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Colorado Springs poised for another record-breaking year for home sales
BY RICH LADEN, RICH.LADEN@GAZETTE.COM
Brisk home sales last month have put Colorado Springs and the Pikes Peak region on the verge of another record-breaking year for buying and selling. In November, single-family home sales totaled 1,255, a nearly 5 percent jump over the same month last year, according to a report compiled by the Pikes Peak Association of Realtors. Year-over-year sales have been on the rise every month this year except for one, and have increased regularly
since a housing recovery took hold in the area in late 2014, Realtors Association figures show. Through the first 11 months of 2017, home sales totaled 15,133 - or a little less than 200 shy of breaking last year’s record of 15,318. With home sales averaging about 1,375 each month, a record year for sales is almost a certainty. In general, the single-family house market remains strong because of low mortgage rates, a healthier
economy and more jobs, local real estate experts have said. Other highlights of the Realtors Association’s November report which includes home sales that take place mostly in El Paso County include: - Homes spent an average of 33 days on the market before selling. That’s faster than a year ago, when homes averaged 39 days on the market in November 2016 before selling. - With the demand for homes showing
no signs of a slowdown, prices continue to climb. The median price of homes that sold in November climbed to $280,000 or 9.1 percent higher than the same month a year ago. The median price is the mid-point of all sale prices, with half in November being more than $280,000 and the other half less. - The average price of homes rose 10.1 percent to $317,368 in November, based on a yearover-year comparison. Average
prices are noteworthy, yet real estate experts consider them less reliable that median prices because averages can be skewed by a few very high or low sales. - The supply of homes for sale dwindled in November. Listings totaled 1,643 or almost 15 percent below the same month last year. The tight inventory of homes on the market, combined with the strong demand, is one factor that continues to drive up prices.
EXPERT’S CORNER:
Decorating during the holidays without hurting a sale THE PLATINUM GROUP, REALTORS
Selling your home with the holidays on deck means you may need some counselling in how to decorate your home for the holidays without turning off buyers. Even if you already know about decluttering and keeping the house show-ready, talk to your Realtor before getting carried away with holiday decorations. While it’s hard to dispute that lights and colorful accents can make your home look more festive and cheerful, but buyers need to have
an easy time imagining themselves in your home. Just like family photos and other heirlooms that are personal to you, are distracting to buyers, including holiday decorations. Don’t ditch the holiday decorations altogether, just take time to make a few adjustments during the sale. 1. Holiday decorations should fit the style of the home. If your home has a more modern atmosphere, CONTINUED ON PAGE 2
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