1st quarter 2014 statistical report
DESCRIPTION
ERA Shields 1st Quarter 2014 statistical report. Your one stop shop for market stats for the Pikes Peak Region.TRANSCRIPT
MONTHLY STAT PACK Data through March 31, 2014
QUARTERLY RESIDENTIAL REVIEW
Welcome to the ERA Shields Stat Pack. The intention for providing this infor-
mation to you is to educate you on the current local real estate market so you can
better make decisions for you and your family. Real estate markets vary from
city to city as well as neighborhood to neighborhood. When the national media
reports on how the real estate market is doing, it is reporting on national num-
bers and it is likely very different from how your neighborhood is performing.
You will find factual data within The Stat Pack from which you may draw your
own conclusions. On the last page you will find a brief summary.
QUICK FACTS ABOUT 1st QUARTER OUR LOCAL BOARD HAS TRANSITIONED INTO A NEW MLS SYSTEM. IT WILL TAKE A FEW MONTHS TO DETERMINE THE AFFECTS OF THIS TRANSITION ON REPORTED NUMBERS WHICH MAY CAUSE US TO GO BACK AND CORRECT THE LAST 2 MONTHS.
The number of homes on the market has begun to increase in anticipation of summer
The number of Sales for the quarter were down 396 units (18%)
Single Family Building Permits are down 76 units from last year (11%)
The Average Inventory Level for the Quarter is up to over 6 months
66% of homes sold were $250K & under compared to 68% in 2013
The data found within the ERA Shields Real Estate Stat Pack is based on information from the Pikes Peak REALTOR® Services Corporation (RSC) or its PPMLS. This content is deemed reliable; however RSC, PPMLS and ERA Shields Real Estate do not guarantee its accuracy. Data maintained by RSC does not reflect all real estate activity in the market. Additional sources include the Colorado Springs Regional Business Alliance, El Paso County Assessor, El Paso County Trustee, Colorado Springs HBA, PPAR, The Gazette, The CSBJ and NAR.
This graph compares the number of homes on the market to the number of
sales over the past 3 months for El Paso County and determines how many
months it would take to sell through the current listing
inventory. Most economists consider 6.0 months to be a
balanced market.
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2.0
4.0
6.0
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5.24.2
5.8
8.37.7
10.39.4
7.2
5.34.7
5.6
Average Months of Inventory
QUARTERLY PRICING TOOLS Determine how your neighborhood is performing
3-Month Area Comparisons for Single Family & Patio Homes This chart is ideal for helping you determine how your neighborhood is doing. If you are considering
selling your home, this information is just one tool you can reference to assist you with pricing your home strategically. Call me if you need assistance utilizing this graph.
*Inventory = The number of months it would take to sell through the current active listings at the current sales rate if no other homes came on the market.
**DOM = Days on Market for the homes which actually sold.
For January 1, 2014 to March 31, 2014
Area Listings Solds DOM Inventory Avg List $ Avg Sales $
Black Forest 131 34 114 11.6 $365,000 $348,000
Briargate 382 162 106 7.1 $299,900 $291,000
Calhan 32 9 126 10.7 $169,900 $181,500
Central 258 159 84 4.9 $165,000 $153,000
Drennan 13 8 63 4.9 $60,950 $55,250
East 261 130 85 6.0 $175,000 $170,330
Ellicott 29 23 167 3.8 $144,900 $140,000
Falcon 41 23 108 5.3 $178,950 $181,000
Falcon North 248 120 130 6.2 $260,000 $256,000
Fountain Valley 632 320 100 5.9 $194,000 $187,500
Manitou 47 12 139 11.8 $267,500 $258,303
Marksheffel 114 34 122 10.1 $249,000 $241,000
Midway 11 3 73 11.0 $120,000 $120,000
Northeast 317 151 78 6.3 $219,900 $215,000
Northgate 197 68 119 8.7 $350,000 $345,000
Northwest 197 68 99 8.7 $339,900 $328,000
Old Colorado City
90 51 82 5.3 $172,493 $175,000
Peyton 32 14 97 6.9 $213,500 $212,000
Powers 390 214 91 5.5 $215,000 $206,000
Rock Creek 13 0 50 n/a n/a n/a
Southeast 199 134 93 4.5 $144,900 $137,750
Southwest 344 95 98 10.9 $225,000 $205,000
Tri Lakes 324 93 116 10.5 $400,000 $380,000
Ute Pass 37 8 101 13.9 $202,400 $190,000
West 69 42 104 4.9 $214,900 $205,000
Divide 80 22 167 10.9 $265,000 $260,750
Woodland Park 135 47 158 8.6 $232,000 $217,500
QUARTERLY PRICING TOOLS Determine how your price range is performing
3-Month Price Range Comparisons for Single Family & Patio Homes This chart is ideal for helping you determine how your neighborhood is doing. If you are considering selling your home, this information is just one tool you can reference to assist you with pricing your
home strategically. If you have questions on how to properly use this data, call me.
List Price Active Listings Solds Days on Market Inventory
Supply Demand Days to Sell Months
Under $75,000 99 59 73 5.0
$75,000 to $99,999 117 64 73 5.5
$100,000 to $124,999 194 104 82 5.6
$125,000 to $149,999 336 191 69 5.3
$150,000 to $174,999 359 225 65 4.8
$175,000 to $199,999 435 253 61 5.2
$200,000 to $224,999 368 194 63 5.7
$225,000 to $249,999 391 196 77 6.0
$250,000 to $274,999 288 130 94 6.6
$275,000 to $299,999 305 127 79 7.2
$300,000 to $324,999 189 71 86 8.0
$325,000 to $349,999 182 65 75 8.4
$350,000 to $374,999 164 63 72 7.8
$375,000 to $399,999 183 63 79 8.7
$400,000 to $424,999 79 27 138 8.8
$425,000 to $449,999 93 26 105 10.7
$450,000 to $474,999 50 15 99 10.0
$475,000 to $499,999 73 19 109 11.5
$500,000 to $549,999 87 23 102 11.3
$550,000 to $599,999 96 13 94 22.2
$600,000 to $649,999 63 11 81 17.2
$650,000 to $699,999 61 11 40 16.6
$700,000 to $749,999 28 5 112 16.8
$750,000 to $799,999 45 7 67 19.3
$800,000 to $849,999 9 3 224 9.0
$850,000 to $899,999 17 2 172 25.5
$900,000 to $949,999 6 0 n/a n/a
$950,000 to $999,999 23 1 460 69.0
$1 mil to $1.50 mil 60 4 91 45.0
$1.5 mil to $2.0 mil 25 1 51 75.0
$2.0 mil & above 17 0 n/a n/a
3-MONTHS OF DATA COMPARING DATA OVER THE PAST 10 YEARS
Average Active Listings for the Quarter when compared to the same period the previous 10 years.
This graph shows the total number of Solds for the past 3 months. Comparing 3-months of data over the past 10 years helps determine what trends are occurring.
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Quarterly Sales
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Active Listings
3-MONTHS OF DATA COMPARING DATA OVER THE PAST 10 YEARS
The Average & Median Sales Prices for the same quarter over the past 10 years.
The price range your home is within, dictates your odds of selling. Generally the lower your price, the more potential buyers.
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5%
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20%
25%
30%
$150,000
$170,000
$190,000
$210,000
$230,000
$250,000
$270,000
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Average
Median
1st Quarter 2014 Review
The Colorado Springs real estate market had a banner year in 2013 despite a lackluster
4th quarter where we saw activity (under contracts) really decline. The lack of buyers and
sellers at the end of last year resulted in lower than expected sales (down 18%) and prices
(down 3%-5%) in the first quarter of 2014.
The first quarter really began to heat up in late February when listings began their
annual rise in anticipation of summer buyers We also saw buyers finally begin to flow back
into the market as under contract listings jumped significantly. Inventory levels for the
quarter bumped up to a more healthy rate for the quarter (5.2 months). Despite the fact
more listings are hitting the market, it seems homes which have not sold over the past 60
days are “stuck in the muck” while new listings which are in good condition & priced to sell
are selling quickly.
The 2nd quarter is setting-up nicely with new listings coming on the market at a rate of
about 65 a day. The determining factor of exactly what the next 3 months will look like is in
the hands of the buyers. The last few weeks of March saw a good trend of buyers coming
into the market and if that continues we expect sales to get back on par with 2013 while
prices will increase 3%-5%.