Inventory in the top 20 Subareas & Banning Lewis Ranch
Bottom line: inventory in these subareas is lower than I expected to see, with the exception of Banning Lewis Ranch. The low inventory across the board seems to be helping holding pricing up.
Feb 2023 Closed Prices Down 6.18% from List
Here’s a quick rundown on the month to date. We are tracking 247 sales, down 44.12% from last year this time (through the 12th of Feb). We are closing at 6.18% down from the original list price on those sales. With a closed to current list price percentage down 1.82%, that means homes are dropping […]
February 2023 real estate in Colorado Springs
Let’s see where we stand for the last 30 days as we close in on the end of the first week of February. This snapshot of my custom analytics dashboard is PACKED full of information but here are a couple highlights: The average closed price is $509K w/50 days on the market. We are closing […]
January 2023 Sales Down 35% YOY
January 2023 sales numbers closed out down 35% vs. January 2022. This is about 5 to 8% better than I expected. It will be interesting to watch February to see if the upward trend (relative to the down months of last quarter) holds.
Type of Sales Since 10/1/22
Curious about our market and the types of sales therein? Checkout the map plot that shows the ‘big 4’ purchase types across the region since Oct 1, 2022.
Is Cash King in Colorado Springs?
It’s often said “Cash is King”. What does this mean? It usually means two things. One, the belief that cash will usually win the offer. Two, cash tends to win at a discount due to its relative ease. What ease, you may ask? Cash purchases don’t require appraisals as a condition of financing, which reduces […]
PPAR regional sales down 56.8% year over year
Eleven days into the new year, the number of sales is at 43.2% of this time last year. Or, down 56.8%. Do what you do and do it well but it’s important to acknowledge the reality of the market, too. Sales are down.
Subarea Spotlight: Banning Lewis Ranch
Banning Lewis Ranch is currently the top selling subarea in town by number of sales in the last 30 days. The average closed price in BLR is $481,396. The median closed priced price is $475,000. The average days on market is 6.09 and the median is 29. Homes are selling at 5.86% under the original […]
PPAR region average home price down 17.57% since peak in May
The average home price in the Pikes Peak Association of Realtors® region is down 17.57% from the peak in May. This is based on a 14 day rolling average. Homes are currently closing down 6.33% from their original list price, as measured for the last 30 days. The absorption rate – the measure of homes […]
December 2022 down 47.2% over 12/2021
We closed 70 homes regionally yesterday bringing the year end tally to 52.8% of last year’s sales numbers, or down 47.2%. What’s next? I expect based on the historical trend January to be significantly slower than December. February has typically picked up for sales numbers (see below). I suspect the trend will hold their, too, […]