2012 already is showing signs we are turning a corner in the housing industry. Typically housing has long cycles and it can take years for the market to find the bottom and recover. Below we have summarized the latest local news regarding resident real estate. The following numbers are relevant to our local market and are stats that you will find interesting:

The Big 7 : January 2012 vs. January 2011  stats courtesy of Empire Title

1. Average sales price down 4.6%

2. Median sales price down 4.5%

3. Residential units sold up 3.5%

4. Inventory down 9.5%

5. Number of listings down 16.1%

6. Foreclosures down 25.4%

7. Interest Rates are at historic lows

These stats can be good if your buying or selling because buyers can still find very affordable homes and sellers will have less competition. Local apartment rents continue to be at an all-time high. We have had eight years worth of quarterly rent increases in Colorado Springs. And in a study by Trulia, it is more affordable to own than rent in 74% of major United States cities. In addition to all this good news for buying and being a homeowner, in 2011 Colorado Springs cost of living was 7.5% below the national average. The pace of new home construction is slightly up and we anticipate 2012 will be a better year than new home builders have seen in awhile, we’ll talk about that more next month in our newsletter. If you want the stats for your specific Colorado Springs neighborhood, just give us a call.

    It’s a good life, Chris and Mary