05.12.08
The Stats for Single Family Home and Condo/Townhome Sales
I gab a lot about where we are in our Colorado Springs real estate market. However, beyond Days Supply numbers, I don’t think I’ve posted the specific activity for the Pikes Peak region. These stats are compiled by ReMax Properties, but they come directly from our Pikes Peak Multiple Listing Sevice. The numbers are posted regularly…so I should have April soon. However, these numbers are still good and provide a solid way of viewing activity (both ‘active’ listings and ’sales’) as it changes in Colorado Springs.
“Active” Single Family Homes
These numbers compare activity from 2007 to activity in 2008. We did see a slight increase in the single family homes on the market (a 3.4% increase from 5,659 to 5,849). This is better than the double digit increases we saw at this time last year. I think it’s a very good indication that we’re seeing things work towards balance. The market may not be fully stabilized, but the numbers are looking much better.
“Sales” of Single Family Homes
Here’s where we need to see things change more dramatically. While inventory isn’t climbing quickly, our sales aren’t where I’d like to see ‘em. The Pikes Peak MLS reported a two month improvement in sales (over the things we were recording last year) so I’m looking for this to improve slowly, but consistently. If you can’t read the chart, we had a 19% decrease in sales in comparison to 2007 (from 891 sales of Single Family Homes to 722).
“Active” Condos and Townhomes
Activity on Condos and Townhomes are where we’ve seen the hardest hit. I’ve never seen them appreciate like they do in other markets. However, with the market changes, they’ve taken a hit concerning values. The active listings for Condos and Townhomes in the Colorado Springs real estate market have decreased 8.8% (from 1065 to 971) which is wonderful news.
“Sales” of Condos and Townhomes Homes
Yikes! Sales down again. This is where we’re hurtin’ with the Condo and Townhome values. We continue to see the sales decrease every single month. Last year would have looked about the same. We are still seeing significant decreases in sales even though we saw the same thing last year. We may have had a surplus and hence the demand isn’t there. Looking to buy a new condo/townhome right now…you may want to think twice if you’re looking at it from an invenstment standpoint.
So, there you have it. The numbers don’t lie. Single Family Homes are starting to do better month by month. This is the place for investors to keep their money for now. Perhaps an influx of single soldiers and small military families will help the condo and townhome market…but it’ll take time.
