Home sales totals for 2011 in the Pikes Peak Region are likely to be on par with sales in 2010, though spread throughout the year much differently, according to analysis from the Colorado Department of Housing.
Year-over-year, closings on single family homes were up 11.9 percent in Colorado Springs for the month of July, according to data from the Colorado Association of Realtors.
“The second half of the year is almost certain to show more closings activity than the second half of last year,” department of housing spokesman Ryan McMaken writes in his blog. “The second half of last year was artificially pushed down by the end of the tax credit in April. This shifted much of 2010′s activity to the first half of the year. At year’s end, 2011′s totals are likely to look similar to 2010′s totals, although the closings activity will be spread throughout the year in quite a different fashion.”
While the number of closings compared to last year are on the rise during the second half of the year, volumes are still likely to fall from the first half of this year. Real estate sales tend to drop off in the later part of the year, bottoming out in January and February, according to McMaken and Realtor data.
Median home prices also appear to be on the decline this year. The median home price in Colorado Springs this July was 3.8 percent below median home prices last July. Statewide, median prices fell 13.8 percent, according to McMaken’s blog. That’s likely due to dramatic drops in median home prices in the mountain regions and especially in Western Slope cities like Glenwood Springs and Grand Junction, McMaken writes.
“The Denver metro price (which doesn’t include Boulder) is back up near $240,000 while the statewide price and the Pikes Peak price are both down below $200,000,” McMaken writes. ”Overall, it appears that Denver metro continues to be one of the more resilient markets. The Pikes Peak area has been largely flat since late 2009, and the statewide numbers have been heading downward compare to the large markets.”