Hard-Boiled Data:
Number of Single Family Listing Sold in October (%+/-): 723 Year to Date: 8685
Average Selling Price All Single Family (% +/-): October $243,160 Year to Date: $260,618
Median Selling Price Single Family (% +/-): October $205,000 Resale: $199,900
Condo Average Selling Price (% +/-): October $154,737 Year to Date: $175,239
Condo Median Selling Price (% +/-): $139,900
Months of Inventory,
Locally: 8.94
Nationally: 10.3
All PPAR Single Family Home
Stats: Price Differential (Sold/Final List): 97.6%
Average DOM (only applies to sold listings): 89 Days to Contract
Percent of Listings that have sold (YTD): 46.9%
Advice for:
SELLERS: You are either remarkable or you are invisible. Buyers will not remember a property that does not "grab them". As a seller faced with a one in nine chance of selling this month (the present months of inventory to sell through), you have two things within your control: your price and your "value". First-time buyers appear to be making an appearance again and higher end buyers appear to be going after more expensive, good value homes. The lessons to be learned from this are that while buyers are fickle, they will buy something that "they like" as opposed to something that "they have to buy." Buyers do choose by a process of elimination, but right now they are choosing properties that they are enthusiastic about rather than properties that garner lukewarm affection. If you can look at your residence with objective and critical eyes, ask yourself if a buyer sees a remarkable product, or just another home. If they see remarkable, your odds of selling increase greatly.
BUYERS: Pick three to five non-negotiable items and apply those to the market. As mentioned last month, if you are honest with the fundamentals of Colorado Springs, and look at this market relative to the west, it is pretty easy to see through the headlines that grab the bad news in bold face type and see some decent fundamentals that will translate to wealth in the long-term. How you buy and buy well is to think about what is terribly important to you and stick to that. That helps eliminate dozens of listings that you just aren't interested in seeing. When you do this, you'll probably find something you didn't expect: all of a sudden, there aren't that many juicy properties. This really helps the good deals stand out.
INVESTORS: Cash In or Jump In. The market favors someone who can accept a seller's closing timeline. That's the definition of an investor. An investor will want positive return on their investment and as little risk as possible. Applying the "buyer's non-negotiables" to the market, an investor may be surprised to see that there aren't a ton of great buys. That's because they are starting to disappear. Money is made on the buy, but some good buying is starting to happen. That means the window to make that money on the buy is not always open.
This Colorado Springs Real Estate Update Provided By; Joe and Jennifer Boylan
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