Area home sales down 6.4 percent

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Pending Home SalesTurning “For Sale” into “Sold” is a little tougher this spring, as competition among local home sellers heats up.

Sales for the year are down 6.4 percent compared to the first four months of 2013 as inventory has increased, according to Colorado Springs Real Estate News. There are currently about 3,700 single family homes on the market in the Pikes Peak area, a 9.3 percent jump from last May.

Homes are taking longer to sell too, according to Colorado Springs Real Estate News. On average, homes are on the market 3 months, compared to 2 1/2 months in April 2013.  The majority of sales are still in the $300,000 and below price range, but sales are improving in the $400,000 to $600,000 price range. This trend is expected to continue throughout 2014.

As prices increase, more homeowners will be able to sell their properties in order to downsize or move up, according to Colorado Springs Real Estate News. There is a growing number of local homeowners looking for retirement properties reflecting the growing number of baby boomers who are preparing to leave the work force.