Colorado Springs Vintage Homes Blog

Economic Forecast Breakfast, 2008 called the Big Drop

Economic Forecast Breakfast

For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com

On Thursday of this week, I had the privilege of attending the 18th annual Economic Forecast Breakfast at the Crown Plaza in Colorado Springs.  It was packed with information and presentations from a residential real estate expert (Brian Maecker) , a commercial real estate expert (Doug Carter), an apartment expert (Kent Mau); and the City Manager of Colorado Springs, Dr. Penny Culbreth-Graft.

Brian Maecker’s presentation about Residential Real Estate was titled “2008, The Big Drop” and was stuffed full of charts and grafts showing residential prices in Colorado Springs.   Essentially the average home sales prices in the Colorado Springs area is currently $213,466, which makes it close to the pricing in 2003.   These pricing calculations are based on all housing in the area, both single family and townhomes. 

I’ve put together my own analysis of pricing on Single Family Homes and compared the pricing changes in different areas of the city.   This information will be posted in the next couple of days.

My favorite chart had to do with foreclosures showing that 2008 foreclosures were 4602 vs. a high of 3476 in 1988; Once you realize our population has almost doubled from 1988; it doesn’t make our foreclosures look nearly as bad as in 1988, when Colorado Springs had the title of Foreclosure Capital.

Brian stated in his presentation that he felt 2009 pricing was going to remain flat and there will start to be slow turn around.    The gradual turn around will be due to a variety of factors including continued low interest rates; and both first time home buyers and investors continuing to purchase.  His last slide stated “We are at Bottom” .   My analysis; it’s a great time to buy a home in Colorado Springs; as pricing seems to have hit bottom.

  If you enjoyed reading this article, why not Subscribe to be notified of the next one? 

Kathy (719-287-1049)   KTorline@msn.com

Tags: colorado springs co foreclosures, colorado springs co real estate, Colorado Springs Homes, colorado springs realty, Realtors Colorado Springs

This entry was posted on Friday, February 6th, 2009 at 6:52 am and is filed under For Buyers, For Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply