Seems all we hear about lately is the down turn in the Real Estate Market. So the question is – is it really “that bad” in Colorado Springs, as it seems to be in the rest of the Country?
What’s the reality regarding Real Estate in Colorado Springs?
Here are the details – comparing the last 5 years:
January 2007
Total Homes active on the Market 5052
Total Homes Sold 673
Average Sales Price $252,929
Median Sales Price $209,900
January 2006
Total Homes active on the Market 4093
Total Homes Sold 676
Average Sales Price $251,609
Median Sales Price $206,000
January 2005
Total Homes active on the Market 3557
Total Homes Sold 686
Average Sales Price $235,518
Median Sales Price $192,500
January 2004
Total Homes active on the Market 3711
Total Homes Sold 604
Average Sales Price $210,460
Median Sales Price $177,200
January 2003
Total Homes active on the Market 4012
Total Homes Sold 554
Average Sales Price $213,604
Median Sales Price $177,475
Comparing the total number homes active versus the percentage of homes sold:
January 2007 — 13.32%
January 2006 — 16.52%
January 2005 — 19.29%
January 2004 — 16.28%
January 2003 — 13.81%
Have we slowed down as far as sales percentages are concerned? Definitely, we’re pretty much “back down” to 2003 levels. However, check out the comparison of average Sales Price in the same time period:
January 2007 — $252,929
January 2006 — $251,609
January 2005 — $235,518
January 2004 — $210,460
January 2003 — $213,604
That’s an overall increase in average Sales Prices of approx 18% in 5 years.
Same holds true for the median Sales Price of Homes in the same time frame:
January 2007 — $209,900
January 2006 — $206,000
January 2005 — $192,500
January 2004 — $177,200
January 2003 — $177,475
An increase of median Sales Prices of approx. 18%.
If all things (meaning the market) where steady and even, that would be an average appreciation of 3.6% per year. As it is – due to the fluctuations of the market, appreciate varies by year. This is the overall appreciation of all Colorado Springs Real Estate sold in the last 5 years.
Overall Meaning: Even with a slow down of Sales, and an increased number of available homes – Colorado Springs Homes are still appreciating at a good rate. Great news for the majority of Sellers (unless the homes if financed above and beyond market value, but that’s another post) and great news for Buyers. Yes, you might pay more this year than you would have last year – however, this purchase will turn you into a home owner as well – and you want your home to appreciate at a steady rate. (Think possible resale value at the time of purchase.)
Wondering about the value of your current home? Please visit us at www.ColoradoHighlandsGroup.com for a Market Analysis of your property. Thanks.
