HARRY'S BI-WEEKLY UPDATE 10.10.16
October 10, 2016
HARRY’S BI-WEEKLY UPDATE
A Current Look at the Colorado Springs Residential real estate Market
As part of my Personal Service, it is my desire to share current real estate issues that will help to make you a more successful and profitable buyer or seller.
EVEN WHEN I’M AWAY I’M BUSY WORKING FOR YOU
I spent the last nine days in Washington, DC, some of it for business and some for pleasure. On the business side, I attended two conferences on corporate relocation. The first was relocation Directors Council (RDC), an organization of which I am a Past President and Life Member. My contacts from here go back many years and I know when I have a client relocating to or from another city I can refer one of my clients to them and they will provide the same kind of excellent customer service that you’ve come to expect from me.
The second was the Worldwide ERC Global Workforce Symposium, where I get to meet with folks from all over the world who work in the relocation industry—from HR directors, real estate brokers, lenders, movers and so much more. The knowledge I gain at these twice a year meetings consistently proves invaluable in my work with relocating clients—either around the corner or around the world.
While there, I had the opportunity to meet with people in Colorado Senator Cory Gardner’s office concerning some issues that have been affecting my clients who use VA financing. I am pleased to have learned that through the work of myself and other frustrated brokers, Congress is making some changes that will hopefully ease the recent problems.
On the pleasure side, what can I say? I always find DC to be awe-inspiring. It’s amazing how much of “history” occurred during my lifetime and I’m grateful and thankful to all of those who came before me who helped fight for our rights and build our government. Seeing all the Memorials and Veteran Memorials gives me the opportunity to quietly thank those who served and gave their lives so that we may live in relative peace. The opportunities afforded me were and are only possible because of the struggles of those who came before.
There’s never enough time to take it all in and I look forward to returning soon.
IT’S THE SAME OLD STORY…AND FORTUNATELY FOR US…IT’S A GOOD ONE
September PPAR statistics continue to show the Pikes Peak housing market performing extraordinarily well and now we have 26 consequent months of year-over-year increased local Residential real estate sales.
Homes are selling at a whopping 99.6% of listing price. Not only that—the average days on the market is 31. This is fabulous news for both buyers and sellers.
As you will see in the Cumulative Year to Date Summary, total sales numbers in Single Family/Patio Homes are up 13.7 over September 2015 and Condo/Townhome sales are up 14.1% over the same time period.
The Monthly Summary shows that total active listings are down 24.0% for Single Family/Patio Homes and 20.2% for Condo/Townhomes compared to a year ago. This downward trend is continuing to be great for sellers. While new listings are slightly up, it continues to be more difficult, but certainly not impossible, for current buyers to find a new home. If you have been thinking of listing your home, now is the time. However, be prepared for a quick sale, which means you need to have an idea of what and where your next home might be located.
Median Sales Prices are up year-over-year 10% and 9.4% respectively for Single Family/Patio Homes and Condo/Townhomes—more wonderful news for both buyers and sellers.
We’re still experiencing some problems with longer lending approval times, bidding wars, delays in getting home appraisals and fewer homes available in the $300,000 and under range.
It’s vitally important in today’s market it is to know what you want, need and can afford prior to the hunt for a new home. There’s no longer the luxury of “let me think about it for a couple of days or even a few hours” at present, as you can see from the statistics.
With interest rates holding at historic lows and equity increasing at a good pace, now is the time to make your move either to sell and trade up or buy for the first time or for investment purposes. To get the ball rolling, simply call me at 598.3200 or email me at Harry@HarrySalzman.com and let’s see how I can put my special brand of customer service to work for you, your family members or co-workers.
SEPTEMBER 2016 WAS THE 26TH STRAIGHT MONTH OF INCREASED LOCAL RESIDENTIAL real estate SALES
Statistics provided by the Pikes Peak REALTORS Service Corp, or it’s PPMLS
Here are some highlights from the September 2016 PPAR report. Please click here to view the detailed 14-page report, including charts. If you have any questions, just give me a call.
In comparing September 2016 to September 2015 in PPAR:
Single Family/Patio Homes:
- New Listings are 1,395, Up 4.2%
- Number of Sales are 1,381, Up 16.0%
- Average Sales Price is $291,342, Up 8.9%
- Median Sales Price is $264,000 Up 10.0%
- Total Active Listings are 2,443, Down 24.0%
Condo/Townhomes:
- New Listings are 200, Up 21.2%
- Number of Sales are 211, Up 15.3%
- Average Sales Price is $198,915, Up 11.1%
- Median Sales Price is $175,000 Up 9.4%
- Total Active Listings are 221, Down 20.2%
COLORADO SPRINGS AREA MONTHLY SINGLE FAMILY/PATIO HOME SALES ANALYSIS*
Median Sales Price Median Sales Price
September 2016 September 2015
Black Forest $475,000 $411,250
Briargate $345,750 $293,500
Central $204,500 $193,300
East $218,500 $191,000
Fountain Valley: $229,700 $205,900
Manitou Springs: $385,000 $365,000
Marksheffel: $267,888 $248,000
Northeast: $250,000 $235,000
Northgate: $430,525 $370,500
Northwest: $369,000 $355,000
Old Colorado City: $191,500 $277,500
Powers: $250,500 $225,000
Southwest: $292,500 $270,000
Tri-Lakes: $411,000 $392,500
West: $270,000 $243,000
*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.
UCCS QUARTERLY ECONOMIC REPORT
The recently released Quarterly Economic Update from the UCCS Economic Forum also shows how consumer sentiment is continuing to fuel the national economy and the housing market. To view the10-page report in its entirely, please click here.
Some highlights include:
- The seasonally adjusted unemployment rate for El Paso County at the end of June was 4.5%, which is lower than the U.S. average
- Single family building permits in the Pikes Peak region increased 27% compared to a year ago
And one more reminder—the 20th Annual UCCS Economic Forum is being held this Friday afternoon at The Broadmoor. For more information and/or to register, contact: www.UCCSEconomicForum.com .
COLORADO SPRINGS IS #1 MOUNTAIN CITY ACCORDING TO MONEY MAGAZINE
The Gazette, 10.7.16
Colorado Springs was chosen by MONEY magazine as one of the six hottest spots for urban dwellers nationwide. It’s also considered “the easiest place to live”, even compared with the five other top cities.
Those of us who reside here already know this, but hey, it’s great to see that we get national recognition—even over Denver.
Employment here is rising at its fastest pace since 2000—outpacing the rate not only in Colorado, but also across the nation, MONEY reports.
According to the magazine, “Low crime, good schools, easy commutes, health care options, and increasing but still affordable home prices have earned Colorado Springs the top ease-of-living rank among our Best Cities”.
Citing our aerospace and cybersecurity industries, being “Olympic City U.S.A”, eclectic neighborhoods such as Old Colorado City, having Colorado College, a top liberal arts school, and of course, our “sun drenched” mountains, Colorado Springs has much to offers its residents the magazine says.
So I suppose our “secret” is out and it’s nice to see all the hard work that Mayor John Suthers and so many others are doing is reaping accolades in national publications. Way to go, Colorado Springs.
AND ANOTHER FEATHER IN OUR CAP…
Realtor.org 9.30.16
With this currently being one of the hottest fall housing markets in a decade nationally, Colorado Springs is right up there. We are #16 in the list of cities pinpointed as the “Hottest real estate Markets” in the nation for September.
Inventories in the top 20 markets are moving 23 to 43 days more quickly than the national average and listings are garnering 1.4 to 3.7 more views according to the latest data from realtor®.com.
According to Jonathan Smoke, realtor©.com’s chief economist, “The fundamental trends we have been seeing all year remain solidly in place as we enter the slower time of year.”
What that means is that short supply and high demand, along with rising prices, are not going away just yet. As I mentioned earlier, if you’ve been on the fence, don’t delay much longer or it’s going to cost you—one way or the other. Give me a call today and let’s see what we can do to help make all your residential real estate dreams come true.
