Although the Colorado Real Estate Market has shown strength of movement throughout the past few years, there are still times when it feels like someone has turned off the faucet and business seems to abruptly slow down.
We noticed this phenomenon throughout the month of September.
This year Selley Group Real Estate, LLC has literally broken all sales records since 2005. Yet, over the past few weeks, there has been a slowing trend in both actual sales and listing of residential inventory.
No worries though. I presume the fast-pace real estate activity will come about as quickly as it slowed down.
From the statistical information for September about single family/patio homes for September 2013 (provided by the Pikes Peak REALTOR® Services Corp), our Selley Group broker, Cherise Selley, would like to share a few thoughts to consider.
- Actual sales dropped under the 1,000 mark and were 276 less in number as compared to August. This is basically a 25% drop in sales from one month to another.
- The same can be said for condo/townhome sales. This particular niche in the market had a 37.3% less sales record from August to September.
- New listings on the market also decreased approximately 20.9%. However, there are 4,070 total active listings, which bode well for our market.
- Average sales price and median sales price decreased 1.6% and 3.2%, respectively.
What does all this mean? Can we expect dry times in the desert of life? Personally, I do not think so necessarily. Although the numbers are less as we enter the 4th quarter this year, the fact remains that we are nearly 9% higher in values in terms of prices, and 7.2% more sales than last year. This shows the rehabilitative trend of the market. However, matters, such as our government shutdown, are examples of overloading the fragile parts of our market, which is not healthy for full recovery in the long run.
Currently, the Seller has lost some of his or her negotiation power as market absorption rates have turned from the Seller’s distinct advantage to a more normal playing field.
Feel free to contact our broker, Cherise Selley, Broker/Owner of Selley Group Real Estate, LLC or you may contact our group of Colorado Springs agents at 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 September 2012 through September 2013. RSC information may not reflect all real estate activity in the market and is provided as is without warranty or guaranty.”
By Cherise Selley