Kathy A. Torline-Nordstrom
ERA Herman Group Real Estate
Serving Colorado Springs
The real estate market is starting to change
I just got back from the National Real Estate meeting in Orlando, Florida; and met people from all over the world. It sounded like some real estate markets were still depressed with many foreclosures on the market and others were going gangbusters with reduced inventory. I think the Colorado Springs real estate market is somewhere in between the 2 extremes.
Less Distressed Sales/Less Short Sales
In 2012, there have been 658 closed short sales in Colorado Springs, and there have been 7777 total single family homes sold. That’s means that only 8.5% of the total sales were short sales.
In 2011, there were 968 homes listed as REO’s. vs. 608 year to date for 2012, that a 37% drop in the last year. There are still about 45 days left in the year, but it’s still going to be a big drop in numbers. With less distressed sales, and less inventory on the market, the Colorado Springs real estate market has started to correct and prices have gradually stabilized or have started to rise in some neighborhoods.
There continues to be a large amount of cash buyers, and in October and September 2012, about 15% of the buyers were cash. This continues to be a good sign for the market.
At the end of October 2012, there were 3,722 single family homes for sale vs. 4,196 in 2011 for the same time frame, vs. 5,556 in 2010, vs. 4,835 in 2009. Essentially that equates to less than 5 months of inventory on the market; another good sign that the market has stabilized and is starting to turn.
The market is changing. It may be a great time to purchase before pricing starts to rise.
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