The statistical reports for Colorado Springs real estate sales are in, and were a little better than I suspected they would be (although I am still not sure why, and they are still kind of grim). It looks like inventory ended up at 6870 units, up 20.4% over last June (up 57.8% over June of '05), and sales were 1,118 units, down 17.5% from last June (down 14.1% year to date). Interestingly enough, despite the glut of inventory, the average sales price was still up 5.7%, although the median (1/2 above, 1/2 below) was down .5%.

Oh yeah, This representation is based in whole or in part on information from the Pikes Peak Association of REALTORSâ, the Colorado Springs REALTOR Services Corp., or its PPMLS. Neither the Association, the RSC, nor the PPMLS guarantees or is in any way responsible for its accuracy. Data maintained by the PPMLS does not reflect all real estate activity in the market.

So what do all these numbers mean?
1. We need more buyers in our market. The supply of buyers has been drained by extended deployments and delayed transfers here to Ft Carson, somewhat higher (though not bad) interest rates, tighter credit criteria for buyers, and somewhat anemic growth at some of our civilian employers. This is an awesome place to live, and longer term prospects are excellent.
2. It will probably take some more time to work off all the extra homes with the sales rate having slowed. The builders have slowed their activity tremendously (we are at 50% of the rate of 2 years ago), but some of the "not so serious" sellers will probably start pulling their homes off the market and stay put longer as the season wears on, leaving the ones that really need or want to get sold, until things are more balanced.
3. We have NOT turned the corner yet as far as the Colorado Springs market is concerned.