2014 Housing Market at a Glance

This year the Colorado Springs housing market started off a bit slow.  From January to mid March we Realtors were all scratching our heads wondering where all the buyers were and why houses were taking longer to sell.  At at some dark point, which no one cares to admit, we even began to wonder "is it me?  is there something more I could be doing?"

But around mid March things changed back to normal.  Buyers came out to buy, and houses began to sell at their usual pace. Springtime sales gradually heated up transitioning into a typical, busy and productive Summer.

Here is how our Colorado Springs housing market fared, through the 3rd quarter of this year:

          -  Single Family Home Sales Up 1.2% over last year

          -  Average Sales Price of a Single Family Home Up 2.6% over last year; to $250,928

          -  Total Homes for Sale (active listings) Down 5.9% from last year

          -  Condo/Townhome Sales Up 5.2% over last year

          -  Average Sales Price of a Condo/Townhome Up 1.5% over last year; to $168,948

          -  Total Condos/Townhomes for Sale (active listings) Down 11.2% from last year

 

To summarize:  Home sales have increased slightly over last year. Home prices have increased slightly.  There is less inventory for sale now than there was last year at this time. And although we started off the year a bit slow, we have made a nice recovery.  Whew!  Nice to know we're still on track!

 

 

Continue reading
2470 Hits

2014 Home Sale Forecast

In the first half of this year, home prices rose. From January to June, the average sales price of a single family home went up by 1.8%. The average sales price of a condo or townhome went up by 2.8%.   First quarter (Jan-Mar) single family home sales started out slow, but they made a nice recovery in the second quarter with better results (Apr-Jun).   And while sales are not quite at last year’s pace yet, I believe they will be by end of the third quarter. There are still plenty of buyers buying, interest rates are still low, and summer is only half over.   Historically we slowdown in late fall, so we still have much buying time left to bring those numbers up.

Interestingly, there is a lot more inventory meaning homes for sale, this year. We ended June with 4,233 single family homes for sale, a dramatic increase over last June when we saw only 3,868 single family homes for sale. I think the increase is the result of two things: (1) many sellers were waiting until the market improved to put their home up for sale, and when it finally did they all did. AND (2) new construction is booming again, causing many to move up into a newer home.

I think the biggest factor to consider here is inventory has gone way up, but sales have only gone up slightly.   With more supply and less demand, prices will probably stabilize.

Continue reading
2171 Hits