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The numbers show the Colorado real estate market is improving

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Explanation of Days on Market

One of the many ways all Realtors judge their local real estate market is by the Days on Market.  If properties are selling quickly, the market is heating up.  If homes take a long time to sell, the market is slow.

Let’s first start with some definitions:   Days on Market (DOM) in real estate is defined as the number of days a property has been on an Active status in the Multiple Listing Service.    The average days on market for single family homes in Colorado Springs for the last quarter ending September 2009  is currently 77 days.  For Condos and townhomes it is 97 days.

But an important thing to remember is this number varies on a neighborhood-by-neighborhood and it also varies by different price categories.   As an example:

• Briargate Days on Market:  80 (vs. 99 in 2008)
• Central Days on Market:  64 (vs. 79 in 2008)
• Manitou Springs Days on Market: 75 (vs. 124 in 2008)
• Northwest Days on Market:  66 (vs. 96 in 2008)
• Tri-Lakes Days on Market:  113 (vs. 107 in 2008)
• West Days on Market:  72 (vs. 83 in 2008)

• Old Colorado City Days on Market:  64 (vs. 90 in 2008)

Note:  Almost all of these neighborhoods show an improvement in the Days on Market vs. 2008.    A sign that the Colorado Springs Real Estate market is improving.

Longer Days on Market for higher priced homes

Some of the longest Days on Market are in Black Forest at 123 where the average price is $366,815 and the Monument area where the average price is $399,960.   Some of the shortest Days on Market are in the Fountain area at 59 days where the average price is $168,642 and 53 days in the Southeast where the average price is $128,518.

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Remember, everything about real estate is on a neighborhood-by-neighborhood basis.

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Tags: Black Forest homes, Briargate Homes, Colorado Springs market improving, manitou springs homes, monument homes

This entry was posted on Wednesday, October 14th, 2009 at 5:42 am and is filed under Colorado Springs Homes, Relocation Information. 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.

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