Realtor.com: Springs market is stabilizing

Colorado Springs was the 54th most searched real estate market in the country on Realtor.com in April.

The ranking was higher than the 55th place the city had in March. The higher numbers, combined with  falling inventory figures, rising list prices and rising sales prices indicate that the real estate market in Colorado Springs is stabilizing and getting healthier, said Julie Reynolds, an analyst with Realtor.com

“Balance is always what we’re looking for,” Reynolds said.

And the fact that all of the factors used to measure market health are moving in the same positive direction is a good sign, she said.

Median list prices rose 4.56 percent from a year ago to $229,000 in April. The median list price was also 4.09 percent higher than it was in March.

“List prices have been pretty steady on the national scene,” Reynolds said. “So that’s significant growth.”

Nationally, median list prices dropped .35 percent from April 2011 to April 2012 and held at about $191,211.

The number of active for sale homes dropped 17.18 percent from this time last year to 3,824. That was on par with national averages, where inventory figures fell 18.85 percent.

The average age of inventory in the Colorado Springs market was 63 days in April, which represented a 7.35 percent reduction from March.

“Your market is moving pretty fast,” Reynolds said.

Inventory is selling about 14 percent faster than it did last year and houses spend 21 fewer days on the market before selling in Colorado Springs than in the rest of the country.

While the city’s real estate market is faring better than much of the rest of the country, Reynolds said it’s  only average for the rest of the state.

Colorado Springs’ ranking as the 54th most searched market means there is demand here, Reynolds said. Denver was the only Colorado city searched more frequently.

 

One Response to Realtor.com: Springs market is stabilizing

  1. Amanda, thanks for the story. This is all positive news for the Colorado Springs market. In fact, the trends you’re noticing locally are similar to what is going on nationally: increasing list prices, decreasing inventory counts and faster-moving markets. Here’s the full report: http://bit.ly/KYbMos

    –Jill Kipnis, Realtor.com

    Jill Kipnis
    May 17, 2012 at 12:20 pm