HARRY'S BI-WEEKLY UPDATE 4.5.24
April 5, 2024
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.
SPRING BUYING AND SELLING SEASON IS ABOUT TO GET INTO FULL SWING…(I've still got Arizona Spring Baseball on the brain...full swing...get it?)...
And if you've even been thinking about buying or selling, sooner than later would be the best move (pun intended!)
Yes, mortgage rates are still considerably higher than two years ago, but home prices also continue to rise and don’t show any sign of stopping. While they are rising much slower than several years ago, they are still rising as you will see from the statistics below.
What that means is that you are better off to buy now and refinance in a year or two when mortgage prices are lower. Your home will likely appreciate during that time and of course, you will have the tax advantages that come with home ownership or buying as an investment.
Of course, I’m not a tax advisor and can’t give you advice in that area, but it’s worth asking your investment and tax advisors to see how buying a home either for yourself or for investment can work for you.
There are even ways to negotiate mortgage rates and I can steer you in the right direction to see if that’s a possibility.
In fact, as most of you know, my help is invaluable. The current market is not for the timid or inexperienced. It takes a lot of advanced planning and knowledge of how to navigate these waters.
And it’s important to take into consideration your individual wants, needs and budget requirements to come up with a viable plan.
April 1st I began 52 years in local Residential real estate. That, 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.
If Residential real estate is among your hopes and dreams for 2024, 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, if you’ve got one minute and 47 seconds, look at my newest podcast. Simply click on the link below and you will be directed to my personal YouTube channel.
To watch, click here:
While you’re at it you might want to subscribe to my channel so you won’t miss future broadcasts. It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!
And now for statistics…
MARCH 2024
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the March 2024 PPAR report.
In El Paso County, the average days on the market for single family/patio homes was 52. For condo/townhomes it was 47.
Also in El Paso County, the sales price/list price for single family/patio homes was 99.5% and for condo/townhomes it was 99.6%.
In Teller County, the average days on the market for single family/patio homes was 77 and the sales/list price was 97.2%.
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 March 2024 to March 2023 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings were 1,337, Down 5.4%
· Number of Sales were 941, Down 12.5%
· Average Sales Price was $527,629, Up 0.7%
· Median Sales Price was $470,000, Up 2.2%
· Total Active Listings are 1,868, Up 26.2%
· Months Supply is 2.0, Down 2.1%
Condo/Townhomes:
· New Listings were 220, Up 7.8%
· Number of Sales were 152, Down 6.2%
· Average Sales Price was $366,100, Up 2.8%
· Median Sales Price was $335,000, Down 1.5%
· Total Active Listings are 364, Up 54.2%
· Months Supply is 2.4, Down 8.8%
Now a look at more statistics…
MARCH 2024 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 13.9%
- Median Sales Price for All Properties was Up 0.2%
- Active Listings on All Properties were Up 13.4%
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:
MARK YOUR CALENDARS…THE BEST TIME FOR SELLING A HOME IS ALMOST HERE
National Association of Realtors (NAR) 3.28.24
The week of April 14 could offer the perfect mix of market conditions for home sellers, according to a new realtor.com study.
The study, an analysis of trends in home sales, finds that sellers could potentially fetch as much as $34,000 more for their home if they list between April 14-20 when compared to the start of this year.
Researchers are betting a powerful combination of high buyer demand, low seller competition and fewer price reductions that week—all of which work in a seller’s favor.
According to Danielle Hale, realtor.com’s chief economist, “Spring is generally the high season for home sales, and buyers tend to be more plentiful earlier in the year.”
“Because listing a home is a process, sellers should start preparing now so they can list their home at a time when conditions are likely to be most favorable, giving them the best chance of selling their home quickly and at a competitive price”, she added.
Realtor.com’s analysis identified the “best time to list” by analyzing week-to-week listing metrics, including home prices, days on the market and number of listings, from 2018 to 2019 and 2021 to 2023 (the study excluded 2020 due to the Covid pandemic’s impact on the housing market).
What Makes April So Great for Sellers?
To begin with, housing inventory is down nearly 40% nationally compared to pre-pandemic levels, which offers opportunities for sellers this spring.
But mortgage rates are higher--hovering around 7%...and some home buyers have hit their affordability level and are leery of getting into the market now.
Still, researchers remain bullish that the week of April 14-20 is the right moment for sellers to make a move.
Here’s why:
Higher home prices. Historically, home prices during that week are typically 10.4% higher than the start of the year. The study noted that “If 2024 follows last year’s seasonal trend, the national median listing price could be $7,400 higher than the average week, and $34,000 more than the start of the year”.
Increased buyer demand. That same week also tends to offer 18.4% more online views per listing than the typical week. In fact, realtor.com noted that in 2023, listing views surged even higher—up 22.8%--when compared to weekly averages during the rest of the year. However, mortgage rates are still the wild card and falling rates will likely increase buyer demand while higher rates could make buyers more skittish.
Fast sales pace. Homes tend to sell quicker during the week of April 14, selling about nine days faster than other weekly averages. While housing inventory is rising but remaining historically low, buyers are forced to continue to compete for fewer properties.
Less competition from other sellers. Typically, there are nearly 14% fewer homes on the market during that week comparted to other weekly averages. Sellers stand to benefit from the least amount of competition from other sellers at that time.
Fewer price reductions. Sellers tend to less frequently lower their asking prices in late winter and early spring, realtor.com’s data showed. Historically, about 24% fewer homes had a price decrease during the week of April 14 compared to the average week of the year.
So, what are you waiting for? It’s almost the week of April 14-20. So if you have even thought of selling, give me a call and let’s get you the best price for your present home.
ERA SHIELDS QUARTERLY STAT PACK
Data through Quarter 1, 2024, ERA Shields
Here is data from my company’s quarterly “Stat Pack” that can better help you understand the local buying and selling reality. I have reproduced the first page, and you can click here to get the report in its entirety.
ECONOMIC & WORKFORCE DEVELOPMENT REPORT
Data-Driven Economic Strategies, March 2024
As always, I like to share the useful 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; however, I know you all will all find it worthwhile reading.
I’ve reproduced the first page of the graphics below. To access the report in its entirety, please click here. If you have any questions, give me a call.
UCCS ECONOMIC FORUM MONTHLY DASHBOARD
Updated March 2024, UCCS College of Business/Economic Forum
Here is the monthly report from the UCCS College of Business Economic Forum. It is created by professor Dr. Bill Craighead, who is the Forum Director. He also publishes an on-line “Weekly Economic Snapshot” you might enjoy.
I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month.
To read the monthly report, please click here.
