Hello again, Mike here with yet another chart as we track and try to make some sense of our Colorado Springs real estate market. This chart is a snapshot of September for the past 3 years.
Most dramatic is the down trend in sales vs the uptrend in total actives(listings) with 2005 being our last strong year for sales. We also felt our first real pullback in avg sales price at 5% compared with this time last year. This is still not bad at all compared with many other markets around the country. As rates stay low and lenders relax a bit from the sub-prime meltdown I think we will start cutting into the inventory. This would lead to a more balanced market by the end of 2008. For buyers this means while rates are low and inventory is high its time to buy!
Till next time,
Mike
