Northgate, Central, East, Southeast and Southwest. The areas still showing major loss in sold activity include Old Colorado City, Northeast, Falcon, and Black Forest. Also notable is that areas heavy with custom new construction in 2006 and 2007 will take many years to see any kind of significant sales activity. Areas that have new construction but in more of a tract fashion and located near a military employer are seeing at least the same amount of activity as was experienced a couple of years ago just before the market began its adjustment.

Across the Pikes Peak region, the average days on market is just under 80 days. This is a number that has really stabilized. In spite of micro-market fluctuations and seasonal movement, the average days on market for the last three years has been 88 days. The reality of the numbers is more obvious when analyzing by price range. Homes under $250,000 are really moving! This segment of the market has first time homebuyer activity, can obtain financing and feels more confident about their job prospects. The local market defines “jumbo” financing as anything over $419,000; these mortgages are still really hard to obtain. Dropping prices really won’t help upper end home sellers; time is really the only cure. There are fewer buyers with the ability to buy. This segment of the market will take much longer to recover. The primary key to recovery will be availability of jumbo financing followed by stability in the job market especially in areas of management and sales.