The Colorado Springs housing market hasn’t settled into a predictable pattern yet, according to data and analysis in a Colorado Division of Housing report.
Home sales closings in Colorado Springs fell 12.1 percent from May, 2010 to May, 2011, according to recently released figures from the Colorado Association of Realtors. Colorado Springs did, however, see improvement from April to May.
The median home price in Colorado Springs fell 5.8 percent from May, 2010 to May, 2011, according to the report. And prices are hovering around 79 percent of what they were at their peak in 2007. Denver prices fell 3.4 percent year over year and seem to have stabilized at about 84 percent of what they were during their peak in 2006, said Ryan McMaken, division of housing spokesman.
“The prices in Colorado Springs seem to be more volatile,” McMaken said. “That could be due, in part, to the smaller sample size.”
But he said prices in Denver have seemed to level out after dipping all the way down in 2009 to 74 percent of peak values. They bounced back up and have slowly declined following the end of the homebuyer tax incentive that ended last fall.
“The market in the Pikes Peak region seemed to improve more during the tax incentive than other metro areas,” McMaken said. “But they dropped more afterward and they have moved around more than in other parts of the state since the incentive ended.”
The last three months have been more consistent, with Colorado Springs area prices hovering between 79 and 80 percent of peak values.
“Those numbers haven’t settled into any kind of pattern,” McMaken said. “It’s anybody’s guess what’s going o happen in the next few months. Are they going to settle or are they poised for another fall?”
While McMaken said he sees no indication that prices are rebounding to 2006 and 2007 levels, he doesn’t notice anything to suggest a rapid decline into a double dip in the housing market either, he said.