Monument Real Estate Colorado, a Market Report

September is over and the numbers are in. Let’s see how the Monument and Tri-Lakes area did.

37 New Listings came on the market in September, their Average List Price was $492,655

11 Homes went Under Contract, the average list price of those homes was $429,463

9 Homes Sold, their Average Sales prices were $418,885

There is a $73,770 delta between the average price of a newly listed home and the average price of a home that sold in the month of September.

Of the homes that sold their average number of days on market was 84

Months supply has dropped from 11.79 months of inventory in August to 9.82 in September.

Upside:
The Tri-Lakes market has been slow but the area still has strong fundamentals in place, natural beauty, great quality of life, great schools and good location. There is a growing list of amenities that are moving to support the growing population in this area.

Additionally, we feel like there is a lot of pent up buyer demand for this area. We are looking for the market in this area to heat up in the second quarter of “08”. We think the window of opportunity for this area is wide open now thru January of “08”. We look for more buyer and more competition to be in this marketplace in the first quarter of next year.

Downside:
This is still Monument and the area gets more snow then the rest of El Paso County. Tough winters tend to bring slower markets. If the winter is bad, we look for the turn around to be really strong in the spring. If the winter is mild, we expect a gradual strengthening in the market through the summer of “08”.

There is a lot of builder inventory as well as a couple of exciting new developments of the horizon. On the seller side of the equation, a tough winter could slow development of these projects, allowing us to sell through some of our existing inventory. A mild winter would bring some of these projects online at the height of the spring selling season.

Advice:
Buyers: If you need a home, have good credit and some money for a down payment….Buy Now, or at least in the next four months! We think the opportunities are great for buyers. If you are planning on waiting until the spring to buy, plan on having more competition and plan on seeing sellers less likely to make concessions. We think/hope the press is so bad and the market perception right now that it can’t get a lot worse. We are advising our investor clients to buy now, most savvy buyers in this market are thinking like investors.

Sellers: If you can wait until March, do it, we think the market should heat up by then. If you need to sell now, don’t mess around, list with someone that does a good job of pricing and marketing your home, someone that will get you exposure on the Internet and to other Realtors. Chances are good the person that ultimately buys your home will see it on the Internet, chances are also good there will be another Realtor involved. At SpringsHomes.com we think we do an exceptional job of getting our listings exposed to both homebuyers and Realtors. If you are considering selling your home now or in the future, you owe it to yourself to take a look at our marketing plan.

In conclusion, we think this is a great time to buy. If you have to sell, please make sure you work with a pro, you’ll be glad you did.