Colorado Springs Real Estate News

JANUARY, 2009. The median price of homes sold in December 2008 in the Colorado Springs area is 16% lower than December 2007, and 16% might be a good estimation of the overall year-to-year decline in home prices here. Of course, the median price means half of the homes sold above that figure, and half below. So a decline in the number of sales of high priced homes ($500,000 and up) drives the median down even if prices of low priced homes (say, $150,000 to $180,000 stays the same). This is certainly the situation here, very few high-priced homes are selling.

We're also seeing, first-hand, home price declines at all levels and this is driven by foreclosures and short-sales which are undercutting the sales of new homes and normal resale homes. Home buyers are enjoying super deals in foreclosed and short-sale homes -- see my new website www.Colorado-Springs-Foreclosures.com.

Note: Statistics used may be based in part on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period cited. RSC does not guarantee or is any way responsible for its accuracy. Data maintained by RSC may not relect all real estate activity in the market. Copyright 2008 REALTOR Services Corp.