Preliminary sales figures for April '08 Colorado Springs homes show sales of 773 units, down 13.7% from April of last year. Prices also remain soft, with the average price at $240,497, down 4.8% from last April. Inventory was up, with almost 6200 single family units for sale, still not quite a 6% increase from last April, so not bad overall. Foreclosures are still hurting us - there were 480 last month again. The high end is still taking a beating as well, only 5.6% of our sales (43) were over $500k.
I am working on a bank owned property right now, and it is amazing to me to see how slow they work. We have been waiting over a week just to get a final signed contract so that the buyers can lock in their loan. With service this bad, it is no wonder people have difficulty working out options with their lender, or why it takes so long for the inventory of bank owned homes to clear.