HARRY'S BI-WEEKLY UPDATE
February 11, 2013
HARRY’S BI-WEEKLY UPDATE
A Current Look at the Colorado Springs
Residential real estate Market
HAPPY VALENTINE’S WEEK…
…and if you’re looking for a different kind of Valentine’s present….have you ever considered buying a new home for your family? It’s the kind of gift that just keeps on giving!
Need I say more? If you or anyone you know are looking for that unique Valentine’s present…just give me a call at 598.3200 and let’s see how we can make that dream a reality.
A WONDERFUL JANUARY FOR real estate SALES
Quite often the weather in Colorado Springs this time of year is not always conducive to productivity in real estate sales. However, this year is proving to be just the opposite. Whether it’s the milder temperatures or just simply the booming Real Estate climate, we haven’t seen this amount of sales activity in January since 2007.
It’s been a number of years since I’ve had multiple offers on a one-day-old listing which ended up selling for over the listing price but that’s just one of the deals I handled last month. I’ve been telling you for quite some time that this is where the real estate market is headed and it appears that we have crossed the threshold into happier times.
To illustrate that, here are some highlights of the January 2013 PPAR Report for Single Family/Patio Homes (Year-over-year comparing January 2012 to January 2013)
- Number of Sales—660. Up 39.2%
- Average Sales Price---$227,575. Up 11.1%
- Median Sales Price---$205,000. Up 19.0%
- Inventory of Active Listings--2930. Down 7.2%
Once again, these numbers demonstrate that now is the time to buy. If you choose to wait, your housing cost will probably be higher and your choices not as good as what’s available today.
To look at the PPAR Report in its entirety and see how your area is performing, please click here. As always, I am available to answer any questions you may have or to help in any way you might need concerning your real estate needs. Just give me a call at 598.3200 or email me at: Harry@HarrySalzman.com.
Home Builders had a great January too. Pikes Peak Regional Building Department’s Report for January shows 178 permits compared to 85 permits in January 2012.
A strong rate of return to homeowners is one of the best indicators of a strong community such as Colorado Springs. All signs point to a very positive and strong local housing sector and I’m proud to have been a “local” real estate Broker here for more than 40 years.
I’m always happy to discuss our local market conditions and help not only those who reside here, but also those who are considering a move to our community. If you know of anyone who is considering a move here, please give them my phone number or email and you know I will provide them with the same excellent level of service that I pride myself on giving to you all.
Some of you have been waiting to experience today’s increase in Fair Market Value and I am happy to meet with you to provide a Competitive Market Analysis of your current home. You might be surprised at the probable sales price, along with the potential of additional proceeds this might entail.
Yes, the climate has already changed and we are no longer realizing a “Buyer’s Market” per se. The pendulum seems to be right in the middle at the moment between Buyer and Seller. What that means to you is that with a Market Value in the $200,000-250,000 range, the Seller is beginning to edge out the Buyer. So, I’ll say it again. Now is NOT the time to wait if you are thinking of selling, buying or investing. Just give me a call so we can begin today. As you can see, the tide is turning and you don’t want to be left out.
JUST OFF THE PRESS…
THE SOUTHERN COLORADO ECONOMIC FORUM’S QUARTERLY UPDATES & ESTIMATES
Being a supporter of UCCS Southern Colorado Economic Forum, I received this quarterly update just two days ago and wanted to share it with our Readers even before general publication. The full report is 17 pages long and you can click here to read it in full. Here are some of the highlights I thought you would find interesting:
- The best performing indicators included here are the new single-family permits (up 26.1%) and consumer sentiment (up 29.8%). In addition, sales tax collections in Colorado Springs were up 8.9% over a year ago.
- Analysis of the El Paso County Residential housing market (6 pages) shows that new residential permits were 819 higher in 2012 than in 2011 (up 58.5%). 2013 is starting off strong and support for residential construction is attributed to pent up demand, attractive pricing and record low mortgage rates.
- While still early in the year, combined single-family permit activity is off to a strong start for 2012. The Forum expects there will be approximately 420 more detached single-family and townhome permits issued in 2013 than in 2012.
- At its Sixteenth Annual Forum in September 2012, the Forum forecasted growth in single- family home permits would be 6.5% in 2013.
- In MLS Activity, low inventory levels (listings) may constrain sales growth in 2013. The decrease in supply of homes for sale coupled with an increase in sales of homes suggests equilibrium is returning to the local housing market. As expected, this was accompanied by an increase in the price of homes sold.
- The ratio of homes sold to total single family homes in El Paso county has proven to be a good indicator of strength/weakness in housing.
- Market forces appear to have driven supply/demand to equilibrium as of June 2012. The movement toward supply/demand balance was noted in the last several issues of the QUE. Continued improvement in housing prices will depend on low mortgage rates and income and job growth.
The next several sections of the report include:
- Colorado Springs Airport Trends
- Colorado Springs Sales Taxes
- New Car Registration Trends
- Employment Trends and Wages
- National Expectations
- Misery Index (cute!)
It is with pleasure that Salzman real estate Services is able to share these statistics and forecasts with you as soon as they become available, each and every month or quarter, as applicable. I would be happy to answer any questions you might have concerning the detailed reports and how they might affect you personally or just any question you might have concerning Real Estate in general. Just call me at 598.3200. Questions of a more personal nature might be better addressed to “Dear Abby”. (cute?)
DOING THE HOMEWORK FOR YOU…JUST PART OF OUR JOB
In the past two weeks alone, I’ve attended three local presentations that have included Annual Forecasts based upon last year’s performance.
We at Salzman real estate Services have always attended similar meetings in order to provide you with the most current Residential Real Estate Market conditions and forecasts. Looking at the past is a very accurate way to predict the future and our business is no different than any other in that regard. There are ups and downs and we want to help our clients take advantage of whichever market will serve them best. That’s an important part of our job and one we take particular pride in doing well.
So you can rest assured that no matter which way the market swings, I will find a way to make it work to your advantage whenever possible. Just remember….I provide you with this information so you can make informed decisions and what I’m telling at the moment is….NOW is the time to act if you have any thoughts of buying, selling or investing. It’s a lot easier to help you when the market is starting to trend upwards than when it is on the way down! Just some Salzman Sense for you. Call me at 598.3200 and let’s get started.
JOKE OF THE WEEK
A man walks into a diner carrying a dog under his arm. He puts the dog on the counter and announces that the dog can talk. The man says he has $100 he's willing to bet anyone who says he can't. The head cook quickly takes the bet, and the dog's owner looks at the dog and asks, "What's the thing on top of this building that keeps the rain out?"
The dog answers, "Roof". The cook says, "Who are you kidding? I'm not paying."
The dog's owner says, "Double or nothing, and I'll ask him something else." The cook agrees and the owner turns to his dog and asks, "Who was the greatest baseball player ever?"
The dog answers "Ruth."
With that the cook picks them both up and tosses them out on the street. As they bounce on the sidewalk in front of the diner, the dog looks at his owner and says, "DiMaggio?"
