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08-16-2007, 11:26 AM
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Senior Member
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Join Date: May 2007
610 posts, read 498,199 times
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Home Prices up or down?
Has anyone noticed a drop in single family home prices. Has it affected Colorado Springs like other parts of the country??
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08-16-2007, 11:30 AM
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Senior Member
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Join Date: Jul 2006
Location: Hampton Cove, Huntsville, AL
11,273 posts, read 10,049,283 times
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Quote:
Originally Posted by gregandvicky
Has anyone noticed a drop in single family home prices. Has it affected Colorado Springs like other parts of the country??
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I think yes to both questions but things are worse elsewhere:
The Denver Post - Housing-resale jitters |
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08-16-2007, 04:18 PM
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Senior Member
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Join Date: May 2007
610 posts, read 498,199 times
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Charles,
Great article. Makes me want to wait awhile to move anywhere. I am in central Texas and prices have held about the same.
Thanks
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08-17-2007, 01:50 AM
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Real Estate Agent
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Join Date: Jul 2007
Location: Colorado Springs
9 posts, read 8,797 times
Reputation: 10
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08-17-2007, 01:25 PM
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Member
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Join Date: Dec 2006
Location: Colorado Springs, CO
53 posts, read 95,236 times
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Home price drops
I'm a real estate appraiser here in town. According to the National Association of Realtors, the Colorado Springs Metro Area continues to appreciate very slowly. The growth for 2nd quarter 2007 over last year is 1.4%.
http://www.realtor.org/Research.nsf/files/MSAPRICESF.pdf/$FILE/MSAPRICESF.pdf
Of course, that means nothing for an individual house or neighborhood. That is an area wide snapshot. You need to talk to a good real estate agent or appraiser to check a specific property.
BTW Denver price do continue to decrease. Marketing times for selling a home are also generally longer because there are far more homes on the market than there were a year ago. |
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08-18-2007, 06:43 PM
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Real Estate Agent
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Join Date: Nov 2006
Location: Larkspur, Colorado
227 posts, read 325,950 times
Reputation: 47
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The three most important factors in real estate are Location, Location, Location. The holds true with appreciation and depreciation. The media will provide averages for the country, state or city, but they are overall irrelevant. Real estate prices are neighborhood specific. If you are looking in a highly desirable neighborhood with limited inventory prices are going to increase. If you are looking in a slum where people don't feel safe prices will plummet (if they haven't already).
Have your Realtor pull year-to-date sales figures in 2007 compared to the same time period in 2006 for each neighborhood you are considering. It will be very easy to to determine how desirable a neighborhood is and if it is appreciating or depreciating.
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08-19-2007, 01:48 PM
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Member
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Join Date: Aug 2007
11 posts, read 16,609 times
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From PPAR for July 07 vs. July 06:
Average sales price rose 3% from $250,915 to $258,432
Median sales price rose 2.5% from $214,450 to $219,900
So despite the huge inventory growth remains decent in the Pikes Peak region. One poster put it best with location. If you are looking in the hot areas, i.e.. Broadmoor, Flying Horse, etc.. expect to see good growth.
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