May has closed and with it the summer buying season has begun. For some buyers, this could be a very profitable summer. For some sellers, this could be a very frustrating summer... and fall... and possibly winter. The time to weigh odds, observe probability, and respect the rules of the market (made almost entirely by the buyers),
IS NOW:
A Good News/Bad News break down of the market as June begins:
Bad News:
1)There are 542 Active Listings in the Black Forest and it's BSA's (Border Shadow Areas, considered as competition).
2)214 Homes have sold year to date in the same area.
3)Using May's numbers there is a 71 week supply of active homes for the prospective buyers to potentially choose from.
(see attached chart)
Good News:
1)The average sales price is up to $447,834
(see attached chart)
Right now, the market is experiencing a new form of instability in the form of a lack of a middle ground in the time it takes a home to sell. It is either fast ... or forever. Properties that are listed right now are either selling quickly (less than 30 days), after a significant length of time (over 90 days), or not at all. In May, the market picked up steam for success-minded sellers.
If you are interested in a complete overview of the Black Forest and Colorado Springs Real Estate Markets, please visit my W
eb site
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