January 2009 real estate statistics for the local market were just released today…
Sales: 413, 22.7% fewer than January 2008
Average Sales Price: $198,644 – down 15.5% from January 2008
Median Sales Price: $173,000 – down 13% from January 2008
Total Active Listings: 4,925, compared to 5,401 one year ago (down 8.8%)
Though local housing prices are still down, activity seems to be picking up. One of Jeremy’s colleagues, Rick Van Wieren of RE/MAX Properties, blogged this morning about a tangible sign of the market starting to rebound:
Early this week one of my clients sent me a list of 10 homes they wanted to see this weekend. By the time Friday had arrived, 6 of them were under contract. They sent me 4 more on Saturday evening, and by Sunday one of those was also under contract. They found a house they really liked, and while we were still discussing writing an offer, the listing agent called to let me know they had an offer coming in. These sorts of things were not happening in the prior 6 months.
Active listings are continuing to decline, a good sign that the overstock of homes on the market may be starting to neutralize, and pending sales indicate that February sales should strengthen somewhat from January. Many buyers are looking for good deals in the distressed property market – according to Jeremy’s data analysis, thirty-seven percent of homes sold Colorado Springs in January were some form of distressed property (government or bank-owned, short sale, etc).