In February 2018, there were only 23 homes for sale listed as bank-owned or in foreclosure in the Colorado Springs MLS.
That’s it. Only 23. Out of a total of 1891 homes listed for sale in February.
Foreclosed homes are no longer a large part of the market in Colorado Springs, clearly. But are they a good deal?
In February, regular homes sold in 9 days with a median sale price of $281,000 and sold for 100% of list price. There were 1045 sales.
In the same month, foreclosed homes sold in 24 days with a median sale price of $225,000 and sold for 98.2% of list price. There were 9 sales.
Is it even valid, statistically, to compare the sale of 9 sales to 1045 sales? Not really.
If you’re looking for a great deal on a foreclosed home in Colorado Springs, you may be able to find one – but you’re looking for something that there aren’t many of, and they’re still selling pretty close to list price. You may be waiting for a while if you’re waiting around for that one crazy bargain to pop up – and I can tell you that in this market, with so few listings, anything bargain priced that is worthwhile is going to be snapped up in no time at all.
So are they a good deal? I guess it depends on how much time you have to wait… and even if you find one, submitting a low-ball offer probably isn’t going to win. This isn’t the same real estate market from 10 years ago, that’s for sure.
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