Real Estate Information Archive

March 28, 2025

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

I TOOK A FEW DAYS OFF FOR BASEBALL SPRING TRAINING IN PHOENIX BUT CAN NEVER STAY AWAY FROM YOU FOR TOO LONG…

It was nice to get away from the cooler weather for a bit but always nice to come back home as well.  I’m always optimistic that my “Colorado Rockies” are going to surprise me and win a few, but it usually isn’t in the cards. 

However, my optimism does pay off more with it comes to Residential real estate and I’ve got a lot of things to share with you.

The “traditional” spring buying and selling season is just getting underway and it appears that it’s going to be considerably busier than the last several years. 

There are several reasons for that.  First of all, those waiting for interest rates to go back to the historical lows of a few years ago and have been sitting tight are finally realizing that it’s not likely to happen any time soon, if ever again. 

Secondly, those waiting to sell and trade up or move to a new neighborhood but who do have those low rates now are considering their options. They can stay in a home they have outgrown or one that is too big or in a place where they no longer wish to live.  They can watch while homes they might want to buy keep appreciating in value.  Or…they can jump in full steam and know that their new home will also keep appreciating in value and when interest rates fall a bit they can likely refinance at a lower rate.

Lots of varied reasons for lots of different folks, but I am seeing a lot more interest and movement than in the recent past.

The higher interest rates and previous lack of existing homes for sale have keep some folks out of the market but we are seeing rates easing a bit and hopefully will continue to do so throughout the rest of the year. We are also seeing more folks putting their present homes up for sale which is creating a better market for all.

NOW is the time to start your search if you’ve even considered a move in the last year or more.  You might be surprised to find that the possible increased equity in your present home will provide you with a greater down payment which in turn will result in less of a monthly output than you might expect.

But you won’t know anything unless you get together with me and we figure out how to put your wants, needs and budget requirements to the best use to find just the right place for you and your family.

There are many ways to find the best financing as well and my almost 52 years in the local Residential real estate arena, along with my background in investment banking, gives me a heads up on most when it comes to finding the best deals for my clients.

And did I mention my superior negotiation skills?  Well, not to brag, but they don’t call me “Mr. Negotiator” for nothing and it gives me great pleasure to get the best of everything possible for my clients.

Give me a call today at 719.593.1000 or email me at Harry@HarrySalzman.com and together let’s see how your Residential real estate dreams can become reality in the best time frame for you.

 

And…if you’ve got two minutes and 46 seconds, I recommend that you take a look at my newest podcast on forecasts. 

Simply click on the link below and you will be directed to my personal YouTube channel.

To watch, click here:

                        https://youtu.be/scIM7NY5Q38

 

While you’re at it you might want to subscribe to my channel, so you won’t miss future broadcasts.  It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!

 

You can CLICK HERE to view the slides I refer to in my podcast from the National Association of Realtors (NAR) presentation of March 21, 2025.  I think you’ll find them informative.  Please give me a call if you have any questions.

 

U.S. NEW HOME SALES REBOUND IN FEBRUARY

The Gazette, 3.26.25

New homes sales nationally increased 1.8% to a seasonally adjusted annual rate of 676,000 units last month according to the Commerce Department’s Census Bureau.  Warmer weather and a decline in the mortgage interest rates pulled buyers from the sidelines.  Sales in January were revised up from their previously reported numbers as well.

Economists polled by Reuters had forecast new home sales, which make up about 15% of U.S. home sales, would rise to a rate of 679,000 units.  These homes are counted at the signing of the contract and they rose 5.1% on a year-on-year basis in February.

Existing homes sales rose 4.2% in February from January to seasonally adjusted annual rate of 4.26 million units, according to the NAR. 

As I mentioned earlier, nationally as well as locally, inventory for existing homes for sale has been rising as properties are taking longer to sell.  Homes nationally typically remained on the market for 42 days last month, up from 41 in January and 38 days last February.  In El Paso and Teller counties homes have remained on the market even longer than that in recent times.

This, however, was prior to the beginning of the traditional buying and selling season and I suspect sales will improve over the next 4-5 months.

 

YOUR ROADMAP TO HOMEOWNERSHIP…an Infographic

Keeping Current Matters, 3.21.25

SOME HIGHLIGHTS:

• Buying a home isn’t just a transaction—it’s a journey.  And like any great adventure, having a solid roadmap makes all the difference.
• From your first meeting with me to getting pre-approved, house hunting and signing papers on closing day—each milestone is an achievement.
• Your journey starts with a call to me so I can help make each step of the way easier and less stressful for you.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, March 2025

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report.

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD  

Updated March 2025, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy.

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month. 

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here. 

 

ERA SHIELDS STAT PACK

Data through February 2025, ERA Shields

Here is data from my company’s monthly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page, and you can click here to get the 5-page report in its entirety.

March 7, 2025

 

 

HARRY’S FYI…

 

 

 

 

 

Have a fabulous weekend…

 

March 6, 2025

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

As an eternal optimist, I wish I could give you a better report for the local and national Residential real estate markets, but between the high interest rates, low inventory and not so great weather, the last few months have been awfully slow but I’m thinking it’s going to be a busier spring buying and selling season than last year.

The one thing I would like to leave with you is this.  Home values are continuing to rise, although at a much slower pace than several years ago.  But…. the point here is that they ARE continuing to rise. 

What does that mean? 

For many families, their home is their greatest financial asset, and it is continuing to earn equity for them.  Over the 52 years I’ve been in Residential real estate, I’ve seen most every cycle imaginable, and I can tell you this:  Long term, home values almost always continue to work in the best interest of their owners. 

Over the long haul, real estate has proven to be a more predicable asset than stock or bonds and I do not see that changing. 

With the tariffs recently placed on Canada, who produces a great deal of the lumber we use in the United States in homebuilding, the cost will inevitably show up in the price of newly built homes.  That makes existing homes a greater commodity for those looking to buy.

And yes, there are always those looking to buy and those looking to sell. Their reasons may vary, but I’ve yet to see a time when that is not true.  Some years find a much slower pace due to market conditions that include interest rates, but over the long run a home is most always a great investment in the financial future of most families.

I can’t predict where the interest rates will land this year, and at the moment they are at the lowest level in the past two months, but I don’t see them falling below 6.25% by 4^th quarter of 2025 so that appears to become more the norm. 

According to Danielle Hale, an economist at realtor.com, “Eighty-three percent of homeowners with an outstanding mortgage currently have a sub-6% rate and 55% have a mortgage rate under 4%.”  She added that “many existing homeowners are still feeling locked in, timid to trade-up costs by taking on a new mortgage at a much higher rate.”

However, Hale does believe that will lessen over the next few months, with realtor.com predicting that 75% of outstanding mortgages likely will have a sub-6% rate by the end of 2025.  “Life happens and people will need to move due to job changes or family changes…this lock-in effect will gradually fade,” she said.

My advice? 

With the spring buying and selling season almost upon us, if you’re even thinking about making a move, now’s the time to talk about all things Residential real estate.  With listings on the rise, and interest rates slowly dropping, the time to get a hold of me “as soon as possible” so you’ll be ahead of the traditional “busy” season.

 

You can reach me at 719.593.1000 or by email at Harry@HarrySalzman.com and I’ve got the answers to your questions.

 

And now for statistics…

 

FEBRUARY 2025

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the February 2025 PPAR report.  You might note that while homes are selling at close to asking price as in the past several months, the days on the market are longer. 

 

In El Paso County, the average days on the market for single family/patio homes was 59.  For condo/townhomes it was 74. 

 

Also in El Paso County, the sales price/list price for single family/patio homes was 99.0% and for condo/townhomes it was 98.0%. 

 

In Teller County, the average days on the market for single family/patio homes was 88 and the sales/list price was 98.4%.

 

Please click here to view the detailed 10-page report, including charts.  If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.

 

In comparing February 2025 to February 2024 for All Homes in PPAR:

                       

                        Single Family/Patio Homes:

• New Listings were 1,181, Up 3.4%
• Number of Sales were 730, Down 7.8%
• Average Sales Price was $544,170, Up 6.4%
• Median Sales Price was $473,500, Up 3.8%
• Total Active Listings are 2,425, Up 32.5%
• Months Supply is 3.3

 

Condo/Townhomes:

• New Listings were 191, Up 2.1%
• Number of Sales were 98, Down 25.2%
• Average Sales Price was $343,873, Down 6.0%
• Median Sales Price was $325,000, Down 3.0 %
• Total Active Listings are 494, Up 40.7%
• Months Supply is 5.0

 

FEBRUARY 2025 MONTHLY INDICATORS AND LOCAL MARKET UPDATE ILLUSTRATE OUR LOCAL TRENDS IN DETAIL

Colorado Association of REALTORS^{® ,} Pikes Peak REALTORS Service Corp, or it’s PPMLS

Providing greater detail than the above report, this contains information on both El Paso and Teller counties for Residential real estate. 

The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year-to-Date one-year change:

 

• Sold Listings for All Properties were Down 9.0%

 

• Median Sales Price for All Properties was Up 3.0%

 

• Active Listings on All Properties were Up 26.2%

 

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical are of your choice from the 18-page Local Market Update.  It’s a good idea to check out your own area or one that you might be considering in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

COLORADO SPRINGS HOME PRICES CONTINUE TO RISE, ALTHOUGH AT A SLOWER PACE, IN LAST QUARTER 2025

The National Association of Realtors, 1.2025

Home prices finished strong in 2024, data from the National Association of Realtors (NAR) shows.  But in the last five years alone, median home prices have jumped 50%.

As I mentioned at the start of this eNewsletter, property owners are getting richer as home prices prove resilient against lower home sales.  Nearly 90% of measured metro areas registered home price increases in the final quarter of 2024, according to the latest housing data from NAR.

Fourteen percent of the 226 metros tracked posted double-digit price gains, up from 7% in the third quarter.

Compared to a year ago, the national median single-family existing-home price climbed 4.8% to $410,100. 

The median price of single-family homes in Colorado Springs rose 1.0% to $464,100 during the last quarter of the year, per NAR.  This price reflects detached, single-family and patio homes but not townhomes or condominiums.  

The median price in the Springs ranked 48^th highest of the 226 cities surveyed.  With more inventory and lower interest rates we would undoubtedly rank even higher.

According to NAR economist Lawrence Yun, “record high home prices and the accompanying housing wealth are definitely good news for property owners, however renters who are looking to transition into homeownership face significant hurdles.

The high home prices are making it difficult for real estate newcomers to save up for a down payment.  Still, FOMO (fear of missing out) may be setting in for those would-be homeowners as wealth accumulation for homeowners far outpaces that of renters as we discussed earlier.

To see all 226 metro areas in alphabetical order, please click here.  To see them in ranking order, click here.  Or click here to see what income levels are required to purchase homes based on either a 5, 10 or 20 percent down-payment.

If you have any questions, please give me a call.

 

HOME BUYERS ARE FINALLY GETTING THE UPPER HAND AGAIN

The Wall Street Journal, 2.23.25

Home buyers are having the most leverage over sellers in years.

The bidding wars of the past half-decade are fading in most parts of the country and instead, today’s buyers say they are finding sellers willing to lower prices or throw in extras to sweeten the deal.  Nationally, the average home is now changing hands for 2% less than the price on the listing, according to real estate brokerage Redfin.

Behind this shift in power balance is the growing supply of homes in some markets.  Nationally, new listings increased in January by almost 5% compared to last year which by one measure, is more for-sale homes than at any point in six years.

And, Colorado Springs had a 32.5% increase in active listings year over year in February.

At the same time, though, demand is easing because many would-be buyers are deciding not to purchase at today’s prices, which are up sharply from a few years ago.

A dearth of buyers has slowed down the housing market.  Nationally, existing home sales fell 4.9% in January from the prior month to a seasonally adjusted annual rate of 4.08 million, the National Association of Realtors (NAR) said last week.  Last year, home sales fell to the lowest level since 1995 for the second straight year.

And prices continue to rise as you can see from the local statistics. 

With mortgage rates at 6.75% as of today, this adds a considerable amount to the monthly payment compared to just a few years ago.  And the costs of insurance, property tax and homeowners association fees have been rising briskly as well.

Sellers have been sitting in a fantasy thinking their homes will sell as fast as they did several years ago.

And that’s where buyers can find wiggle room for greater negotiation. 

It’s still a slow dance so to speak, but with someone like me in your corner, if you’re ready to buy, I’m ready to help you find a way to do it that’s best for your individual situation.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, February 2025

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report.

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD  

Updated February 2025, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy.

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month. 

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here. 

 

 

February 20, 2025

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

A NOTE FROM THE EDITOR:

Well, this is a first.  

I’ve just been under the weather for a few weeks.  While Harry, my Realtor Extraordinaire husband and eNewletter author, always says “the show must go on” … I told him to speak for himself.  I’m not the energizer bunny he is.

That being said, I still wanted to get you all the January 2025 statistics that I know many of you enjoy and even use in your work.  And most especially since things are beginning to pick up in the local Residential real estate arena.

Harry said to be sure and tell you that the spring buying and selling season is almost upon us and if you’re even thinking about making a move, he’s here to talk to you about all things Residential real estate.  With listings on the rise, and interest rates slowly dropping, now is the time to get ready so you’ll be ahead of the traditional “busy” season.

You can email him at Harry@HarrySalzman.com or call him at 719.593.1000 and he’s got the answers to your questions.

 

And now for statistics…

 

JANUARY 2025

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the January 2025 PPAR report.  You might note that while homes are selling at close to asking price as in the past several months, the days on the market are longer.  I expect that to change if interest rates go down more.

In El Paso County, the average days on the market for single family/patio homes was 65.  For condo/townhomes it was 71.  

 

Also in El Paso County, the sales price/list price for single family/patio homes was 98.7% and for condo/townhomes it was 98.0%.  

 

In Teller County, the average days on the market for single family/patio homes was 77 and the sales/list price was 98.9%.

 

Please click here to view the detailed 10-page report, including charts.  If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.

 

In comparing January 2025 to January 2024 for All Homes in PPAR:

                        

                        Single Family/Patio Homes:

·       New Listings were 1,223, Up 27%

·       Number of Sales were 696, Up 4.2%

·       Average Sales Price was $548,541, Up 5%

·       Median Sales Price was $482,250, Up 7.2%

·       Total Active Listings are 2,514, Up 43.7%

·       Months Supply is 3.6

 

 

Condo/Townhomes:

·       New Listings were 204, Up 1% 

·       Number of Sales were 87, Down 19.4%

·       Average Sales Price was $369,817 Down 0.6%

·       Median Sales Price was $340,000, Down 5.6 %

·       Total Active Listings are 505, Up 51.7%

·       Months Supply is 5.8

 

JANUARY 2025 MONTHLY INDICATORS AND LOCAL MARKET UPDATE ILLUSTRATE OUR LOCAL TRENDS IN DETAIL

Colorado Association of REALTORS^{® ,} Pikes Peak REALTORS Service Corp, or it’s PPMLS

Providing greater detail than the above report, this contains information on both El Paso and Teller counties for Residential real estate.  

The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year-to-Date one-year change:

 

• Sold Listings for All Properties were Up 3.2%

 

• Median Sales Price for All Properties was Up 5.7%

 

• Active Listings on All Properties were Up 34.6%

 

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical are of your choice from the 18-page Local Market Update.  It’s a good idea to check out your own area or one that you might be considering in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, January 2025

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report. 

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

 

ERA SHIELDS STAT PACK

Data through January 2025, ERA Shields

Here is data from my company’s monthly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page, and you can click here to get the 5-page report in its entirety.

January 27, 2025

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

ONCE AGAIN…LOTS OF QUESTIONS ABOUT RESIDENTIAL real estate 

Well, the new year started off with both national and local reports about the state of Residential real estate and as I had been predicting…. U.S. home sales in 2024 fell to their lowest level in nearly 30 years—since 1995.

That being said, the optimist in me, along with my having lived through so many cycles in my almost 52 years in the business of Residential real estate, I believe this year will be one that helps turn around the trend of the last several years.

Yes, interest rates are over 7% at present, but that is only one side of the story.  As I’ve mentioned time and again, the 7% rate is not set in stone.  I work with a number of lenders who are more than willing to look at each individual situation and try to come up with a more workable interest rate.  Hey, they want to lend and are doing whatever it takes to make that happen if at all possible.

And, of course, rates will go down.  Not to the historic lows of several years ago—I doubt we will see those again soon or possibly ever—but they will probably settle in the 6.25% or a bit higher range by the end of 2025 per the National Association of Realtors (NAR) and at that time it will likely be possible to refinance and obtain a lower monthly payment.

The most important thing though is that home appreciation is still happening and that is not likely to stop.  So, while you may have a higher interest rate if you buy now, you are building equity which in turn is adding to your family’s wealth.  

For most, a home is their greatest financial asset and their biggest investment in themselves.  At the same time, it provides a place for you and your family to make memories and build a life together.  That in itself is priceless.

We are starting to see more homes come on the market this year in readiness for the spring buying and selling season.  I believe the reason is that those who were waiting for interest rates to drop before selling to trade up or move to a new neighborhood or location are finally accepting the fact that waiting is no longer a viable option.

Many folks have considerable home equity which will make moving a bit easier in terms of what the monthly output will be in new situation.  In some cases, the monthly payment could even be lower.  

And folks who are looking to stop paying rent and thus someone else’s mortgage will certainly appreciate the knowledge that the monthly payment is going to help their own financial future.

But all of this takes time and decision making, which of course is based on your individual wants, needs and budget constraints.  

And that’s where I can help.  If you have even considered a move, NOW is the time to figure this all out.  With more options, both in available homes and in interest rate choices, you might want to get ahead of the traditional spring buying and selling season so you will be ready to pounce once you find “the one”.

I look forward to meeting with you sooner than later because as you might suspect…Time is of the Essence…. or “the early bird gets the worm” as they say.  In this case, the early bird gets the opportunity to grow their personal assets first.  I like to see my clients get a jump on the rest as I know the excellent opportunities of which they can avail themselves.

Also very important to consider is that when interest rates do fall below 7% as they are forecasted to do, available homes will cost more since there will be greater demand.

 

Give me a call today at 719.593.1000 or email me at Harry@HarrySalzman.com and together let’s see how your Residential real estate dreams can become reality in the best time frame for you.

 

AND JUST TO SHOW YOU THAT 7% INTEREST RATES AREN’T SO BAD…

I just came across the ad for a mortgage company from 1985.  Guess this does back me up when I say I remember those days and even rates as high as 18%.  So, while 7% may look high…it’s low compared to other times in Residential real estate.

 

HOUSING SHORTAGE STILL A BIG OBSTACLE

The Wall Street Journal, 1.24.25

While volatile interest rates have hurt sales in the recent housing market, a severe shortage of existing homes for sale is probably the most critical obstacle for would-be buyers, according to Zillow Group Chief Executive, Jeremy Wacksman.

Wacksman said recently, “Not to oversimplify, but you really can boil the housing affordability crisis down to an availability crisis.  Getting more homes available is going to be ultimately what starts to unstick the housing market.”

This has certainly contributed to making 2024 the worst year since 1995 in homes sales both nationally and here in Colorado Springs, but as I’ve been telling you recently, listings are starting to pick up locally and I believe that will lead to more sales in 2025.

So once again, if you are ready, don’t delay.  The best time to prepare is now before the traditional spring buying and selling season.

 

IF YOU WANT TO BUY A HOUSE, FIRST FIGURE OUT HIDDEN COSTS

The Wall Street Journal, 1.7.25

If you are a first-time homebuyer you can easily get blindsided by costs other than the downpayment and monthly mortgage payments so it is always a good idea to consider what other hidden costs could pop up unexpectedly.

Some things to take into consideration BEFORE buying that first home can include:

 

• Home Insurance

 

• Maintenance

 

• Association Fees

 

• Property Taxes

 

• Utilities

 

I always work with my first timers to help them take into consideration most of the additional costs associated with homeownership that they might not have realized will be there.  

This is simply a heads up to remind first timers that there will be things that could affect how much they might want to spend on their first home so they can plan accordingly.  Most of those fees will be known upfront but it never hurts to plan ahead to avoid surprise costs later.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, December 2024

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report. 

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD   

Updated December 2024, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy. 

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month.  

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here.  

 

 

HARRY’S JOKE OF THE DAY:

 

FEATURED LISTING:  

The price was recently reduced so it might not last long, but this is a great buy in a good neighborhood.

January 8, 2025

 

HARRY’S BI-WEEKLY UPDATE

           A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

HAPPY NEW YEAR….AND WELCOME TO 2025

As we begin 2025, I wish all of you a happy, healthy, and prosperous year.  

2024 was another year of trials and tribulations in the Residential real estate market, both nationally and here in Colorado Springs.

High interest rates and the lack of existing homes for sale created the slowest market year since 2011.

However, U.S. pending home sales hit a 21-month high in November and as you will see from the statistics below, our listings and sales are on the rise as well.

We are seeing more listings for this time of year than in the recent past and I believe it’s due to a more optimistic outlook that seems to be permeating the housing market.  Folks are realizing that interest rates are not going back to the historic lows of 4 or 5 years ago and home prices are continuing to rise.

I always start my new year by predicting how I personally see the Residential real estate market affecting not only the Colorado Springs area, but also how it will affect my clients in general.  

My predictions for 2025 include the expectation that things will continue to be slow in terms of time.  It will take a bit longer to sell, and pricing adjustments might be necessary, but home values will still rise by 3% to 4%.  Nothing is “black and white” anymore and anything is negotiable, even interest rates. 

 

I also believe:

 

• Demand for existing homes will be strong due to lack of homes for sale.

 

• Interest rates on 30-year fixed-rate mortgages will drop down to the 6.2%-6.3% range by the end of 2025, which is great news since rates were as high as 7.75% in 2024.

 

• If homes are priced right, the probable number of days on the market will be around 60 days.

 

• Renters are going to continue to be looking to buy, if possible, due to higher rental rates.

 

• Homes will continue to appreciate as they have in the past, although not as rapidly.  As I’ve said time and again, you can’t only look at the last quarter or even the last couple of years.  real estate is a long-term investment. 

 

When you look at the value of home ownership compared to other investments, it’s still going to be extremely positive.  And even in a slow market as we’ve recently seen, our home values keep appreciating…although at a more “normalized” rate.

 

• For most, your home will likely continue to be your largest and fastest growing investment.

 

I have always said that no one can expect to buy at the lowest price point, nor sell at the highest.  It just isn’t possible and most anyone who thinks they can will likely lose in the long run.

Yes, prices are holding steady and those who are waiting for them to drop before they buy will likely not see this happen.  This is also reflected in the statistics below.  You can see that homes are selling at close to listing price and home values are not depreciating.

And, while it may be more difficult today, it’s still possible for you to find what you need, want, and can afford in a home.

With new companies relocating here or expanding their current business plans, we are seeing an influx of folks moving here for jobs and they are needing places to live. This is putting even more pressure on folks wanting to buy—either to sell and trade up, purchase a first home or even for investment purposes.

Since sales have been picking up recently, during what is traditionally the slowest time of the year, it appears that folks are starting to buy and sell much earlier than normal.  They aren’t waiting for the “traditional” spring buying and selling season.  

It’s important to note that with rising competition, folks starting to buy and sell earlier than normal, and still so few existing homes for sale, if you are in the market you need to be prepared to know exactly what you want, need, and can afford PRIOR to beginning the search.

That’s where I come into the picture.  The current market is not for the timid or inexperienced.  It takes a lot of advanced planning and knowledge of how to navigate these waters.

My almost 53 years in the local residential real estate arena, coupled with my investment banking background, give me an edge that my clients have found to be crucial in helping them and their families realize their personal real estate visions.

A new year brings with it a lot of new hopes and dreams. If Residential real estate is among your hopes and dreams for 2025, please give me a call at 719.593.1000 or email me at Harry@HarrySalzman.com and let me help make them come true.  

The earlier you begin the process, the earlier you will be realizing those dreams for you and your family.

 

And…if you’ve got two minutes and 24 seconds, I recommend that you take a look at my newest “crystal ball prediction” podcast . Simply click on the link below and you will be directed to my personal YouTube channel.

 

To watch, click here:

https://youtu.be/Fyz5j_6Ub7o

 

While you’re at it you might want to subscribe to my channel, so you won’t miss future broadcasts.  It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!

 

And now for statistics…

 

DECEMBER 2024

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the December 2024 PPAR report: 

 

In El Paso County, the average days on the market for single family/patio homes was 56.  For condo/townhomes it was 63.  

 

Also in El Paso County, the sales price/list price for single family/patio homes was 99.0% and for condo/townhomes it was 98.4%.  

 

In Teller County, the average days on the market for single family/patio homes was 66 and the sales/list price was 97.5%.

 

Since these are year-end statistics, I am providing you with both the regularly posted year-over-year monthly stats as well as the cumulative year-to-date comparison of 2024 to 2023.  

Please click here to view the detailed 10-page report, including charts.  If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.

 

In comparing December 2024 to December 2023 for All Homes in PPAR:

                        

                        Single Family/Patio Homes:

·       New Listings were 707, Up 22.5%

·       Number of Sales were 877, Up 12.9%

·       Average Sales Price was $545,969, Up 5.0%

·       Median Sales Price was $485,000, Up 6.6%

·       Total Active Listings are 2,505, Up 32.5%

·       Months Supply is 2.9, Up 2.5%

 

 

Condo/Townhomes:

·       New Listings were 116, Down 0.9% 

·       Number of Sales were 111, Down 2.6%

·       Average Sales Price was $351,532, Down 1.0%

·       Median Sales Price was $340,000, Up 3.0%

·       Total Active Listings are 502, Up 62.5%

·       Months Supply is 4.5, Down 23.7%

 

 

The Cumulative YTD Summary: (comparing Jan-Dec 2024 to Jan-Dec 2023)

 

                        Single Family/Patio Homes:

• New Listings were 16,173, Up 8.7%
• Sales were 11,503, Down 2.0%
• Average Sales Price was $549,346, Up 2.1%
• Volume was $6,319,127,038, Up 0.1%

 

Condo/Townhomes:

• New Listings were 2,660, Up 14.8%
• Sales were 1,695, Down 1.7%
• Average Sales Price was $368,540, Up 0.2%
• Volume was $624,675,300, Down 1.6%

 

Now a look at more statistics…

 

DECEMBER 2024 MONTHLY INDICATORS AND LOCAL MARKET UPDATE ILLUSTRATE OUR LOCAL TRENDS IN DETAIL

Colorado Association of REALTORS^{® ,} Pikes Peak REALTORS Service Corp, or it’s PPMLS

Providing greater detail than the above report, this contains information on both El Paso and Teller counties for Residential real estate. 

The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year to Date one-year change:

 

• Sold Listings for All Properties were Up 15.5%

 

• Median Sales Price for All Properties was Up 5.9%

 

• Active Listings on All Properties were Up 25.5%

 

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical are of your choice from the 18-page Local Market Update.  It’s a good idea to check out your own area or one that you might be considering in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

ERA SHIELDS 2024 RESIDENTIAL real estate REVIEW….AND A 2025 FORECAST

ERA Shields, January 2025

I am happy to share with you the “Colorado Springs Residential real estate 2024 Annual Review and 2025 Forecast” that is produced by my company.  I believe you will find the information to be quite helpful and if you have any questions, you know where to reach me.

To read the report in its entirety please click here.  I have reproduced several pages below.

THE NATION’S HOTTEST housing market IN 2025?  IT’S COLORADO SPRINGS SAYS A NEW FORECAST

The Gazette, 12.10.24

According to an annual forecast released in early December by Realor.com, Colorado Springs ranks as the nation’s No. 1 housing market for 2025 due to hefty increases in homes sales and prices.

Our top spot results from a 27.1% expected jump in the number of home sales in 2025 compared to 2024 and a 12.7% year-over-year predicted appreciation in prices.  Combined, those two percentages gave the city the No. 1 ranking in the Realtor.com forecast for this year.

However, nice as all that sounds, I, among many local professionals, do not agree with that, especially since we have not seen that type of appreciation since the heydays of 2022 when interest rates had fallen to 3% and below.

Also, with so few available existing homes for sale, it’s not likely we would see such a percentage jump at present.

Lawrence Yun, chief economist for the National Association of Realtors (NAR) predicted in December that homes sales nationally would rise by about 10% in 2025 and prices would increase by just 2%.  It’s quite doubtful that Colorado Springs is going to significantly exceed those predictions.

However, Realtor.com is sticking with those predictions.  Ralph McLaughlin, senior economist for Realtor.com said via email, “While we don’t have a history of commenting on others’ opinions of our forecast, our models suggest that Colorado Springs is poised to be an overperformer in the housing market in 2025”.

Well…I can only say…let’s hope he’s even close to right, but certainly not count on it.

December 30, 2024

 

 

HARRY’S NEW YEAR’S GREETING

 

 

 

You already knew that, but I just wanted another opportunity this year to tell you how much I appreciate you as clients and friends.

 

 Here's wishing everyone a very happy, healthy, peaceful and prosperous 2025.

 

 I look forward to seeing you next year!

 

December 23, 2024

 

 

HARRY’S HOLIDAY GREETING

 

 

 

Wishing all who celebrate a Happy Christmas and a Merry Chanukah.

And wishing everyone a very happy, healthy and prosperous 2025.

 

 

December 9, 2024

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

AS 2024 COMES TO A CLOSE, THERE ARE STILL LOTS OF QUESTIONS IN REGARD TO THE housing market

I keep getting more and more questions. 

And in wanting to provide answers, I look at what’s happening now and read about the projections for 2025 which seem to be considerably brighter than when we entered 2024.

As you will see from much of the statistics below, homes are still selling, although they are staying on the market a considerably longer time than was the case several years ago.  And, more importantly, while home appreciation is up, homes are still selling at very close to list price—a great thing for sellers.

Now that the uncertainty of the presidential election is past, we are starting to see things pick up and I expect the housing market will rebound, although slowly, in 2025.

Folks who have been holding back due to the lower interest rates they may have gotten several years ago are realizing that selling to trade up is going to be considerably more expensive.  Home prices are NOT going down anytime soon, if ever.  And interest rates are not going back to the 2%-3% of the recent past either.  

While new homes will cost more, it’s likely there is considerable equity in your present home that you can use for a downpayment and possibly keep your monthly output similar or close to what it is now.

But, of course, you can’t know any of this without sitting down with me to figure it all out.  Together, you and I can look at your individual wants, needs and budget requirements and come up with a plan that can work just right for you and your family.

As most of you know, my motto has always been, “Where there’s a will, there’s Harry!”  I’ve been fortunate in my 51 plus years in the local Residential real estate arena to have helped so many families find their dream home.

When you couple that experience with my background in investment banking, you can better understand why I’m not only able to find the best home for each individual situation, but most often the best mortgage options for my clients as well.

I’m so fortunate to still be working with so many of my original clients as well as their children and even grandchildren and it’s a privilege I never take for granted.

When you read further on you will see why I’m so optimistic about 2025 and why I strongly advise you to start early if buying or selling is in your near future.

Simply email me at Harry@HarrySalzman.com or call me at 719.593.1000 and let’s get started today. 

You’ll find this eNewsletter a big longer than usual…. but it’s the last regular one for 2024 and I thought you might like to see statistically why I’m so optimistic about the future of the Colorado Springs area housing market.

 

And, if you’ve got two minutes and 36 seconds, check out my new and improved video podcast. Click on the link below and you will be directed to my personal YouTube channel.

https://youtu.be/_2bRJ3e7U8M

 

While you’re at it you might want to subscribe to my channel, so you won’t miss future broadcasts.  It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!)

 

And now for statistics…

 

NOVEMBER 2024

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the November 2024 PPAR report.  You might note that while homes are selling at close to asking price as in the past several months, the days on the market are longer.  I expect that to change if interest rates go down more.

 

In El Paso County, the average days on the market for single family/patio homes was 51.  For condo/townhomes it was 70.  

 

Also in El Paso County, the sales price/list price for single family/patio homes was 98.9% and for condo/townhomes it was 98.3%.  

 

In Teller County, the average days on the market for single family/patio homes was 76 and the sales/list price was 97.9%.

 

Please click here to view the detailed 10-page report, including charts.  If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.

 

In comparing November 2024 to November 2023 for All Homes in PPAR:

                        

                        Single Family/Patio Homes:

·       New Listings were 893, Down 0.2%

·       Number of Sales were 894, Up 25%

·       Average Sales Price was $553,014, Down 0.3%

·       Median Sales Price was $485,000, Up 4.0%

·       Total Active Listings are 3,092, Up 29.0%

·       Months Supply is 3.5, Up 1.2%

 

 

Condo/Townhomes:

·       New Listings were 134, Down 9.5% 

·       Number of Sales were 110, Up 1.9%

·       Average Sales Price was $342,556, Down 8.9%

·       Median Sales Price was $344,500, Up 2.6 %

·       Total Active Listings are 591, Up 58.4%

·       Months Supply is 5.4, Up 31.6%

 

NOVEMBER 2024 MONTHLY INDICATORS AND LOCAL MARKET UPDATE ILLUSTRATE OUR LOCAL TRENDS IN DETAIL

Colorado Association of REALTORS^{® ,} Pikes Peak REALTORS Service Corp, or it’s PPMLS

Providing greater detail than the above report, this contains information on both El Paso and Teller counties for Residential real estate.  

The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year-to-Date one-year change:

 

• Sold Listings for All Properties were Up 23.5%

 

• Median Sales Price for All Properties was Up 3.3%

 

• Active Listings on All Properties were Up 26.2%

 

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical are of your choice from the 18-page Local Market Update.  It’s a good idea to check out your own area or one that you might be considering in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

COLORADO SPRINGS RANKS #75 IN THE Q3 2024 FHFA HOUSE PRICE INDEX

Federal Housing Finance Agency, November 2024

The recently published FHFA House Price Index for third quarter 2024 lists Colorado Springs as #75 out of the top 100 in house price changes during that quarter. 

Nationally, home prices were up 4.3% year-over-year according to the Federal Housing Finance Agency (FHFA) and up 0.7% compared to Q2 2024.  

According to Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics, “U.S. house price growth slowed in the third quarter, continuing a trend that started in the fourth quarter of the previous year.  While house prices continued to increase because housing demand outpaced the locked-in housing supply, elevated house prices and mortgage rates likely contributed to the slowdown in price growth”.

Colorado Springs is still in the top 100 and moved up from #87 in the Second Quarter 2024 indicating our housing market strength.  Our lack of available homes for sale has kept us from ranking considerably higher and I am hopeful that things will begin to turn around in the first quarter of 2025.

And, we are above Denver which ranked #92, which is a fabulous news.  

Below are copies of the entire list as well as of the Colorado Springs changes.  Any questions?  You know where to reach me.

 

 

FANNIE MAE AND FREDDIE MAC WILL SOON BACK MORTGAGES UP TO ALMOST $1 MILLION

USA TODAY 11.26.24

Starting in 2025, the federal government’s support for homeownership will expand as home prices continue to surge and borrowers struggle to buy.

Fannie and Freddie, the mortgage guarantors linked to the federal government will back mortgages up to $806,500, their regulator said several weeks ago.

Assuming a down payment of roughly 20%, the most expensive homes financed by those mortgages will cost nearly $1 million.  This is another milestone in a market that already feels sharply divided between Americans who own homes and those hoping to do so.

While Fannie and Freddie don’t lend directly, their role is to buy the mortgages that financial institutions like banks offer borrowers.  That makes it possible for lenders to offer more loans by providing a sure way to offload them.

This is great news as home prices are certainly not going down and borrowers are looking for the best deal for their individual needs and budgets.  The raised limits will help a lot more people and will help some avoid having to seek so-called “jumbo mortgages” which can be a harder process.

 

WHY THIS WINTER IS A SWEET SPOT FOR SELLING…an Infographic

KeepingCurrentMatters, 12.6.24

Some Highlights:

• If you are thinking about selling your house, these are a few of the reasons why you may want to do it this season.
• Buyers looking right now are serious about moving and the number of homes for sale is typically lower this time of year which will help your home stand out.
• While inventory is higher this year than it’s been in the past few winters, you’ll still be in this year’s sweet spot before the upcoming traditional spring selling season.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, November 2024

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report. 

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD   

Updated November 2024, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy. 

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month.  

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here.  

 

 

ERA SHIELDS STAT PACK

Data through November 2024, ERA Shields

Here is data from my company’s monthly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page, and you can click here to get the 5-page report in its entirety.

November 25, 2023

 

 

 

HARRY’S THANKSGIVING GREETING

 

 

 

Wishing you and yours a happy, safe, and plentiful Thanksgiving holiday…