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Old Colorado City pricing holding strong
Colorado Spring Real Estate
Market Report for Old Colorado City - Single Family Homes
Includes Homes in Crown Hill Mesa, Gold Hill, Old Colorado City
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The Old Colorado City housing market continues to be a Buyer’s Market, as there is currently a 6.5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”. Sales are down 22% from 2008 to 2007, but 2008 pricing was only down 1.5% from 2007. Sales are up for 2009 and pricing is holding fairly strong compared to 2008.
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) Read the rest of this entry »
