According to the Pikes Peak MLS, for the 12 months ending in December 2008 vs the previous 12 months, the average price in the Colorado Springs area for existing single family homes declined 4.3%, with a median price decline of 8.3%. The number of existing home sales was 461, which is a 3.6% increase from last month, and an 8.9% decrease from December 2007. At the end of December there were 4,332 active listings for existing homes, which represents a 9.4 month supply of homes. 5.5 months is considered optimum and a balanced market.
In December, 34% of all sales were distressed properties (bank-owned, short-sale, or a property at any stage in the foreclosure process), compared to 21.4% in December 2007.
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