What would you do if you saw an explosive surge of water coming your way? Would you get away from its path or would you ride its wave?
That’s what is exactly happening in the Colorado Springs Real Estate market, similar to the patterns of surging sales and upward average and median sales pricing found throughout other real estate markets across the United States.
When looking at the Listing and Sales Summary of single family/patio homes for March 2013 (provided by the Pikes Peak REALTOR® Services Corp), this Selley Group Broker would like to share a few thoughts to consider.
- Sales are happening at blistering speeds. When comparing the sales numbers from February to March 2013, there was an increase in residential home sales 30.6%. That’s remarkable.
- However, do not be completely fooled by the numbers. Not every price range is experiencing the same probability of sales, nor is there the same negotiation strategy utilized to glean the best deal either. For instance, the lower price ranges, such as $300K and lower are frequently experiencing the phenomena of multiple offers in contract to the higher price ranges, such as $800K and above still have high market absorption rates, 36 months plus.
- The reality is this about listing inventory. We haven’t seen this low of inventory since the advent of the new millennium – which is the year 2000. Total active listings are currently under 3,100 with evidence of a growing pending market.
- The surge of average sales prices should not go unnoticed. When comparing March 2012 to March 2013, there is a surge of 10.4% upward pricing, from $217,097 to $239,623. This bodes well for the Seller, but we must monitor how appraisals will match up to the higher sales numbers found on pending contracts.
So what are you going to do? Run from the surging water or grab your surfboard and ride the wave?
Yes, I am familiar with the clichés associated behind the psychology of real estate sales. Nonetheless, the truth of the matter is this. This might be the opportune time to readjust your thinking about your activity in the real estate market, especially if you’ve experienced some of the undertow from the recessed market trends beginning in 2007.
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 March 2012 through March 2013. RSC information may not reflect all real estate activity in the market and is provided as is without warranty or guaranty.”