The buzz this week has been the latest Colorado Springs real estate market statistics that are just out. Compared with last year, sales are down (down 14.9%), active listings are up (7065 single family homes, up 18%), and prices are still holding their own, the median (half above, half below) is up .9% at $227,000, which is actually a new record high. The average age of the inventory is up to 120 days, and at the current sales rate (which seasonally slows into the fall), we have 7 months supply of inventory. Compared with 2005 however, which is really when I mark the beginning of our current slowdown, the picture is bleaker. Inventory is up 59.3% and sales are down 22.3% from July of '05.
There are plenty of things that are going well however. Population and jobs are still growing. The roads are improving, I25 north of downtown is almost fun to drive on again, and the daily progress on the Woodmen and Powers interchange is quite a sight. The new stores and buildings that are going up are really quite exciting, like the newly opened Super Target at Powers and Union, the Super Walmart in Falcon, and the many other retailers and restaurants along Powers. Interest rates are low, commercial and apartment vacancies are falling, and we are even starting to see some of the troops arriving at Ft Carson, though still in small numbers. The new Fine Arts Center renovation is an added plus to the downtown scene, and the Bijou bridge will reopen within the next few months, all adding to a brighter tomorrow.
On top of all this, the Colorado Rockies are still in contention in the National League West, and the Denver Broncos are looking very promising this year, with Jay Cutler hopefully beginning a new era . It's still summer and we have afternoon thunderstorms almost every day that we missed during the recent drought years. Ski season is just around the corner again, with season pass sales starting up again next month. It looks like we may even have a new senior pastor at New Life Church soon!
What a great place to live, and what a great time to live here!