Colorado Springs Realtor - Cherise's Blog: Colorado Springs Realtor - Cherise Selley - Upslope To Recovery

Colorado Springs Realtor - Cherise Selley - Upslope To Recovery

I'm really thankful for Jay Gupta, past chairman of the Board of the Pikes Peak Association of Realtors®. Not only does he provide valuable insight into the statistical data compiled on housing stats, but he demonstrates integrity and professionalism for all who are a part of the Colorado Springs Real Estate industry.

On the few occasions that I have conversed with Mr. Gupta, I've always taken away something inspirational from our meetings. Regarding some of the housing statistics he compiled from the PPAR for May 2009, I again take away some insightful findings.

For this blog and of particular interest for me deals with the price range of what real estate inventory are actually selling. Of the 769 sold listings in May of this year, 92% sold under the $400,000 price range, substantiating some of the conservatism found in the purchases by buyers and investors. One might think that this is a lasting trend for the future. And it may be very well the consistent price range in which sold listings will be found. Yet, as much as this is a present indicator of sales ranges, it also helps us to understand what is happening in other price categories within the Colorado Springs Real Estate market.

While only 8% sold listings exist in the price ranges above $400,000, I believe this trend will eventually reverse when saturation of sales in the lower price ranges occurs. With such a high percentage of sold listings occurring below $400,000, this represents the self-correcting process of the market, giving stabilization to housing overall. This is wonderful news for Colorado Springs housing. And as the housing market continues to stabilize through the ebbs and flows of the financial markets, I believe we can expect to see people taking calculated risks on higher priced homes. The deals in the higher priced ranges are unbelievably attractive, mixing excellent construction and upgrades with incredible value.

The upslope to housing recovery manifests when the sold listings begin to creep into the higher priced ranges. I believe this is exactly where we are in the Colorado Springs Real Estate market right now.

This prediction is not made without consideration of some challenging times. It simply means that we, as Colorado Springs Realtors, must be persistent and maintain due diligence in helping others to find the right homes within their proper financing parameters. Fear has helped to accelerate lower-priced home sales, yet it will also shrink as the market continues to stabilize. And as a result, we should see higher home purchase values in the near future.

For more information about Colorado Springs Real Estate from the perspective of a Colorado Springs Realtor, please visit cheriseselley.com...

Comment balloon 4 commentsCherise Selley • June 25 2009 02:28PM

Comments

The Colorado Springs market is very diverse. With al of the troops coming home over the next few years. We should see the volume increase.

Posted by Nicholas Goraczkowski, Your Mortgage Resource - (720) 83-RATES over 11 years ago

Cherise, nice info on your market. I can't wait until we see some positive signs here in that price range. Sometimes it's nice to hear of some signs of life even if its not in our market. It gives me hope for the furture, although its really hard to see from here, ( Phx ,AZ). Our bottom end market has really picket up 75k to 125k, but the mid level to Luxury home market is in the tank for now. I heard the other day that there is a 20 yr supply of luxury homes at the current sale's rate. Bummpy ride indeed.

Randy Cole, Keller Williams Integrity FIrst Realty, Mesa AZ

Posted by Randy Cole (Keller Williams Integrity FIrst) over 11 years ago

Randy-

Your response prompted me to write my last blog... Think of Realtors like apples on the tree of life... Those that remain on the tree when the storm clears will have fruitfulness in the future... Hang in there...

Cherise

Posted by Cherise Selley, Colorado Springs Realtor (Selley Group Real Estate, LLC) over 11 years ago

We're fortuntate to have this buffer to our real estate industry, and the quantity of homes in their price range will serve our troops well.  Thanks for your visit to my blog...

Cherise Selley

Posted by Cherise Selley, Colorado Springs Realtor (Selley Group Real Estate, LLC) over 11 years ago

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