Brian's Colorado Springs & Pikes Peak Region Web Log (Blog)

In August we saw another 5% decrease in the amount of home sales from July to August in addition to the 22% drop from June to July, which was 26% fewer home sales than July 2009 and 23% fewer than August 2009.

While there are substantially less homes selling each month than even just a few months ago and properties are taking about 90 days on average to sell, the good news for sellers is that the homes which are competitively priced and value rich are still selling, albeit slower, with market prices seeming to have stabilized and existing sold home prices even showing a strong 9.5% increase over last year at this same time averaging $236,943 with a median sales price of $199,900.

The big challenge for sellers heading into the fall selling season is Location, Location, Location; pricing their property competitively and how to make their home the best value for choosey buyers now that we have seen a WHOPPING 19% increase in the number of properties available on the market over the same time last year. That means more competition for sellers and more to choose from for buyers.

Properties that are most convenient to Fort Carson and Peterson Air Force Base are the areas selling the strongest tapering off the further from those posts you get.  

It’s definitely a GREAT time to be a buyer with home prices seeming to have stabilized and home loan interest rates that haven’t been so low since Dwight Eisenhower was President…that’s about 55 Years Ago!!! The key for buyers who are on the fence is DON'T Wait...Home Prices are slowly increasing again and home loan rates will most likely not be this low for too long.

Based on information from the Pikes Peak REALTOR® Services Corp. (RSC), for the period July 2009 through August 2010. RSC information may not reflect all real estate activity in the market and is provided as is without warranty or guaranty.