2015 Home Sales at a Glance

2015 is very much a Seller's Market.  We have less inventory, meaning homes on the market, and sales are on the rise.  Home prices continue to go up.  Here are the latest statistics as of July 31, 2015:

 

        single family home sales               =up 18.9% from last year

        condo/townhome sales                 =up 40.7% from last year

        average price of a S/F home         =up 8% from last year

        average price of condo/townhome =up.5% from last year

        # of homes for sale                      =3,409 total, as compared to 4,226 last year at this time

        # of condos/townhomes for sale    =300 total, as compared to 401 last year at this time

 

We Realtors are pretty happy about this busy market.  I think the only complaint I have is not enough time off!   What a shame, huh?

 

 

 

      

 

 

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Home Sellers Have the Advantage

It can happen anywhere, at the grocery store, at parties or while I'm out showing homes to buyers. People always ask..."how's the market?" Well, here is my answer today: IT'S A SELLERS MARKET! Today, there are 25% less homes for sale than there were a year ago. Buyers have less to choose from, and sellers know it. As a result, homes are selling much faster and at higher prices. The average price for a single family home today is up 9.5% from last year at this time. I recently worked with some buyers looking for a new, bigger home for their growing family. They were looking slightly over the average price, in the $280,000-$290,000 range. I must have shown them over 20 houses total. What we kept finding was the cute stuff which was priced well would sell so fast, and would usually have multiple offers. The first house they loved was a cute remodel located in the Northeast area of town. It had all the bells and whistles, granite counters, hardwood floors, new paint and carpet, pretty light fixtures. After only 2 days on the market, they put an offer on that one. Their offer was full price but they did ask the seller to concede $5,000 for closing costs. The seller countered the offer and only agreed to pay $2,500 in closing costs. My buyers ended up losing that house to another buyer, one who was willing to pay a higher price. The next house they loved was another cute remodel located in the Northeast area of town. This one also had a remodeled kitchen, hardwood floors, new paint and carpet, and it had a wet bar in the basement. The house had only been on the market for 1 day and already had many showings (meaning other buyers looking at it). My buyers didn't mess around with this one. They put in an offer immediately. Again, they offered full price and asked the seller for $5,000 in closing costs. The seller countered their offer with ZERO concessions, full price, take it or leave it! By this time my buyers had learned their lesson. They were either going to accept this counter or lose the house to another able buyer. They accepted the counter and are now under contract, closing soon. The moral of the story is, it's a SELLERS MARKET right now! Cute houses which are priced well are selling fast and at top dollar. Sellers may not even agree to any concessions, knowing that if you don't buy the house there is another buyer in line who will!

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February Home Sales Going Strong

2015 is off to a great start in our local housing market. Here is how we did last month: Sales of Single Family Homes= UP 15.8% from last year Average Sales Price of a S/F Home = UP 9.7% from last year Sales of Condos/Townhomes= Up 40.1% from last year Average Sales Price of a Townhome= Down 5.8% from last year Inventory (meaning total homes for sale) is way down, off about 20% from last year In summary, buyers are buying, but there is much less for them to choose from.Prices have risen. Interest rates are still at record lows. The market is good, folks!

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2014 Market at a Glance

Colorado Springs home prices rose in August 2014 with a month to month decrease of 3.26%, and a year to year increase of 1.53%, making the average sale price $258,398 and the median price $230,000. The number of Colorado Springs homes sold compared to August 2013 has increased 0.54%, with 7,546 units sold year to date. The number of Colorado Springs homes for sale compared to August 2013 has decreased 3.18% with 4,111 units active.  With decreasing inventory (meaning homes for sale), sellers should see a faster home sale!
 

Single Family/Patio

YTD 2013

YTD 2014

+ / -

 Closed Sales

7,641

7,546

-1.24%

 Median Sales Price

$220,000

$230,000

+4.55%

 Months Supply of Inventory

3.84

3.70

-3.70%

 

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2014 Still Going Strong

I keep scratching my head cuz it's Christmas time and home sales have not diminished.   Homes are still selling at a record pace.  Buyers are still buying.  Normally around the holidays we quiet down.  I'm not even going to question why we haven't this year.  I am just happy and grateful that the market is so good right now.  Here is what our Colorado Springs housing market saw last month, November 2014:

 

SINGLE FAMILY HOME SALES        =  UP 10.3% OVER LAST YEAR, SAME TIME

AVERAGE SALES PRICE S/F HOME = UP 1% OVER LAST YEAR, SAME TIME

TOTAL HOMES FOR SALE                 = DOWN 14.8% FROM LAST YEAR, SAME TIME

 

CONDOS/TOWNHOME SALES          = UP 8.9% OVER LAST YEAR, SAME TIME

AVERAGE SALES PRICE OF CONDO/TOWNHOME= UP 2.4% OVER LAST YEAR, SAME TIME

TOTAL CONDOS/TOWNHOMES FOR SALE = DOWN 11.1% FROM LAST YEAR, SAME TIME

 

I don't know exactly why, but our market is just as strong now as it was earlier in the year.  I just hope that everyone still believes in Santa Claus!

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