If you're looking to buy or sell a home in Colorado Springs, then you may be a little confused about what’s going on in the real estate market these days.  As a Colorado Springs realtor, I have worked with many clients in the past 6 to 12 months who felt the same way.  Either they were expecting a faster recovery in the housing market – particularly in Colorado Springs – or they were wondering why their home didn’t sell faster.  All of these are legitimate concerns for anyone who is buying or selling real estate.

Many people believe that it was the sub-prime lending crisis that sent the US economy on its downward spiral, and that the recovery will not be complete until the housing market recovers.  Until they speak with a Colorado Springs realtor, many believe that the Colorado Springs housing market is doing just as poorly as the rest of the nation.  But when it comes to real estate and the economic recovery, every region is different.  While the economic news about the real estate markets in other areas of the country may still be negative, the Pikes Peak region is holding its own and even improving in many key areas.

Here are some of the recent statistics about the Colorado Springs housing market, which come from the Pikes Peak Association of Realtors.  Your Colorado Springs realtor can help you understand how these numbers might affect your home purchase or home sale in the coming months. In March, home sales were 7.3 percent stronger than March 2010, and 73 percent higher than last month.  While the prices dropped an average of 2 percent below recent months, and the median home price dropped 5.2 percent, there are some reasons for this decline.  For one, the market gets a lot more competitive, pricewise, in the spring. More homes are on the market, and sellers are anxious to negotiate. This ultimately gives the buyer the upper hand in negotiations, thereby causing the average sale price to drop.   

A Colorado Springs realtor will also tell you that until May, the 2011 sales figures will still be compared to the first four months of 2010, when the federal new homebuyers’ tax credit was still in effect.  The rush to buy homes last year before April 30^th has made this year’s numbers appear weaker than they really are.  When these numbers are highly publicized in the media, sellers get anxious and buyers get bolder with their bids.

Do you need to know more about the Colorado Springs real estate market?  Find out how you can take best advantage of the current market conditions in the Pikes Peak region as either a buyer or seller - consult with an experienced Colorado Springs realtor from Action Team Realty.