What happened in December, here in the Colorado Springs Real Estate Market?
I would have thought that the snow would have made more of an impact on the market than it did, seeing as we were "snowed in" for several days at a time... (title companies were closed, no one was driving around to show or list homes...) But, it seems as though the market is stronger than the weather.
I pulled the MLS data for Colorado Springs and surrounding areas (Manitou Springs, Fountain, Monument/ TriLakes area and Falcon) for the month of December 2006, and this is what I found.
*Please note that this does not include many new home sales nor FSBO's (which are not prominant enough to really skew the numbers, anyway).
- The Average Days on Market (DOM) for December 2006 were 92 (same as November!). The highest DOM area was Old Colorado City- at 154 DOM and the lowest was Manitou Springs, at 48 DOM.
- The Sale Price % to List Price % averaged out at 97.69% (98.01% in November). Briargate was the highest at 101.73% (Check out my post on Unintentional Range Pricing for my theory on why this may have happened...) and the Westside was the lowest 93.86%.
- We had a total of 575 new listings (vs. 663 in Nov.), 305 homes went under contract (vs. 322 in Nov.) and 218 sold (vs. 204 in Nov.).
How does this compare with December of 2005? From December 2005 to December 2006...
- There was a 9.4% increase in new listings.
- There was a 2.3% increase in homes going under contract.
- There was a 13% decrease in homes that sold.
- Sale Price to List Price went down a little over 1%.
- Days on Market rose 30.4%.
Woah! So, we had MORE LISTINGS and LESS SALES with WAY MORE TIME ON THE MARKET.
However, despite all this "shifting" our average sales price (from 2005 Annual to 2006 Annual) DID go UP ... 5.9% !
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