09.24.08
Current Market Trends for Colorado Springs Real Estate
Well, the August stats are out. Things are looking better…but we’re not out of the woods yet. Here is what we’re seeing at our brokerage.
Showing Activity:
- August 2007 = 3,293 Showings
- August 2008 = 3,779 Showings
Overall, ‘Active’ Listings for Single Family Homes are down 10.3% from last year. This is a much-needed decline in the amount of inventory available. However, sales are still down 17.7% from last year. If you look at our 2008 sales, you’ll see an increase in sales each month so far. This is a trend that may show our market improving gradually over time. Overall, ‘Active’ Listings for Condos/Townhomes are down 14.4% from last year. Sales of these units are also down. However, the sales are down by a larger margin at 32.3%.
Last week, the Rocky Mountain News posted an article with some good news. Wells Fargo, one of Colorado’s largest lenders, is relaxing some of their loan requirements. They are allowing less money down and are relaxing the requirements for qualifying credit scores. They made the decision because they believe the housing market in Colorado has bottomed out and is going to improve now. I think this is very good news because this lender is putting their money where their mouth is. There not just issuing statements or giving their opinion…they are actually acting. It’s about time! I hope that we’ll see some other institutions follow suit.
Overall, the Days Supply remains steady. Take a look at the following chart to see the latest numbers by MLS area:
If you have any questions about how the current market conditions may affect your real estate purchase or sale, please contact us at your convenience.
