes sales have rolled back to January 2008 levels. But they have increased over the last four months! Yeah!
Personally, I am getting a lot of activity in my business that just wasn't there in the fall/winter of 2008. I'm anxiously waiting for the March figures to be released. I just know they're going to show improvement.
Here's a few Nationawide stats for February 2009...
- Home prices are down another couple of percentage pts.
- Sales are up 5%, and
- 60% of all sales were on foreclosure properties
So, how's your market? Are you seeing a small recovery? Or at least a turn around in the downward trend?
Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period January 2008 through February 2009. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.
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