October 13, 2015

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.

COLORADO SPRINGS REGIONAL BUSINESS ALLIANCE PRESENTED ME WITH A COMMUNITY SUPPORT “AWARD FOR EXCELLENCE”

Most of you know that a word I often use is “WOW” and Saturday night was a VERY big “WOW” for me.

At the Annual Colorado Springs Business Alliance’s Business and Industry Awards Dinner at The Broadmoor, I was totally surprised and overwhelmed when CEO Dirk Draper called me onto the stage and presented me with this award.

Having lived in Colorado Springs since 1972, I have always made it a priority to volunteer my time in serving the City of Colorado Springs, civically and in the corporate and non-profit sector.  This is something I believe important for any successful citizen.  Colorado Springs is my home, the place where I earn a living and the place where I take great pleasure in helping folks to relocate.  As I tell everyone I meet all over the country—this is the place where “America the Beautiful” was written and there’s a reason for that. 

I do what I do because it is my sincere belief that the only way to show my appreciation is to give back.  I am only one of many in this community who do the same—and we all do it with the hope that we are building a better future for the town that has given us so much.

We do what we do for the sake of doing it, but I found out Saturday evening just how gratifying it is to also get public recognition for it. 

I want to take a moment to thank the RBA, but even more I’d like to thank all of you, because without your confidence in me as your REALTOR® I would never have been in a position to accept this award.

Please excuse this bit of self-serving promotion, but of all the awards I’ve received over the years, this one is special due to its special significance to my life.

 Again…I thank you all.

 

AND SPEAKING OF “WOW”…

When is the last time YOU said “WOW” and really meant it?  Those of you who have been house hunting with me use it often and with good reason.  I do the homework to make certain that I can find the home that fits not only your needs and wants, but your budgetary concerns as well.

If you or anyone you know is in the Residential real estate market, why not find your own “WOW” by giving me a call at 598.3200 or email me at Harry@HarrySalzman.com and let’s discuss how we can make that happen.

 

RESIDENTIAL real estate SALES INCREASE FOR 15TH STRAIGHT MONTH

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

I am thrilled to report that things are continuing to look excellent for the Pikes Peak Region in the Residential real estate Market.

In the Cumulative Year-To-Date Summary you will see that total sales numbers in Single Family/Patio Homes are up 18.8% over the same period last year.  And Condo/Townhome sales are up 32.4% over the same period last year.  This is especially significant because we are approaching the time of year that home sales tend to slow down due to the holiday season.

While total active listings still remain down from the same period last year, new listings in October were up slightly in the Single Family/Patio Homes category and up 24.1% in the Condo/Townhome category in year over year comparison.

These numbers continue to reflect strong consumer confidence and local job growth.  Many people are taking advantage of increased home equity in order to sell and trade up while getting still historically low interest rates.

Increased new listings mean more choices for those looking to buy, but with homes selling quickly it’s important to know what you want, need and can afford prior to the hunt for a new home.  Making a quick decision can be necessary at times in order to get the home you want. 

Here are some highlights from the October 2015 PPAR report.    You will see below that I have changed the comparison on the Monthly Sales Analysis to better help you see the year-over-year increase in Median Sales Prices.  This really illustrates how the Pikes Peak Region has done during the Housing Recovery.  Please click here to view the detailed 13-pages, including charts for October 2015. If you have any questions, as always, I’m just a phone call away at 598.3200.

In comparing October 2015 to October 2014 in PPAR:                      

                        Single Family/Patio Homes:

  • New Listings are 1197, Up 0.8%
  • Number of Sales are 1,107, Up 13.9%
  • Average Sales Price is $263,584, Up 2.7%
  • Median Sales Price is $234,900, Up 4.4%
  • Total Active Listings are 2,936, Down 16.1%

                        Condo/Townhomes:

  • New Listings are 180 Up 24.1%
  • Number of Sales are 166, Up 23.9%
  • Average Sales Price is $169,350, Up 4.8%
  • Median Sales Price is $155,000, Up 5.4%
  • Total Active Listings are 253, Down 34.5%

COLORADO SPRINGS AREA MONTHLY SINGLE FAMILY/PATIO HOME SALES ANALYSIS*

Comparing Year-Over-Year Median Sales Prices

                                                Median Sales Price             Median Sales Price

                                                October 2015                                    October 2014

Black Forest                             $423,500                              $393,500

Briargate                                   $292,750                              $272,750         

Central                                      $204,150                              $176,500

East                                           $187,500                              $175,250

Fountain Valley:                       $199,900                              $190,950

Manitou Springs:                     $295,000                              $275,250

Marksheffel:                              $264,500                             $258,000

Northeast:                                 $233,000                             $220,000

Northgate:                                $398,450                              $350,000         

Northwest:                                $334,950                              $307,250

Old Colorado City:                   $242,000                             $174,450

Powers:                                     $230,000                             $222,000

Southwest:                                $276,000                             $240,500

Tri-Lakes:                                  $430,609                             $349,625

West:                                         $272,500                             $242,500

*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.

 

ON VETERAN’S DAY…IT’S TIME FOR THANKS

I’ve always been so “Proud to be an American” as the song goes and with that I am aware of the many sacrifices that have been made in the past and continue to be made each and every day to ensure that we all can live in peace in the greatest country in the world. 

With Veteran’s Day this week I especially want to give a shout out to all who have served and those currently serving in our Armed Forces. 

Living in a city that has so much military presence and having worked with so many of these families in relocation, I am acutely aware of the hardships and personal sacrifices these folks make.  We all owe them a tremendous debt of gratitude, on Veterans Day and every day.

THANK YOU VETERANS -- ONE AND ALL.

 

FEDERAL RESERVE KEEPS SENDING MIXED MESSAGES

                           

I happened to see this illustration in The New York Times Sunday magazine a couple of weeks ago and thought it actually more “right on” than humorous and wanted to share it with you.

It’s been more than a year since I’ve been telling you that the historically low interest rates are going to rise and I’m still confident that is going to happen…I just no longer can begin to predict “when”.

Janet Yellen, Federal Reserve Chair, said this week that an interest rate hike in December would be a “live possibility” if the economy stays on track.  She has said that the U.S. economy is “performing well” at the moment, with solid growth in domestic spending.  However, she stressed that no decision has been made yet and a move in December will depend on how the economy performs up until that time. 

What is the bottom line here?  The thing I know about interest rates is that I don’t know when they will rise.  But what I DO know is that when the do, it will be the beginning of the end of historically low mortgage loans.  Will they go right back to 10 or 12 percent?  Absolutely not in the foreseeable future.  But even moving up a percentage point or two will make a difference in monthly payments and also affect some people’s ability to qualify for a mortgage. 

This is another “heads up” to those who have been sitting on the fence.  If you’ve even considered a move or buying for the first time, now is the time to consider all your options.  Just give me a call and let’s see if it’s a possibility at present.   

 

U.S. HOME SALES HEADED TO BEST YEAR SINCE 2007 BUT FIRST-TIME HOME BUYS ARE NEAR 1987 LEVEL

The Wall Street Journal, 10.23.15

September was a big month for home sales in the U.S. with existing-home sales climbing 4.7% to a seasonally adjusted 5.5 million--8.8% above a year ago at this time.  This puts the market on pace for its best year since before the recession.

Lawrence Yun, chief economist for the NAR, has said that better job growth, continued low mortgage rates and pent up demand are fueling this activity.  Home prices are rising much faster than income, though, and this is creating a problem for young buyers trying to save for a down payment. 

Prices have been driven up by an increase of college-educated professionals and a lack of new construction nationally.  The combination of rising prices and affordability constraints is beginning to weight on the market. 

Listings remain a problem and Yun said,  “Come spring of next year, based on the current trend, we find we could be facing really tight inventory once the spring buying season returns, unless home builders really ramp up production.”

In conjunction with this, first time home buys fell to 32% of all purchasers in 2015 from 33% last year, the third straight annual decline and the lowest percentage since 1987.  According to economists, the historically low share of younger buyers could pose long-term challenges.  Without these buyers, current owners have difficulty trading up or selling their homes when they retire. 

Most first time buyers have said their biggest challenge beside saving for a down payment was the money owed on student loans.  And with rental rates increasing steadily, it’s really tough for them to put money aside.  The new down payment and loan qualification regulations are helping some of these first timers but others will just have to wait. 

So…more mixed news…home sales are up, but along with them are higher prices and decreased affordability.  Again…the time to Buy is NOW.

 

HARRY’S JOKES OF THE DAY ( courtesy of the Internet and not such a joke when you think about it!)