Colorado Springs Real Estate Market Report for September, 2006

What does the housing inventory look like?

As of September, 2006 there are a total of 5,929 Single Family Homes / Patio Homes on the market, which is a 33.7 % increase in inventory from the same time last year. There is a 30.5 % increase in available Condos / Townhomes with an inventory of 919.

What do home sales look like?

888 Family Homes / Patio Homes have been sold in the month of September, which is 27.9 % less from the same time last year (1,232). Condos / Townhomes happen to have an equal number of sales from the same time last year coming in at 156 units sold for both years (0% change).

What does all this mean?

It could mean a number of things of course, but here are some ideas to think about. This is not just some odd phenomena happening only in Colorado Springs. Inventory has flooded the market, while the number of homes being sold has decreased.

After going to national real estate conferences and talking to many other real estate agents lately, I have found that this change in the market is occurring nationally. I have also come across this issue with clients relocating here who are waiting to sell their homes to make the move. All these homes on the market nationally represent a potential buyer in my mind. There are close to 30% more homes on the market and 30% less sales/buyers, making this simple comparison hard to ignore. If a home is sold a home will be bought evening out these drastic numbers. Of course there are foreclosures and other problems adding to these numbers.

Buyers

If you are in a position where you do not have to sell and can buy whenever, this buyer’s market is the place for you. You have tons of homes to choose from and have nothing holding you back to make the move.

Sellers

If you are in a position where you need to sell first, you are not the only one out there. Don’t let the current market scare you, because selling your home at a fair price will let you buy a home at a fair price in this current market. If you are buying a more expensive home, this can actually work best within this buyer’s market. Make sure you have a great real estate agent and a targeted marketing plan. What makes your home unique over your competition? Make sure your home is priced competitively to your direct competition. Your real estate agent will let you know what that is to market accordingly.

Statistics provided reflect the whole Pikes Peak Region covered by the Pikes Peak Association of Realtors