What’s selling in Stagecoach, Colorado?  It used to be that the answer was Distressed Properties.  Fully 76% of home sales in Stagecoach were foreclosures and short sales.  That’s just not true anymore.   Most of the REO (bank-owned) properties have sold over the last 18 months, and unless we see a second wave of foreclosures, we may be somewhere near the market bottom.

Look at the chart below which includes all the sales and pending sales since January 2011.  Most of the solds were foreclosures, but the more recent pending sales are not.  And if you look at the list-to-sold-price ratio, 6 of the 9 sales were 99% or more of asking price, usually driven by multiple offers.

This chart doesn’t include the townhomes which are now selling for around $70,000.

If you are looking to purchase a single family home in Stagecoach and take advantage of low interest rates, you should look this summer.  I don’t know what the future holds and what other properties may come on as bank-owned, but I wouldn’t doubt if prices for single family homes and townhomes are within a few percentage points of being as low as they are going to get.

See all solds/pendings below. Read More→