Home sales and prices rose last month in the Colorado Springs area as the 2012 recovery of the local re-sale market continued into the new year.
In January, single-family home sales totaled 660, or nearly 40 percent higher than the same month last year, according to the latest Pikes Peak Association of Realtorsâ€™ report on market conditions. It was the highest number of home sales for any January since 2007.
Mortgage rates under 4 percent and pent-up demand on the part of homebuyers who had put off purchases for years continue to drive the market, experts have said.
The median price â€” or midpoint â€” of homes that were sold last month was $205,000, a 19 percent year-over-year gain, the associationâ€™s report showed.
Other positive indicators in the associationâ€™s report include:
â€¢ It took an average of 87 days for homes to sell in January, down from 101 days during the same month last year.
â€¢ There were 2,930 homes listed for sale in January, down 7.2 percent from a year ago and one of
The Realtors Association report is composed of home sales whose transactions were handled by its members, not individual homeowners. Most sales took place in El Paso and Teller counties.