Listing and Sales Summary – December 2011 – Colorado Springs Real Estate
When looking at the Listing and Sales Summary of single family/patio homes for December 2011 (provided by the Pikes Peak REALTOR® Services Corp), this Colorado Springs CO Realtor would like to share a few thoughts to consider.
The Colorado Springs Real Estate market is actually a pretty good market, when considering how many other markets across the United States have been devastated by mortgage-backed securities and the bursting of the housing bubble a few years ago.
The world continues to face what seems like insurmountable challenges, which does seem to create havoc on our human psyches as we continue to carve out our ways to live during these modern times. Part of living includes things like shelter, food, healthcare and clothing. We all need these things to properly sustain life. And as a result, real estate is very much part of our lives despite some bumps in the road of life.
Here’s what I’ve noticed about the real estate in Colorado Springs, starting this 2012 year that can help you determine whether or not this is the right market for you to purchase or to invest in your next piece of property:
- The market absorption rate is 5.06 months, meaning that this is not a buyer-dominated market beginning this year. In fact, I’ve noticed that my buyers have noticed that there is a shortage in selection of homes on the market for them to make an offer at this time.
- To validate my first point, our total active listings was down 24.1% from last December 2010. The current active listings on our market is 3,285, a low number I haven’t seen for many years.
- The average sales price dropped 3.5% from last month to $210,688. Quite frankly, this is not surprising given the remarkable sales numbers for December.
The good news is that our market is not super-stacked with overpriced listings on the market, for instance, a number of around $10,000, which seems to be widespread in other markets. On the other hand, I’m not sure what to exactly make of our market having under 3,330 homes listed at this time. Only to say that I think this is very good news for future home values.
Sure supply and demand play their roles in the economics of real estate. There is pinned-up demand with the suppressed inventory levels, and because of this, I anticipate that home values will creep up in certain neighborhoods because of the shortage of homes available for sale. After discussing these factors and perusing over the trends since 2007 with my colleague, Benjamin Day, the real preposition we need to consider is “if.”
If the listing inventory levels are closely approximated to the actual sales that occur in 2012, then I anticipate that there will be an increase in the home values somewhere around the latter portions of 2012, which is consistent with the PMI index about home stabilization pricing levels for Colorado Springs.
Feel free to contact Colorado Springs Realtor, Cherise Selley, Broker/Owner of Selley Group Real Estate, LLC or you may contact our group of Colorado Springs Realtors @ www.selleygroup.com or 2139 Chuckwagon Rd, Ste 210 - Colorado Springs, Colorado 80919 - 719. 598. 5101
All agents affiliated with Selley Group Real Estate, LLC are actively licensed in accordance to the laws of Colorado.
Portions of this article are written by Gordon, as framed by the expressed opinions of Cherise, but not proofread.
“Based on information from the Pikes Peak REALTOR® Services Corp. (RSC), for the period December 2010 through December 2011. RSC information may not reflect all real estate activity in the market and is provided as is without warranty or guaranty.”