Statistics are not always a real estate agent’s best friend.  In fact, it’s been awhile since most realtors looked forward to reading the monthly activity report for Colorado Springs real estate listings.  But after a few years of progressively worsening number, some agents have learned to see the silver lining in monthly reports.

If you are in the market for a new home in Colorado Springs, changes in the real estate listings will be welcome news.  For example, if you look at the median sale price from April, which was $187,000, you saw a $1,000 reduction by the month of May, when it dropped to $186,000.  You also saw a drop in the average sale price from $220,533 to $216,283. 

For Sellers, this drop was anticipated because of the additional listings added in late spring every year.  The number of active listings grew from 3,793 in April to 3,870 in May.  Sellers were not discouraged when they learned that the sale to list price ratio remained steady from April to May, at 97.5 percent.  They may have also noticed an uptick in the number of real estate listings sold, from 665 in April to 707 in May.  Interestingly, sellers are showing signs of optimism with the price of their real estate listings, which went from $323,633 on average in April, to $327,784 in May

According to the Pikes Peak Association of Realtors, the number of sales pending at the end of May was 542, which is quite a bit less than the 647 pending sales at the end of April.  However, some realtors attribute this to people who were trying to get in on the tail end of winter real estate listings, which are usually priced more aggressively than new listings for spring.

As more buyers enter the market in the spring and summer months, a few things usually happen:

• Buyers are more likely to make an offer on a home they like before someone else gets there;
• Sellers price their listings higher, knowing that the average spring/summer buyer is looking for a quick turnaround;
• As the summer draws to a close, everyone wants to get business done. Prices come down and buyers are more likely to make an offer that is close to the selling price.

If you’ve been trying to read the real estate listings to figure out what’s going on with the Colorado Springs real estate market, contact a realtor from Action Team Realty and request a free consultation.