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Market Update April 2012, Prices Up
By Luther
May 4, 2012

The number of homes sold was up compared to last April with an increase of 4.8%. The number of homes for sale in Colorado Springs is 3383 active single family listings on the market compared to 4580 last year in April, which is a 26.1% decrease. New listings on the market were down by 1%. The average sales price was up 2.6% compared to last April. With supplies down and demand up for several months in a row the prices are beginning to edge up.

The median single family sales price was up 4.1% in April 2012. Last year's median number was $184,950 and this year's April stat was $192,585. 

There are currently 425 active condo/townhomes listings on the market compared to 666 last year in April, which is a 36.2% decrease. Sales were Down in April by 12.1% compared to April 2011 and up 3.9% compared
to last month. The average purchase price for condo/townhomes was up 5% to $126,250.

With demand increasing and sale prices low this is a great time to jump into the market. If you or someone you know wants to know what their home is worth give me a call for a free market analysis.

 

Luther Benson - Broker/Owner

Access Real Estate Professionals Inc.

22 Years of Experience

For a Free List of Distressed Homes go to:

http://www.freedistressedlistings.com

For a list of all available homes on the
MLS go to:

http://www.Homes4SaleCo.com

Learn the 7 costly mistakes buyers and
sellers make on my web site:

http://www.lutherbenson.com

Email: lutherbenson@comcast.net

Direct 719-528-2406

Toll Free 877-528-2406

Cell 719-310-2404

CPV, CRS

The highest form of compliment I can receive is your trust by referring me to your family, friends and co-workers. I promise to provide exceptional service, respect and care to you or anyone you may refer.

 

Housing Starts Up 40.4%
By Luther
May 9, 2012

I am reprinting this article from Rich Laden of the Gazette. New housing starts are up 40.4% over last year the same month!

rich.laden@gazette.com

Local homebuilding is on a roll.

The pace of home construction jumped to a nearly five-year high last month in  Colorado Springs and surrounding El Paso County, with industry members crediting  low mortgage rates, pent-up demand and improved consumer confidence as among the  reasons for improved numbers.

“I’m encouraged, I think it’s going to be a decent year,” said John Cassiani  of Banning Lewis Ranch Management Co. and current board president of the Housing  and Building Association of Colorado Springs.

“We’re definitely going to have a better year than last year,” he added. “The  question is going to be, how much?”

Single-family homebuilding permits — excluding townhomes and condominiums — totaled 191 in April,  a 40.4 percent increase from the same month last  year and the most for any month since 231 in June 2007, according to a report  Tuesday by the Pikes Peak Regional Building Department.

For the first four months of 2012, permits totaled 559, a one-third increase  from the same period last year. The January-April permit total also was the most  for the start of any year since 2007.

Doug Stimple, CEO of Classic Cos., the area’s largest locally based  homebuilder, said several factors are at work.

Anybody who has a job today probably feels more secure than a year ago,  Stimple said. Also, some potential buyers had put off a decision because of the  economy and now are ready to take the plunge, he said.

The re-sale market has improved of late, which means homeowners now are  selling their existing home more quickly, freeing them to move up to a new one,  Stimple said.  And, he said, many potential buyers believe prices have hit  bottom and will only go up from here, meaning now is the time to buy.

Low mortgage rates — still below 4 percent for 30-year, fixed-rate loans — are encouraging buyers, Cassiani said. A slowdown in numbers of foreclosures  also means less competition for the new home market, he added.

Even the warm weather during much of the spring probably helped — encouraging  buyers to get out and look earlier than they otherwise would have, Cassiani  said.

Homebuilding permits for the year could top 2011’s total by 15 percent to 20  percent, Cassiani said. That would mean an annual increase of about 300 permits — leaving the pace of homebuilding still far behind that of five to seven years  ago, yet a big improvement for an industry that’s a key part of the local  economy.

Home construction employs thousands of people, while tax revenues generated  by the sale of building materials help pump millions into the coffers of local  governments — money they use to provide basic services.

Meanwhile, foreclosure activity bumped up slightly last month in the Springs  area, according to a report by the El Paso County Public Trustee’s Office.

New foreclosure notices totaled 298 in April in El Paso County, up roughly 8  percent from both last month and April 2011.

Year to date, foreclosure notices still trail the pace of last year; for the  first four months of this year, foreclosure notices of 1,159 were down 7.1  percent from 1,247 during the same period in 2011.

Foreclosure notices are the start of the legal process in Colorado that can  lead to the loss of a home.

Contact Rich Laden: 636-0228 Twitter  @richladen
Facebook Rich Laden

Read more:  http://www.gazette.com/articles/homebuilding-137844-local-year.html#ixzz1uNSwhKnD

As Always call me for a free market analysis and/or a free list of available homes for sale in Colorado Springs and El Paso County.

Luther Benson - Broker/Owner

Access Real Estate Professionals Inc.

22 Years of Experience

For a Free List of Distressed Homes go to:

http://www.freedistressedlistings.com

For a list of all available homes on the
MLS go to:

http://www.Homes4SaleCo.com

Learn the 7 costly mistakes buyers and
sellers make on my web site:

http://www.lutherbenson.com

Email: lutherbenson@comcast.net

Direct 719-528-2406

Toll Free 877-528-2406

Cell 719-310-2404

CPV, CRS

The highest form of compliment I can receive is your trust by
referring me to your family, friends and co-workers. I promise to provide
exceptional service, respect and care to you or anyone you may refer.