Monument Colorado Real Estate Market Report:

There were 32 new listings that hit the Tri-Lakes Real Estate Market in October of 2007 the average list price of these newcomers was $474,794 this number is down nearly $18,000 from September. This is not a number that is generally considered a true indicator of valuation trend for an area.
 
There were14 Homes that went "Under Contract" in the Tri-Lakes area for the month of October, their average price was $423,384, this number was up from the previous month.

There were 8 homes that sold in the Tri-Lakes area for the month of October and the average sales price of those homes was $440,833, up again as well from the previous month, once again this is not a true indicator of overall valuation for a particular area.

Of the homes that did sell the average number of days on market was 111

There is a 9.23 months supply of homes in the Tri-Lakes area. The Year to Date Average sales price is $424,086 up an impressive $9,124 from the 2006 average of $414,962

468 Homes are currently for sale in the Tri-Lakes area this includes Border Shadow Areas ( a practice implemented by the PPMLS of of adding homes in neighboring areas to the search results, kind of like Google's Did you mean feature)

What does all of this mean for:

Home Buyers: This is an incredible time to buy. Winter is setting in and the Town of Monument tends to slow down during the winter months. So...if you are a serious buyer don't wait until the Spring! Waiting could cost you money, you may end up running into competition with other buyers. There should be pent up demand from late summer and this fall, at some point those people that didn't buy in the late Summer or Fall will either need to buy or re-lease. If you wait until April, May or June, chances are good you will probably pay more and could end up competing with other buyers for the most desirable homes out there. The best homes are still selling, just not as fast or for as much. We are advising our Buyer clients to take advantage of this situation.

Home Sellers: If you can wait until April or May, do it! The pent up demand should start to move back into the market. Your best opportunity to sell should be this Spring. You will still need to price well, stage well and market aggressively.

If you have to sell now, choose a Realtor that is realistic about pricing, honest about what it will take to sell and has a very aggressive marketing plan. 80% of today's home buyers start on the Internet, you should probably work with a Realtor that realizes that and has the tools and systems in place to get your home in front of that audience.

If you think you need to sell based on your soon to adjust Adjustable Rate Mortgage, Don't assume you have to try and sell, you might consider calling a reputable loan officer about your options, we can recommend a few.

This update was provided by Joe and Jennifer Boylan of ERA Shields Real Estate. Their Colorado Springs Real Estate website is SpringsHomes.com