HARRY'S BI-WEEKLY UPDATE 4.7.23
April 7, 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.
FIRST…LET ME WISH ALL WHO CELEBRATE A VERY...
THE COLORADO SPRINGS housing market IS SHOWING SIGNS OF IMPROVEMENT…A TESTAMENT TO THE STABILITY OF OUR MARKET AND EXCELLENT ECONOMIC OUTLOOK
When you look at the statistics below you don’t really see the “true” picture. Yes, home prices are just slightly down from a year ago and sales were down year-over-year, but…sales were UP over the previous month and were the most recorded since last October.
It’s important to remember what’s driving the prices and number of sales and that’s the mortgage interest rate. The interest rate rose faster than ever before and created problems for both buyers and sellers. With rates stabilizing (or “normalizing” as I prefer to say), folks are beginning to adopt creative ways to both buy and sell.
It’s the spring buying season…something we didn’t see for several years when homes were selling at a record pace all year round, with bidding wars and multiple offers on day one of a listing. That was not only unrealistic, but it also created a frenzy that I had never seen before and hope to never see again.
I’ve been in Colorado Springs Residential real estate for 51 years this week and one of the pleasures of my job is getting to know my clients well. The more I know about their wants, needs and budget requirements, the better I can help to find the property that fits them and their family best.
After all, when a home is often a family’s largest financial asset, it’s essential to find the right fit. And, of course, a home is a family’s “safe haven”, and it needs to satisfy the needs of all family members if possible.
During the last several years when interest rates were historically low and available home for sale were at an all-time low, buyers were at a distinct disadvantage and the actual process was not enjoyable. Oftentimes buyers had to settle for less than they wanted just to get a home. That turned what should be a happy time into one that at times was a little less so.
That’s why I celebrate today’s market. Yes, rates are higher than the last several years, but in reality, they are almost “normal”. As I’ve mentioned before, my first home had a mortgage interest rate of 8.5%. And I’ve seen them as high as 19%. They are going down slowly, and in fact went down for the fourth straight week yesterday to 6.28% per Fannie Mae. Considering it was a two decade high of 7.08% last fall, seeing the rate decrease is good news.
With several large companies looking to relocate to the Springs and others expanding, I expect to see our home values to continue to hold their own and slowly increase and as more homes come on the market. I also expect sales to continue to rise.
There are always those wanting to sell and those wanting to buy…all for various individual reasons. If you have even considered a move, either to sell and trade up, buy for investment purposes or for the first-time, now is the time to start considering your options.
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 long time experience, 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…
MARCH 2023
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the March 2023 PPAR report.
In El Paso County, the average days on the market for single family/patio homes was a 45. For condo/townhomes it was 32.
Also in El Paso County, the sales price/list price for single family/patio homes was 99.3% and for condo/townhomes it was 99.6%.
In Teller County, the average days on the market for single family/patio homes was 84 and the sales/list price was 98.2%.
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 2023 to March 2022 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings were 1,414, Down 22.9%
· Number of Sales were 1,075, Down 21.0%
· Average Sales Price was $523,972, Down 2.9%
· Median Sales Price was $460,000, Down 3.2%
· Total Active Listings are 1,480, Up 109.9%
· Months Supply is 1.4, Down 5.2%
Condo/Townhomes:
· New Listings were 204, Down 12.8%
· Number of Sales were 162, Down 34.9%
· Average Sales Price was $356,192, Down 6.7%
· Median Sales Price was $340,000, Down 6.8%
· Total Active Listings are 236, Up 218.9%
· Months Supply is 1.5, Down 6.3%
MARCH 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 24.1%
- Median Sales Price for All Properties was Down 2.4%
- Active Listings on All Properties were Up 64.3%
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:
THE KEY ADVANTAGE OF INVESTING IN A HOME…INFOGRAPHIC
KeepingCurrentMatters, 4.7.23
THE BEST TIME TO LIST YOUR HOUSE IS ALMOST HERE
KeepingCurrentMatters, 3.27.23
If you’re thinking of selling this spring, it’s time to get rolling…. the best week to list your house is quickly approaching.
Experts at realtor.com considered trends from recent years (excluding 2020 as an odd year due to the pandemic) and determined the ideal week to list a house this year:
“Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2023 is fast approaching. The week of April 16-22 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.”
So, if you’ve even considered selling, now is your best opportunity. However, before you put your home on the market you need to get it ready. If you haven’t started that process yet, you will need to move quickly.
First, give me a call so I can make suggestions that will help you determine what needs to be done in order to put your home in the best light.
In February, realtor.com asked more than 1,200 recent or potential home sellers what updates they ended up making to their home prior to listing it. The graph below shows their answers:
As you can see, the most common updates included landscaping and painting.
Bottom Line? If selling your home this spring is a consideration, please contact me sooner than later so we can get your home ready to sell during prime buying and selling season.
ECONOMIC & WORKFORCE DEVELOPMENT REPORT
Data-Driven Economic Strategies, March 2023
As always, I like to share the wonderful 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, however, 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 JOKE OF THE DAY:
