Housing Market Update for Colorado Springs, Colorado

Things are looking up for the Colorado Springs housing market. Home Sales have risen 12% compared to last year during the same time period. New homes Sales are up for the last 5 months straight. Our housing inventory has dropped 20% from the same time last year, which is great for home sellers. The average days on the market have dropped front 95 days down to 71 days on the market, which is also great news for home sellers.

The supply of homes on the market drastically affects not only homes  sellers, but the number of homes buyers have to choose from. Especially now with the end of the $8,000 tax credit come on November 30, 2009.In September of 2008 there was an 8.2 month supply of homes on the market and currently we have 5.9 months supply of homes. This is great news for home sellers and a signal to home buyers to not wait around to write an offer , once they have found their dream home.

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