HARRY'S BI-WEEKLY UPDATE 3.6.23
March 6, 2023
HARRY’S BI-WEEKLY UPDATE
A Current Look at the Colorado Springs Residential real estate Market
As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.
IT’S A TOUGH TIME FOR THE housing market BUT AS I’VE REPEATEDLY SAID…THERE ARE ALWAYS THOSE WHO HAVE TO SELL AND THOSE WHO HAVE TO BUY…
As we approach the spring buying season, things are quite different from a year ago. That said, Colorado Springs has almost always fared better than the rest of the nation during market downturns and I expect it to recover faster than most as well.
We’ve got many things in our favor. With a number of companies planning to relocate to the Springs you’ve got relocating employees. And local companies are adding to their staff as well. All you need to do is drive downtown or head southeast and northwest and you can see for yourself how quickly this City is expanding.
For better or worse, folks are discovering what we already know…Colorado Springs has a lot to offer besides a beautiful view of Pikes Peak. We have a fabulous work/life balance that workers today crave and that’s not easy to find in many other areas.
Why do I mention this? Well, if you follow the statistics I provide monthly you can see that our median home prices, while slightly lower than a year ago, have not fallen nearly as much as many other cities. Yes, we are not seeing the 15% year-over-year monthly gains of the recent past, but as I have said all along, those increases were not sustainable, nor were they realistic. They were the product of a lack of available homes for sale and historically low interest rates. Period.
We are now seeing the market “normalize”, and while homes are staying on the market longer and interest rates are considerably higher, I expect the pace of buying and selling to accelerate as soon as interest rates head down a bit.
It’s important to note that even at 7%, interest rates are nothing near the historical highs of the early 1980’s when rates were over 18 percent. Some of us can remember those days and yes, we WERE selling homes at those rates!
In fact, when I purchased my first home, which coincided with my first year in the real estate business, I felt lucky that the interest rates DROPPED to 8.5% by the time of closing!!
Here’s a snapshot of the rates of this decade for 30-year fixed rate loans:
Recent affordability was tough, especially for first-time buyers, even prior to the interest rate increase. Home prices were going higher and higher. Now, with home price appreciation stabilizing, there are several creative ways to purchase and finance a home, whether to sell and trade up, buy for the first time or buy for investment purposes.
Of course, it’s more important than ever to have a knowledgeable, seasoned real estate professional in your corner when it comes to both buying and selling. Fortunately, you’ve got me.
My almost 51 years in the local residential real estate arena, coupled with my investment banking background, give me an edge that my clients have found to be crucial in helping them and their families realize their personal real estate visions.
Knowing what you want, need, and can afford is an important first step. The second step is to contact me.
I’ve seen most every type of cycle imaginable and have been able to find solutions that can work for most every situation.
If Residential real estate is among your current hopes and dreams, please give me a call at 719.593.1000 or email me at Harry@HarrySalzman.com and let me help make them come true.
And now for statistics…
FEBRUARY 2023
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the February 2023 PPAR report.
In El Paso County, the average days on the market for single family/patio homes was a 53. For condo/townhomes it was 35.
Also in El Paso County, the sales price/list price for single family/patio homes was 98.7% and for condo/townhomes it was also 98.8%.
In Teller County, the average days on the market for single family/patio homes was 62 and the sales/list price was 97.4%.
Please click here to view the detailed 10-page report, including charts. If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.
In comparing February 2023 to February 2022 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings were 976, Down 17.7%
· Number of Sales were 778, Down 23.3%
· Average Sales Price was $500,483, Down 2.8%
· Median Sales Price was $440,000, Down 5.4%
· Total Active Listings are 1,443, Up 196.3%
· Months Supply is 1.9, Down 8.4%
Condo/Townhomes:
· New Listings were 162, Down 18.6%
· Number of Sales were 104, Down 35.0%
· Average Sales Price was $359,350, Up 1.6%
· Median Sales Price was $336,250, Down 7.2%
· Total Active Listings are 225, Up 257.1%
· Months Supply is 2.2, Down 7.3%
FEBRUARY 2023 MONTHLY INDICATORS AND LOCAL MARKET UPDATE ILLUSTRATE OUR LOCAL TRENDS IN DETAIL
Colorado Association of REALTORS® , Pikes Peak REALTORS Service Corp, or it’s PPMLS
Providing greater detail than the above report, this contains information on both El Paso and Teller counties for Residential real estate.
The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year to Date one-year change:
- Sold Listings for All Properties were Down 27.1%
- Median Sales Price for All Properties was Down 5.2%
- Active Listings on All Properties were Up 96.0%
You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical are of your choice from the 18-page Local Market Update. It’s a good idea to check out your own area or one that you might be considering in order to get a good idea of the local pulse. As an example, here is a detailed report on the Colorado Springs area:
INFOGRAPHIC…A CHECKLIST FOR SELLING YOUR HOME THIS SPRING
KeepingCurrentMatters, 2.24.23
Note to Sellers: These are a few of the things you might consider to make your home as attractive as possible for potential buyers.
ECONOMIC & WORKFORCE DEVELOPMENT REPORT
Data-Driven Economic Strategies, February 2023
As always, I like to share the economic data I receive from our “local economist”, Tatiana Bailey. You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report.
This information is especially invaluable to business owners and I think you will all find it worthwhile reading.
To access the report, please click here and if you have any questions, please give me a holler.
HARRY’S JOKES OF THE DAY: