For better or worse people love to talk about real estate and there’s been a lot to talk about in the last couple of years. Skyrocketing markets, Hot Markets, Sub Prime, Foreclosures, etc…Now that we have gotten through 2007, we want to take a look back at the year and see what the reality of the market really was.
Let’s start with Volume. There were a total of 23,183 listings on the market in 2007. Compare that to 2006 when we saw 23,420 listings hit the market, there were actually 237 fewer homes on the market in 2007.
The significant difference in the volume category was see in the number of Sold listings. 2007 saw 10,783 homes sold vs. 12,993 in 2006 that’s 2,210 fewer homes in 2007. To put that number in perspective, that’s like losing two months of sales over the course of a 12 month sales cycle.
The second area we need to address is value. in 2007 the average sales price was $260,647 vs. $260,405 in 2006. Although the number still shows a net gain, my hunch is we will see that number come down as we get into the second quarter of 2008. The list to sales ratio is lower 96.93% in 2007 vs. 97.25% in 2006 which would indicate bigger homes are selling for less money, actually making the average sales price appear to stay static or show a marginal gain.
All in all this is not bad news, especially when compared with other areas (Las Vegas, Phoenix, etc…) The Pikes Peak Regional market doesn’t see those insane rushes in appreciation, so we don’t see the extreme bottoming out either, we are more along the lines of a Crock Pot to the Las Vegas Microwave.
We will take a look at the outlook for 2008 next time.
This Colorado Springs Real Estate information was compiled by Joe and Jennifer Boylan. You can learn more about the Boylan’s at their Colorado Springs Real Estate website SpringsHomes.com.
