Improved home sales in the Pikes Peak region have bucked the national downward trend, according to figures from the Pikes Peak Association of Realtors and the National Association of Realtors.
In the Pikes Peak region, sales of single-family homes increased to 870 in February, up from 849 in January. Condominium sales also increased, to 131 from 107 for the same time period, the PPAR reported. Likewise, total sales year-to-date has continued its upward trend, from 1,168 in 2014 to 1,353 last year to 1,719 this year.
February was the 19th straight month of increased local residential real estate sales, said Realtor Harry Salzman.
“The spring buying season has not yet really begun, but you wouldn’t know if from all the recent activity,” Salzman said in his bi-weekly newsletter. “If you are considering selling to trade up or move to a new neighborhood, the sooner you start the better.”
Nationwide, the number of existing-home sales tumbled, due to low supplies and steady price growth, the NAR reported.
“Existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 7.1 percent to a seasonally adjusted annual rate of 5.08 million in February from 5.47 million in January,” said Adam DeSanctis, spokesman for the NAR. “Despite last month’s large decline, sales are still 2.2 percent higher than a year ago.”
Existing-home sales in the West declined 3.4 percent to an annual rate of 1.13 million in February, but are still 0.9 percent higher than a year ago. The median price in the West was $308,800, which is 7 percent above February 2015, DeSanctis said.