HARRY'S BI-WEEKLY UPDATE 11.6.18
November 6, 2018
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.
Current events make what I do every day for a living seem far less important than what I feel for my fellow Americans and how I act accordingly.
I begin writing this yesterday with a heart full of hope for the future. The events of the past few weeks all across our country have shown me several things. The first is that there is a small group of people who for some reason cannot accept that our great country is made up of all different kinds of folks. There are people of different nationalities, religions, political or sexual preferences and more. And this being America—built as a big melting pot for all—it’s difficult to comprehend why there needs to be such division and hatred. Differences could and should be celebrated, and understanding could and should be practiced more.
That being said, the greatest thing I witnessed is how the people of Colorado Springs came together to show solidarity in the wake of the shooting at the Tree of Life Synagogue in Pittsburgh. There was a prayer vigil held last week at Temple Shalom and it was standing room only as we heard from Rabbi Jay Sherman and religious leaders of all faiths, along with Colorado Springs Police Chief Pete Carey and many other city officials. The sanctuary was filled with folks from all walks of life and all religious and political beliefs. They came together to decry “Stronger than Hate” and show that in the end, we are all just folks trying our very best to get along in a world that doesn’t always make it easy to do so.
This gave me great hope for the future of our community and made me proud that I call Colorado Springs my home. I’d like to thank all the community and religious leaders, as well as my fellow citizens, who took the time to show that we’ve got more in common than we have differences and that each and every one of us can be the catalyst for peace.
And now for October statistics…
Homes are selling at 99.5% of listing price with the average days on the market at a low 29.
This continues to be great news for both buyers and sellers and with homes not selling at such a frenzy but still selling quickly, it still necessitates knowing where you plan to move next prior to listing your present home. While it’s still a Seller’s Market at the moment, median home prices will likely start to rise a bit slower in future months as more homes come on the market after the holidays. So even with higher interest rates, folks will still be able to afford to buy.
The Monthly Summary shows that compared to a year ago, total active listings are up 22.4% for Single Family/Patio Homes and up 64.7% for Condo/Townhomes. New listings are up 2.2% for Single Family/Patio Homes up 15.1% for Condo/Townhomes.
I’m not surprised about the fewer new listings as mortgage rates, while still very reasonable, are the highest they’ve been in seven years and home prices are rising significantly. Folks are realizing that it’s possible they will be priced out of buying a “trade up” home, either because of the potentially higher monthly payments or because potential buyers for their existing home may find it harder to qualify. In either case, higher rates are not going to disappear, and home prices won’t keep up the current pace but will certainly continue to rise.
OCTOBER 2018 AGAIN BROUGHT SUBSTANTIAL GAINS IN HOME VALUES BUT LOWER NUMBER OF SALES
Statistics provided by the Pikes Peak REALTORS Service Corp, or it’s PPMLS
Here are some highlights from the October 2018 PPAR report. A look at the Median Sales Prices will show that prices are continuing to rise while sales are also continuing to slow down. Please click here to view the detailed 15-page report, including charts.
As you will see, all areas but one had an increase in median home prices year-over-year. If you’re shopping for a new home, it’s going to cost you more, but remember, you can likely use the increased equity in your present home to make up the difference. If you have any questions about the report or to find out how your individual situation relates to the stats, just give me a call.
In comparing October 2018 to October 2017 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings are 1,349, Up 2.2%
· Number of Sales are 1,320, Down 7.8%
· Average Sales Price is $345,770, Up 9.0%
· Median Sales Price is $305,750, Up 11.2%
· Total Active Listings are 2,374, Up 22.4%
· Months Supply is 1.8
Condo/Townhomes:
· New Listings are 213, Up 15.1%
· Number of Sales are 216, Up 2.4%
· Average Sales Price is $229,470, Up 14.8%
· Median Sales Price is $211,125, Up 8.3%
· Total Active Listings are 196, Up 64.7%
· Months Supply is 0.9
COLORADO SPRINGS AREA MONTHLY SINGLE FAMILY/PATIO HOME SALES ANALYSIS*
Median Sales Price Median Sales Price
October 2018 October 2017
Black Forest $519,250 $510,000
Briargate $390,000 $369,500
Central $244,000 $239,000
East $258,447 $239,925
Fountain Valley: $275,000 $260,000
Manitou Springs: $385,000 $383,000
Marksheffel: $341,350 $321,955
Northeast: $309,500 $284,500
Northgate: $460,000 $449,900
Northwest: $405,000 $413,500
Old Colorado City: $338,750 $266,200
Powers: $293,000 $275,000
Southeast: $234,950 $210,000
Southwest: $351,000 $331,000
Tri-Lakes: $489,000 $441,000
West: $327,950 $267,500
*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.
If you’re even considering a move and wondering how to make it happen, NOW is the time.
Simply give me a call today at 593.1000 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 who might also be looking.
COLORADO SPRINGS MEDIAN HOME PRICE INCREASE IS 200% OVER THE USA
National Association of REALTORS, November 1, 2018
After reading the just published “Median Sales Price of Existing Single-Family Homes for Metropolitan Areas”, I am thrilled to give you the great news for Colorado Springs.
The U.S. MSA gain in the third quarter was 4.8% The Colorado Springs gain was 11.2%, which is more than 200% more than the national average! In fact, Colorado Springs was #2 in the U.S. in appreciation!
The survey is based on the top 178 metropolitan statistical areas (MSAs) and is every closing that took place in these cities. In the last quarter, and 166 out of the 178 showed sales price gains in the third quarter compared to a year ago.
There are two reports-- one ranking cities alphabetically and one ranking them by median sales price. In the second, Colorado Springs was ranked at number 26 in the highest median sales price gain out of the 178 studied MSAs. As you might expect, most of the first 25 cities were on the east or west coast. Boulder came in 7th and Denver was 12th.
There are a number of reasons for Colorado Springs being Number 2 in Median Sales Price appreciation. Our economy is booming, there are a number of high paying jobs just waiting to be filled, millennials are flocking to our city, we’ve made the “top 10” lists in so many categories such as “Best Place to Live”, etc. etc. etc.
As more homes come on the market, we will see a slowing down of median price increases. However, I predicted early this year that we’d be on track for 7-8% this year and while it’s been a bit more, I believe it will level down some which will help those who still need to find affordable homes.
To view the entire survey by appreciation, please click here. For the alphabetical list, click here.
SOME MORE KUDDOS AND STATISTICS FOR COLORADO SPRINGS…
With thanks to the Chamber & EDC
#1 Most Desirable Place To Live – 2018 U.S. News & World Report
#1 Fastest Growing City for Millennials -- 2018 Brookings Institution
#2 Best Places to Live -- 2018 U.S. News & World Report
2ndLargest City in Colorado -- 690,200+ County population
300,000+ growth in population by 2030
$27 Billion Annual Regional Economy
Affordability:
$305,750 Median Home Price
$56k Median Household Income
4.1% Unemployment Rate
Cost of Living: 0.9% Below National Average and 15.2% Below Denver average
A Growing Workforce:
Average Age: 34
38% of residents holding a bachelor’s degree or higher
AND LAST BUT NOT LEAST…COLORADO SPRINGS IS ONE OF TOP 20 U.S. CITIES FOR TECHNOLOGY WORKERS
The Gazette, 10.23.18
Colorado Springs ranked as one of the top U.S. cities for technology workers, offering the best combination of quality of life and job prospects in a study released last month by the Computing Technology Industry Association.
The rankings were compiled from job posting data from August 2017 to this July by CompTIA comparing 20 metro areas of more than 250,000 population where the demand for technology workers is greatest. The rankings were based on cost of living, number of open information-technology positions and expected job growth over the next 12 months and five years.
Colorado Springs stood out because of defense contractors serving local military bases have been a key source of information technology jobs, and the city has a cost of living that’s slightly above average, IT workers’ salaries above the national average and steady job growth in the industry.
The study said Colorado Springs was “the first city to log onto the world wide web in 1968 and has a rich history of advancing the IT industry.” CompTIA said the Springs is “a natural fit for IT and cybersecurity companies looking to grow”.
UCCS ECONOMIC FORUM DASHBOARD
UCCS Economic Forum, Updated 10.26.18
As always, I like to share with you the information I receive from the UCCS Economic Forum as soon as I get it. It provides you with the Big Picture of the U.S. Economy as well as what’s happening in the Colorado Springs area.
Once again, very positive data and worth a look. To view the 32 charts, please click here.
If you have any questions, please give me a call.
