Colorado Springs May Market Update

May home sales in Colorado Springs were UP 18.6% from last year, at 925 homes sold.

Prices also rose, with the average up 9.1%, and the median (1/2 above, 1/2 below) up 13.5%. The 90th percentile was $375,000, indicating continued weak activity in the higher end homes. 

The inventory of unsold homes dropped 23.8% to 3,591 homes, which is a 3.9 month supply at the May sales rate, and beginning to tip toward a sellers market in some segments. 6 months is thought by many to be a sign of a ‘normal’ real estate market. This is the lowest number of active listings on the market in May in 12 years, since May of 2000. 

The Selling Price to List Price Ratio was 97.6%, on the upper end of short term trends.

The percentage of homes disclosed as distressed was 13.5%, or 125 homes. This compares with 20.4% of sales in May of 2011, a significant improvement.

Colorado Springs home buyers are continuing to take advantage of low interest rates, which have been consistently in the upper 3′s. Low long term mortgage rates and higher rent prices are making the decision to buy rather than rent MUCH more attractive at this time.

For more details, see the Colorado Springs Homes Sales Trend Data

“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/05 through 5/31/12. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.” Copyright © 2012 REALTOR® Services Corp. 
Prepared by Rick Van Wieren