May 01, 2012 11:20:00

Happy May Day!
Updated as of 5/1/2012.
April home sales in Colorado Springs were UP 4.8% from last year, at 784 homes sold. Prices also rose, with the average up 3.9%, and the median (1/2 above, 1/2 below) up 4.1%. The 90th percentile was $378,000, indicating continued weak activity in the higher end homes. The inventory of unsold homes dropped 26.3% to 3,377 homes, which is a 4.3 month supply at the April sales rate. 6 months is thought by many to be a sign of a 'normal' real estate market. This is the lowest number of active listings on the market in April in 12 years, since April of 2000. The Selling Price to List Price Ratio was 98.1%, well in line with the longer term trends, but the highest in 2 years.
Colorado Springs home buyers are continuing to take advantage of low interest rates, which have been consistently in the upper 3′s. Low long term mortgage rates and higher rent prices are making the decision to buy rather than rent MUCH more attractive at this time. The percentage of homes disclosed as distressed was 15.3%, or 120 homes. Due to new short sale reporting rules at the Pikes Peak Association of Realtors, this figure will likely be more accurate than in prior years, as previously many short sales in particular were under-reported. This compares with 23.7% of sales in April of 2011, a significant improvement.

For more details, see the Colorado Springs Homes Sales Trend Data
"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 1/1/05 through 4/30/12 . RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market." Copyright © 2012 REALTOR® Services Corp. Questions about this data analysis should be directed to Rick Van Wieren, RE/MAX Properties, Inc, 1740 Chapel Hills Dr, Colorado Springs, CO 80920 ph 719-590-4768 or email rick@ricksellscolorado.com
Rick Van Wieren, Broker Associate, RE/MAX Hall of Fame