Colorado Springs Market Report – January 2007

We saw quite a bit of snow in the latter part of December and into the beginning of January. It definitely took a toll on the housing market in Colorado Springs. We saw a drastic drop in showings on our listings as no one wanted to brave the snow to look at houses. Let’s take a look at the “numbers” regarding sales…

This data was pulled from the Pikes Peak MLS and does not include most new construction, nor does it include FSBO sales.

Average Days on Market (DOM): 104 (up 12 days from December 2006)

  • High DOM: WES at 209 (up 78 days from December)
    In December, OCC was the highest, at 154 DOM.
  • Low DOM: OCC at 33 (Down 121 days from December! – OCC went from the highest DOM to the lowest, in just one month!
    In December MAN was at the lowest, with 44 DOM.

Sale Price (SP) to List Price (LP): 98.26% (Up .57% from December 2006)

  • High SP to LP: 100.2% in OCC (up 3.68% from December)
    In December BRI was the highest, at 101.73%.
  • Low SP to LP: 94.18% in S/E (up 5.43% since December)
    In December WES was the lowest at 93.86%.

In January 2007:

  • 812 new listings appeared on the market
  • 276 homes went under contract
  • 153 homes sold.
  • The highest average sales price was $506,995 and was in Northgate NGT.
  • The lowest average sales price was $137,709 and was in S/E.

[ WES= Westside, OCC= Old Colorado City, MAN= Manitou Springs, BRI= Briargate, S/E= Southeast, NGT= Northgate]

Posted by: ‘Springs Realty Scoop- Colorado Springs Real Estate

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About Mariana

I am a Mom, Wife, Real Estate Agent Trainer and Mortgage Lender. Find me at http://www.marianawagner.com
This entry was posted in Buyer Info., Colorado Springs Info., Colorado Springs Real Estate, Colorado Springs Real Estate Market Reports, Investor Info., Real Estate Consumer Info., Seller Info.. Bookmark the permalink.

2 Responses to Colorado Springs Market Report – January 2007

  1. Curtis Flake says:

    I have a rental home in the northeast (Sundown) area. It was built in 1987 and I have owned the home for 8 years. I have a good tenant in it currently. Should I resign another 1 year lease or sell the home?
    Thanks, Curtis Flake

  2. RealtyScoop says:

    Hi Curtis- Thank you for your inquiry. There are a lot of factors involved in leasing vs. Selling. I do know that Sundown has been selling quicker than quite a few other areas in town. But, ultimately, there are a few questions that you should consider:
    1. Is it cash flowing? Meaning, are you making more in rent than you are spending in mortgage and maintenance?
    2. What do you need/want to “get out” of the home? If you need/want MORE than what the home would potentially sell for, signing another 1yr. lease may be a good idea, especially since you have a good tenant.
    3. Do you need the tax deduction for this property? If so, selling may not be the best idea at this time.
    4. Have you thought about Capital Gains? If you have lived in the property 2 of the last 5 years, then you can AVOID Capital Gains taxes when selling.
    5. Do you like being a landlord? This is a personal question. Sometimes, regardless of everything else, if being a landlord does not fit your lifestyle, then selling would be the best idea.
    I hope that this helps you, and please let us know how else we could help.
    -Mariana Wagner 719-570-7715

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