December 7, 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.                     

 

LIKE A PHOENIX...COLORADO SPRINGS SURVIVES AND THRIVES

You’ve no doubt seen Colorado Springs in the news this past week for reasons that are beyond any rational comprehension.  Violence like that doesn’t really touch home until it really touches home.  “Black Friday” was indeed Black Friday, or as a nephew of the police officer killed said, it became “Blue Friday” for a number of reasons. 

For me personally, this past week has been both disturbing and enlightening at the same time. 

Disturbing, because of the senseless act of one individual who somehow felt the need to express his feelings in a totally abominable way.   And enlightening, because of the strength and resilience shown by not only our first responders, but by the entire community at large. 

I’m not here to politicize the situation—I’ll leave that to others who feel the necessity to do that—but I am here to say that, like the widow of our UCCS policeman who was killed in this unfortunate turn of events—I was overwhelmed not as much by sadness but by the abundance of kindness and community support shown in the wake of tragedy. 

Beginning with the Waldo Canyon fire and other disasters that enveloped our City in recent years, I’ve been acutely impressed by the way our community has responded to crisis when put to the test.  From the first responders and local and state elected officials to the proud citizens—I’ve seen an outpouring of compassion, assistance and fortitude that makes me proud to be a Coloradan, and most especially a resident of Colorado Springs.

I want to take a moment to remember the three Colorado Springs residents who gave their lives a little more than a week ago and to wish a speedy recovery to those still recuperating from their injuries. 

I’d also like to especially thank Governor John Hickenlooper and my good friends Mayor John Suthers and UCCS Chancellor Pamela Shockley-Zalabak for their unwavering strength, not only in this time of crisis but in all they do for our state and community in order to make it a great place to live and work.  They suffered along with all of us, yet were able to provide the leadership so very necessary when it was required.  They did us proud.

And so, while as a City we are still mourning, I’m feeling confident that the thing that will define Colorado Springs is not the tragedy that occurred, but the manner in which the entire community rose up to meet that tragedy.   

 

NOVEMBER 2015 IS THE 16TH STRAIGHT MONTH OF INCREASED LOCAL RESIDENTIAL real estate SALES

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

And so it continues.  I am happy 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 is up 17.6% over the same period last year.  And Condo/Townhome sales are up 29.9% over the same period last year.

You will also see in the Monthly Summary that while total active listings still remain down from the same month last year, new listings in November were up 15.5% in the Single Family/Patio Homes category and up 0.8% for Condo/Townhomes for the same period.

These numbers continue to reflect strong consumer confidence and local job growth, along with the still historically low interest rates.  It looks like these rates will soon be on the rise and folks are taking notice and acting while there’s still time.

Increased new listings mean more choices for those looking to buy. However, I’ve seen quite a selling frenzy in the past week, along with multiple bids over listing price that make it difficult to compete. I presented an offer for over listing price that was passed over for one that was for listing price, but all cash and a very short closing time.

It’s more important than ever 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. 

If you’ve been thinking about using the current equity available in your present home for a down payment on a new home, don’t wait any longer if you want to take advantage of the still low interest rates.  “Wait and see” is no longer an option in most cases.

To discover the options available for you, give me a call sooner than later and let’s see what we can do to make this happen.  I can be reached at 598.3200 or by email at Harry@HarrySalzman.com. 

Here are some highlights from the November 2015 PPAR report.  Please click here to view the detailed 13-pages, including charts for November 2015. If you have any questions, as always, just give me a call.

In comparing November 2015 to November 2014 in PPAR:                      

                        Single Family/Patio Homes:

  • New Listings are 904, Up 15.5%
  • Number of Sales are 815, Up 4.2%
  • Average Sales Price is $267,133, Up 8.8%
  • Median Sales Price is $237,500, Up 9.6%
  • Total Active Listings are 2,627, Down 16.2%

                        Condo/Townhomes:

  • New Listings are 119, Up 0.8%%
  • Number of Sales are 128, Up 4.9%
  • Average Sales Price is $160,007 Up 2.5%
  • Median Sales Price is $155,450, Up 14.1%
  • Total Active Listings are 219, Down 36.7%

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

                                                Median Sales Price             Median Sales Price

                                                November 2015                      November 2014

Black Forest                            $344,000                              $408,688

Briargate                                  $314,136                              $279,500         

Central                                     $185,950                              $188,000

East                                          $205,500                              $180,000

Fountain Valley:                      $194,950                              $195,000

Manitou Springs:                    $266,750                              $350,000

Marksheffel:                             $260,000                             $222,500

Northeast:                                $237,500                             $225,000

Northgate:                                $389,000                             $364,658       

Northwest:                               $336,700                              $313,000

Old Colorado City:                  $237,500                             $194,850

Powers:                                    $229,550                             $214,950

Southwest:                               $251,000                             $260,750

Tri-Lakes:                                 $400,000                             $385,529

West:                                        $216,500                             $237,500

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

 

SOUTHERN COLORADO ECONOMIC FORUM’S QUARTERLY UPDATES & ESTIMATES

College of Business and Administration, UCCS, Southern Colorado Economic Forum, November 2015

The Third Quarter 2015 Update on the El Paso County Economy, including housing trends, was published last week and you can click here to read the full 10-page report.  Much of the section on Housing mirrors the PPAR report and includes:

  • The single family permit activity continues its upward trend
  • Rental rates continue to climb steeply and vacancy rates fall
  • Active listings are down, average days on the market are down and median price is up
  • Foreclosures are down by 23.0% year over year

Other sections of the report include:

  • The Big Picture
  • Employment
  • Commercial real estate and Airport
  • Sales Tax and Car Registration

Salzman real estate Services is proud to have been a supporter of the Southern Colorado Economic Forum since its inception in 1996 and I will continue to provide you with access to this report quarterly as soon as it is made available to me.

 

EL PASO JOB GROWTH IS STRONG & BUILDING PERMITS ARE UP

The Gazette, 12.2.15

According to data posted on the Colorado Department of Labor and Employment’s website, the second quarter 2015 saw continued job growth in El Paso County as employers in the area added jobs at the same rate as in the first quarter, which was the fastest growth rate since mid-2006. 

Along with that, and possibly in correlation to it, Colorado Springs homebuilders have had an increase of close to 5.5% in permits issued over last year at this time.  

All of this is great news for Colorado Springs.  New jobs are bringing lots of young talent to the city and new home permits are helping to keep home values at a more manageable price level.  A shortage of available homes was helping to drive up prices to a level that made it hard for some to afford new homes or purchase for the first-time.

An recent article in The Wall Street Journal indicated that while the housing market is on track to have its best year since 2007, the sales of existing homes is slowing as prices are rising.  This helps substantiate the fact that our current building surge is a very good sign indeed, while the new job creations will provide buyers for these homes. 

 

HOUSE HASN’T SOLD YET?  RECONSIDER THE LISTING PRICE

Keeping Current Matters, 11.15

The Residential real estate market is HOT.  As I mentioned earlier, bids are coming in faster than I can remember and oftentimes there are multiple bids and ones over the listing price.  What about your home?

In many instances, if your home hasn’t sold, it’s most likely the price.  If you haven’t received any offers, relook at the price.  Pricing your home even 10% above the market dramatically cuts the number of prospective buyers that will even look at your home.

This chart will give you an idea of how price affects the visibility of a listed home.

 

WAITING UNTIL AFTER THE HOLIDAYS TO SELL MIGHT NOT BE A GOOD IDEA

Keeping Current Matters, 11.15

Many homeowners wait until after the holidays to list their home and other take theirs off the market until the holidays are over.  Perhaps you might want to rethink this.  Here are six great reasons not to wait.

  1. relocation buyers are out there.  Companies are not concerned about the holidays when it comes to a transfer and if buyers have kids they want to have them settled in a new school after the holiday recess.
  2. Purchasers who are looking for a home during the holiday season are serious buyers who are ready to buy.
  3. You can restrict the showing on your home to the times you want it shown.  You always remain in control.
  4. There is less competition for you as a seller during the holiday season as there is less inventory available.
  5. Homes show better when decorated for the holidays.
  6. The supply of listings increases substantially after the holidays and new construction ramps up then, too.  This lessens the demand for your home.

If you’ve been waiting to list after the holidays I might add another advantage to listing now.  It most definitely looks like the Fed intends to raise interest rates at their meeting this month and an increase in mortgage interest rates will certainly hold back some potential buyers.

 

HARRY’S JOKE OF THE DAY