The Colorado Springs Real Estate Housing Market has remained pretty steady from September to October of 2007. Homes in Colorado Springs are still selling around the 3 month mark, and even selling for very close to asking price. Let’s take a look at the data:

Average Days on Market (DOM): 85
This is UP from 84 day from September.
Median Days on Market: 88 Days
High DOM: FAL at 142 Days.
Low DOM: OCC at 58 Days. 

Comment: FAL consists of neighborhoods just east of Colorado Springs, like Woodmen Hills, Meridian Ranch and Paint Brush Hills.

Average Sale Price (SP): $258,207
This is DOWN from $292,194 in September.
Median Sales Price: $233,958
High Sales Price: TRI at $440,833
Low Sales Price: WES at $136,130 

Comment: There definitely was a drop in average sales from September, but 9 out of the 16 Colorado Springs Neighborhoods included in this market report actually went UP in average sales price.

List Price to Sale Price Ratio (LP/SP): 97.78%
Median LP/SP Ratio: 98.22%
High LP/SP: BRI at 101.41%
Low LP/SP: MAN at 94.12% 

Comment: The Colorado Springs housing market has a very healthy LP/SP ratio, overall. There are a lot of new home communities in Briargate (BRI) that can skew the LP/SP ratios for that neighborhood. See, Colorado Springs home builders often put the base price of a home in the MLS and then the actual sold price (including upgrades) when it sells. There is nothing wrong with this, but it can easily put the ratios over 100%.

In October 2007:

• 674 homes went on the market (F/V had the most new homes on the market at 76 homes)
• 237 homes went under contract (PWR had the most homes go under contract at 39 homes)
• 178 homes sold (N/E had the most homes sold at 30 homes)

For more information on the Colorado Springs Real Estate Market, please check out our recent reports:

Colorado Springs Real Estate: Market Report - September 2007
Colorado Springs Real Estate: Market Report - August 2007
Colorado Springs Real Estate: Market Report - July 2007
Colorado Springs Real Estate: Market Report – June 2007
Colorado Springs Real Estate: Market Report – May 2007

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[KEY: BLA = Black Forest (Very Northeast of Colorado Springs), BRI = Briargate (Northern part of Colorado Springs), WES = Westside (West of I-25 and North of Fillmore), OCC = Old Colorado City (Western part of Colorado Springs, off Hwy 24), FAL = Falcon (Woodmen Hills and Meridian Ranch, just east of Colorado Springs, MAN = Manitou Springs - (just East of Colorado Springs), N/E = Northeast Colorado Springs, NGT = Northgate (Northernmost part of Colorado Springs, near the North Gate of the Air Force Academy), S/E = Southeast Colorado Springs, S/W = Southwest Colorado Springs]

Posted By:  Mariana Wagner  - Wagner iTeam – Colorado Springs Real Estate