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Sales Drop 25% in Colorado Springs Area in 3rd Quarter!

By
Real Estate Broker/Owner with Higher Ground Real Estate

Year-to-date Colorado Springs area sales data, as reported by the Pikes Peak Association of Realtors, for single family and patio homes have dropped below 2009 levels. It's not terribly surprising to see post tax credit sales in decline but many didn't expect that we'd drop below last year's total number of units sold. 

Single family/patio home sales through September of 2009 were 6556 while sales for 2010 are 6371. What might be more telling though is that sales for September 2009 were 823 units compared to 603 for September 2010, about a 26% move in the wrong direction. Taking a broader look at the post tax credit 3rd quarter reveals more of the same. Total sales of single family/patio homes in 2009 were 2660. The same quarter for 2010 yielded 2004 units sold, a 25% decline.

Armed with this sales data and, in my opinion, with little hesitation Colorado Springs Realtors need to take a real hard look at their listings and update their CMAs. It may be time to counsel aggressive pricing to those sellers that have the ability, coupled with the motivation, to lead the pack instead of following it downward. I'm concerned those sellers and Realtors that don't wake up and smell the roses will find their properties/listings worth less next spring.

 

 

Posted by

Joe Cuchiara, Broker/Owner

Higher Ground Real Estate

Colorado Springs, Colorado

www.coloradojoe.com

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Comments (1)

Cherise Selley
Selley Group Real Estate, LLC - Colorado Springs, CO
Colorado Springs Realtor

Joe,

We're also discussing this information throughout next week.  I think most are sitting on the fence until the November elections are over... g

Oct 03, 2010 09:56 AM