According to Pikes Peak Multiple Listing Service figures, 778 single family homes sold in August. That's 108 fewer than in July, the busiest month this year, and also fewer than in May and June. Through August 31st, 5,962 single family homes have sold through our MLS.
The average single family home price in August dropped to $235,098 and the median price dropped to $199,900, so one-half of all single family homes sold for under $199,900.
Sales of higher priced homes are slow, with only 72 homes selling for $400,000 or more.
Single family Homes in all price ranges and areas averaged 85 days on the market. (Our MLS does include some listings in Pueblo, Douglas County, and other areas.) In El Paso County, that average was 79, and in Teller County 139. Homes in our Northeast and Southeast MLS areas averaged only 59 DOM, where the Tri-Lakes area (generally more expensive homes) came in at 105 DOM. (Some areas had fewer or very high days on market; the small sampling of sales in those areas should be taken with a grain of salt).
The average Sales Price to List Price Ratio was 96.9% in El Paso County, and 95.7% in Teller County.
Another 97 condos and townhomes also sold; with an average DOM of 97, and an average sales to list price ratio of 95.5%
What does this mean for you?
Sellers: Homes in the higher price ranges will generally take longer to sell. If you need to sell your home, patience, realistic pricing, appeal and condition are key.
Buyers: This is a great time for first time and move-up buyers, and for investors - if it makes good financial sense for you. At the time of writing this, interest rates are very favorable!
We always stress that statistics don't tell the whole story. Call us today; we're glad to help you assess your unique situation.
Based on information from the Pikes Peak REALTOR Services Corp. (RSC) for the period of May through August 2008. Information is deemed reliable but not guaranteed.
Ken and Sandy Wickham are long-time realtors in beautiful Colorado Springs, CO. If you have questions about homes in the Pikes Peak area, call them at 800-599-8500 ext. 1120 or 719-534-7919.
