How many homes for sale listings is a normal number in Colorado Springs and the Pikes Peak region?
By Luther
November 7, 2011

By Luther Benson

There are currently 3959 single family houses for sale in the greater Colorado Springs area. This compared to 5124 last year in October 2010, which is a 22.7% decrease. There were 4400 home on the market the same time in 2009 and 5841 homes on the market in 2008 this time of year. So the number of homes on the market is declining which is good it a lot of ways considering an average of 716 homes a month actually close. The less homes on the market and the more sales the healthier the market becomes. To offer a comparison, at the peak of the market we were averaging about 1100 homes sold every month with about the same number of homes we have on the market now to choose from.

More good news is the fact that sales have been steadily increasing. The number of sales increased last month by 20%. The average year to date sales increase is 2.3%. Most of the gains have been in the last 3 months.

So with house prices affordable, rates amazingly low, inventories dropping, and sales increasing, our market in Colorado Springs and the Pikes Peak region is healthier than its been in quite some time.

Colorful Colorado Springs
By Luther
November 4, 2011

I have lived in Colorado Springs for almost 32 years now and the weather never ceases to amaze me. Monday the weather was warm, in the 60's. By Tuesday evening the weather had turned to blizzard conditions and today it will be back in the 60's.

As I think about why they call it colorful Colorado I can't help but contemplate the beauty of the rapid changes. The lawns are still green for the most part in early November and many trees are still showing there vibrant colors. Then the fluffy white snow blankets the ground and as it begins to melt there are even more colors to behold with the snow, the colorful trees and the green grass.

Of course the changing of the seasons are not the only things that make Colorado colorful. There are the red rocks of Garden of the Gods here in Colorado Springs. Then there is the green thick forest of the Ponderosa Pines on our majestic mountain range and north and east of Colorado Springs in the Black Forest. Colorado Springs sits at the foot of Pikes Peak which is one of Colorado's 14,000 + elevation mountain. Above tree line at around 10,000 feet above sea level, the jagged rocks add to the colorful landscape. When blanketed with snow our mountains become even more colorful with the large pine trees and the white pristine carpet of snow they appear even larger.

I love living in Colorado Springs. There is so much to see and do here. Sometimes I take it for granted but other times I find myself stopping to gazing at it's beauty with wonder and amazement. 

Sales up Oct 2011 by 20%
By Luther
November 4, 2011
There are currently 3959active single family listings on the market in the Pikes Peak region compared to 5124 last year in October, which is a 22.7% decreaseNew listings on the market were down by 9.3%. Sales were upcompared to last Oct 2010 with an increase of 20.1%With supplies down and demand up for several months in a row the market appears to be improving.
The median single family sales price was down 7.5% in Oct2011. Last year's numbers were $200,000 and this years Oct stat was $185,000.  The average purchase price was down last month compared to last year by 7.8% to $221,534 from $240,326.
There are currently 464 active condo/townhomes listings on the market compared to 478last month. Sales were up in Oct 2011 by 18.6% compared to Oct 2010 and down 21% compared to last month. The average purchase price for condo/townhomes was down 3.7% compared to Oct 2010 stats.
The average single family home price is down 4.5% YTD.
With the market improving and rates insanely low, this could be the right time to get in the market!
Who is Colorado Springs
By Luther
November 6, 2011

By Luther Benson

As I thought about blogging on Colorado Springs with it’s rich history and the many things to do and see here I began to think that maybe a more appropriate way to approach the subject was to write about the people that make our town so special.

Like the little lady not even 4’ 10” tall that sells tickets to the Cog Railway that takes us to the top of Pikes Peaks, 14,110 feet above sea level, the very mountain where Katherine Lee Bates wrote the words to “America the Beautiful”.

Or how about General William Palmer, who brought the Denver and Rio Grande Railroad to Colorado and was the founder of Colorado Springs. Palmer built his castle, Glen Eyrie, at the foot of Pikes Peak here in Colorado Springs. General Palmer founded Colorado Springs as the cultural center of the west building the grand Antlers Hotel for visitors from across the world to stay as a cultural destination.

What about General Palmer’s neighbor Charles Elliot Perkins who owned the land next door to General Palmer that is now known as Garden of the Gods. Donated to the City of Colorado Springs by Perkins Children in 1909. Garden of the Gods is just one of our many natural and historic parks in Colorado Springs.

Then there is one of our Gold Rush millionaires, Spencer Penrose who used his money to create a legacy lasting for generations to come by building The Broadmoor Hotel. The Broadmoor is a world renown five star hotel unrivaled in its history and beauty with a private lake and world-class golf course, which was the home of the 2011 US Women’s Open. Spencer Penrose was a philanthropist who financed the Cheyenne Mountain Zoo, The Pikes Peak Highway, Will Rogers Shrine of the Sun, Penrose Hospital and the El Pomar foundation which encourages the promotion of peoples well being through grants. 

Then there is James Burns, another Gold Rush Millionaire who founded the Burns Theater. I sold a home recently that James Burns had built for his daughter and was later moved to north Weber. This home had 8 fireplaces with Van Briggle Tile and a servants quarters on the 3rd floor.

How about Rulon Gardner the Olympic Gold medallist; as well as, many past and future Olympians who train at the Olympic The Training Center on Boulder Ave.

Let’s not forget the men and women of our Armed Forces that keep our freedoms safe serving at our many military bases. There is the Air Force Academy at the north end of Colorado Springs which is an accredited college for Air Force officers and the home of Air Force Football. Then there is Fort Carson at the south end of Colorado Springs, the largest Army Base of it’s kind and home of the 4th Infantry Division, the 10th Special Forces Group, the 71st Ordnance Group (EOD), the 4th Engineer Battalion, the 759th Military Police Battalion, the 10th Combat Support Hospital, the 43rd Sustainment Brigade, and the 13th Air Support. (ref: Wikipedia). Don’t forget Peterson Air Force Base named after Edward Peterson who was killed in a crash on the base. Peterson AFB is on the east side of town and is home of US Northcom and North American Aerospace defense. Last but not least there is Shriever Air Force base east of Colorado Springs which is home of the 50th space wing.

Then there is the professors, staff and students at our many educational campuses that help make Colorado Springs a place of higher education. There is the University of Colorado at Colorado Springs (UCCS) in the northeast part of town. There is Pikes Peak Community College that has Campuses in south, north and central Colorado Springs. We also have several technical and nursing schools located here in Colorado Springs.

I begin to realize writing on the “who” of Colorado Springs, could be made into volumes of books. I hope you enjoyed some of my highlights here. I am sure I will think of more to write about in the near future.

Foreclosure Filings Down
By Luther
November 9, 2011

In an article written for the Colorado Springs Business Journal, Amanda Miller writes that Foreclosure filings in Colorado are down by more than 28%.

Amanda states that according to a RealtyTrac, “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing,” RealtyTrac Ceo James Saccacio said. “But the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure.”

Reducing the rate of foreclosures through modifications and other loan work out programs is just what this market needs to turn the corner.

Read the full article here.