Here in Colorado Springs, Colorado ... we are not running with the Big Boys. Nope, we aren't. Sorry Nevada. Sorry Arizona. Sorry Florida. Sorry California. You are on your own.
These once "Booming" areas have experienced sales declines anywhere from 28.6% (California) to 38% (Nevada) over the past year - with the real pain felt this past summer. In fact, 38 states experienced a dip in sales and "9 states had sales declines of 20% or more" in the summer of 2006, according to an article in our local paper. Not only that, but median home prices (existing homes) in many metropolitan areas have dropped about 1.2%, as well.... woah.
What about Colroado?
We never really experienced the (sonic) BOOM in the housing market that places like Nevada and California did. So, I guess our reward for being so patient is this:
- Colorado's growth has remained positive. No dips... Yay! What has contributed to this?
- Colorado Springs, specifically, experienced a 5.5% increase in home prices (existing homes), compared tot he 3rd quarter of 2005.
- From October 2005 to October 2006, Colorado Springs' median home price (existing homes) ROSE 6.8% !
What does this mean to residents of Colorado - Colorado Springs, specifically?
Well, we can't let the national statistics paralyze us (buyers and sellers) from benefitting from our (stable and growing) local housing economy. This is the time to celebrate!
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