November was a good month for real estate sales in Colorado Springs. Although sales were up a tepid 4.2%,prices jumped, with the median up 9.6% and the mean up 8.8% ! The slower rate of sales was a bit puzzling, but may be due to a longer cycle of ‘contract to closing’ as new financial disclosure wait times take effect. The seasonal pattern of inventory decreasing in the late Fall / Winter also seems to be underway with inventory down 16.2%. Peending sales would indicate a strong rate of closings for the next few months, up 25.5%.

 Here is a brief summary of some of the November data:

• Sales up 4.4% at 815 units
• Average price up 8.8% at $267,134
• Median price up 9.6% at $237,500
• Inventory of unsold homes down 16.2% at 2,625 homes
• Months supply of homes for sale 3.2 (6 is considered ‘normal’)
• Pending Sales 1,798 (up 25.5% over last year at this time)

For more details, visit www.ColoradoSpringsHomeValues.house or call

719-548-9900 for real estate advice.

Tanya Stevenson, Park Avenue Properties of Colorado Springs CO.