Colorado Springs Homes Blog

There were 6,767 active single family listings in the Pikes Peak MLS for the month of September, including new and existing homes. There were an additional 1,117 condos/townhomes on the market, including new and re-sales.

For the periods of January 1 through September 30: in 2007, the average price of single family home was $262,173, higher than the 2006 average of $259,508.

The average sales price of single family homes slipped from $259,095 in August this year to $255,330 in September. Average single family sales prices in September were lower than the average in 2006, although average sales prices on townhomes/condos were higher.

Approximately 9,137 homes have sold through our MLS through September 30 of this year.

Statistics don't tell the whole story (Were more entry level buyers entering the market?  Was there more activity for family homes, but less in the high end luxury market?  Are investors picking up distressed properties?)  Days on market and prices vary by area, and the appeal of the home will alwasy be a factor.  Prices have gone up in some areas.

The Pikes Peak MLS includes rural listings and listings outside the Colorado Springs area, so what's happening in Truckton won't necessarily reflect what's happening in Briargate.

Prices have been correcting, and it's a great time to buy a house. Will prices go lower? No one knows, but anyone interested in buying should take advantage of the lower prices and vast selection.  

Please contact us if you have questions or need more specifics.

Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period June 2006 through September 2007 . 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.

We just attended a continuing education course about lending practices.  Some very important points were stressed in this course:

• Know your lender and title company!  The Federal Trade Commission has brought 21 actions against mortgage lenders in the last decade.  After a nationwide review in June, the FTC has sent warning letters to more than 200 advertisers and media outlets, stating that some mortgage loan claims being made on web sites, newspapers and unsolicited emails may violate federal law.  Even with the recent shake-up due to the sub-prime mortgage mess, scam artists are still practicing.  Be careful, and read the fine print! If the loan terms sound too good to be true, they probably are.  Protect yourself by using a reputable, local lender and title company, and don't respond to come-ons.                                              
• There are other housing related scams, such as ads placed in newspapers asking for investors.  They aren't asking for your money, only your financial information... you could end up a victim of identity theft with ruined credit.  There are also many unscrupulous pitches to buy you out.  Again, be careful with unsolicited offers.                                                                                                                              
• If you're having trouble paying your mortgage, don't ignore the problem.  Although it's unlikely in this market, technically, lenders can start foreclosure proceedings once you've missed one payment. However tempting it may be to ignore the situation, don't do it.  Talk with your lender as soon as you know there is a concern.  Explain your predicament, and discuss all options.  Open all the mail your lender sends.  Seek free help from foreclosure prevention organizations (please be sure to thoroughly check out any financial counselling services before you commit to their services).

Some resources: 

To report mortgage fraud:  report directly to Fannie Mae via www.efanniemae.com or call the Fraud Tips Hotline at 800-732-6643. 

Penrose Library at 20 N. Cascade Av. in downtown Colorado Springs has free Foreclosure Awareness and Solutions classes the 2nd Tuesday of each month from 6 pm to 8 pm.

Pikes Peak Foreclosure Partnership:  719-444-8833.

for informational purposes only; not intended for or to be taken as legal or financial advice.

It's a beautiful day here in Colorado Springs, much like that September Tuesday six years ago.                                

We'd like to take a few moments to remember the victims of 9/11 and their loved ones.  The horror of that day isn't  lessened with the passage of time - at least it shouldn't be. 

It seems like that house across the street has had a "For Sale" sign in the yard for months.  It may be!  The average Days on Market for single family El Paso County homes was 79 days according to August statistics.

Some other single family homes statistics from Pikes Peak Association of Realtors (which inlcludes data from several other areas outside the Colorado Springs metro area): 

August 2007:  There were 7,052 active listings, and 945 properties sold.  The average sales price was $259,095. In August of 2005, there were 4,472 listings, and 1,374 sales; average price was 253,032.

July 2007:  There were 7,065 active listings, and 1,031 sales, with an average sales price of 274,308.  In July 2005, there were 4,436 active listings and 1,324 sales; average price was 250,504.

While there is an over-supply of listings right now, unlike what you hear in the media, people are buying and selling homes.  
 

information from PPAR deemed reliable but not guaranteed

Ken and Sandy Wickham, the authors of this article, are Realtors in beautiful Colorado Springs, CO.  They welcome your real estate inquiries; to contact them, please visit their website.

 Wyck Estate, Manchester by the Sea, Massachusetts

 The Colorado Springs Housing and Building Association's 2007 Parade of Homes recently ended.  The most expensive home was priced at 2.5 million, and that bought you a lovely, spacious home on acreage filled with upscale amenities and a really cool garage.   It was one of 16 homes priced at 1 million dollars or more.

 If you think that one million is a lot to spend on a home, the article below may add some fun perspective to the Colorado Springs real estate market. 

Five Houses Vie to Become Most Expensive Home Sale

Ken and Sandy Wickham, the authors of this article, are Realtors in beautiful Colorado Springs, CO.  They welcome your real estate inquiries; to contact them, please visit their website.