One can practically make anything look either good or bad according to the statistical data. This is certainly not my intention when conveying some of the information to you. Let’s peruse some of the basic points from the recent listing and sales summary for June 2009, compiled by our local PPMLS.
While the average home sales price rose 2% when comparing May to June for this year, the numbers also reveal that the average sales price is down approximately 12.2% from June 2008. Overall, I believe this is an indication about the ongoing correction being seen about current home values. And in this case, I don’t believe correction means punitive. This downward average for home sales price seems acceptable given many of the national economic factors pulling down other markets around the United States much more substantially.
Within Colorado Springs Real Estate, terms such as consistent, stable and reasonable accurately describe the nature of this market. I do not see desperation as the catalyst for many who are either buying or selling. Prudent decision-making and savvy negotiations continue as hallmarks within the dynamics of this residential market.
As far as active single family/patio home inventory is concerned, the numbers are relatively reasonable showing 5,126 listings on the market. This figure is down 22.3% from last year, showing the effectiveness of sales especially within the price ranges of the $200’s. The first-time home buyer credit of $8,000 seems to contribute to the number of sales within this particular price range.
Since last month we’ve seen a slight increase in the median sales price from $189,130 to $194,700. While we seem to be floating at the bottom of the market, so far there is no real clue that expected spikes, either low or high, are foreseeable within the remainder of this quarter. However, many Colorado Springs Realtors believe that the 4th quarter figures will offer prophetic information about the upcoming year in 2010.
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