As anticipated, the expiration of the Federal Home Buyer Tax Credit on April 30 was a hard pill to swallow for Colorado Springs real estate agents, but if you look at the larger picture, the results were somewhat mixed.

Here is how the Colorado Springs real estate market fared after the tax credit expired:

• Colorado Springs home sales dropped sharply in July, down an astounding 24.6% from July of last year.
• However, the average price was up 2.4% to $237,029 and the median price was up 5.1% to $209,800.
• While the average-priced home seemed to hit its peak before the tax credit expired, higher-end home sales continue to improve.
• The timing of the expiration was unfortunate for sellers who were trying to find a buyer in the summer months.
• Leftover homes that didn’t sell before April 30^th combined with all the new homes that entered the market in May caused the inventory of unsold homes to increase by 16.9% over last year.

While these statistics may seem discouraging, remember that not many people were selling this time last year.  Because so many people decided to sell when they learned about the tax credit incentive, it is no surprise that many of these homes are still on the market.

If you are considering the purchase of a home in Colorado Springs, then now is the time to make a deal.  With so many homeowners desperate to sell before the end of summer, it is possible to get a better deal on a Colorado Springs home than ever before.  Consult with the experienced Colorado Springs realtors at Action Team Realty.  They can help you find the home of your dreams in the Pikes Peak region.