Conventional is dominating the market in volume of sales month to date, accounting for 46% of sales. Here is the distribution of those sales (and cash, VA and FHA) across the market for the month in $50K incremements.
80831 is leading the list of top 10 zip codes by volume of sales month to date in the area, selling for 3.75% more than list on average. 80918 is leading the pack in terms of closed to list price ratio, selling for 5.53% over list on average.
These stats are part of a custom built platform I have built to deliver relevant hyper local stats to my clients. Please let me know if I can help you!
Rob Thompson, Realtor®, The Agency — 7194406626
Here are the top 10 subareas month to date. Meridian Ranch continues its reign at the top!
Here’s how to read this chart:
Meridian Ranch has 29 sales month to date at an average closed price of $515K, a median of $512K, an average closed to list price of 103.72% (selling for 3.72% above list price), an average of 6.17 days on the market, a median of 4 days on the market, an average seller’s concessions of $244 and a median seller’s concessions of $0.
Seller’s concessions are often referred to as closing costs. I dislike this reference because it lends itself to confusion; I like the more accurate description of “seller’s contribution (concession) to the buyer’s closing costs
Cash has the (significant) advantage of no appraisal but does it command the discount many feel it does? Let’s look at the data.
Below is a breakout of the purchase types of the sales YTD in the PPAR region. You can see there have been app 9,856 sales, 1646 of which have been cash. These on the average are paying 3.66% above list price. Contrast that with the 3.87% for conventional, 3.84% for FHA and 3.42% for VA and it’s immediately apparent that cash isn’t currently commanding the discount it has a reputation for.
Conventional loans are dominating the market across price points right now.
It depends.
Looking for an update on the market? Please let me know how I can help!
Here’s the rundown on the market right now!
Good question! This one came up several times over the last three days. The short answer is: Yes.
The longer answer is: Yes, but not all parties view earnest money the same way.
Earnest money is “skin in the game”. It’s money the buyer puts up after contract acceptance, to be held in escrow. This money is generally returned to the buyer at closing but MAY be forfeit to the seller, in certain circumstances. Earnest money is protected by several contractual protections for a buyer in Colorado.
This isn’t legal advice, just practical information. If you’d like to talk more about housing, please call Rob Thompson @ 719-440-6626!
Always consult a CPA for financial advice and an attorney for legal advice.
Good question! The short answer is: Yes, it is a tool you can use in your home search. But it has a limitation.
Zillow is a great platform for home searches and cannot/should not be discounted. However, there are a couple of things you should know when searching for homes in the Colorado Springs market.
Sites like this are fed from an IDX (Internet Data Exchange) via the MLS (Multiple Listing System).
In the case of Zillow, it’s also manually updated by homeowners, property managers and agents. However, Zillow is no longer automatically updated by the local MLS. The result is that it no longer represents the totality of the market.
It is a tool in the search, but I also recommend checking TheHousingNetwork.com (full disclosure, that’s my website) and/or PPAR.com to see the current listings in the Pikes Peak region.
If you’re looking to buy or sell a home in Colorado Springs, I’d be honored to earn your business.
