HARRY'S BI-WEEKLY UPDATE 5.22.20
May 22, 2020
HARRY’S BI-WEEKLY UPDATE
A Current Look at the Colorado Springs Residential real estate Market
As part of my Unique Brand of 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.
AS WE EASE INTO A “NEW NORMAL”, EVEN THE CORONAVIRUS CAN’T KEEP COLORADO SPRINGS RESIDENTIAL real estate DOWN!
We are discovering lots of new ways to do old things and it’s taking some getting used to. Residential real estate in Colorado Springs, however, is as strong as ever despite Realtors not being able to show homes during the national and state-wide shutdown.
For the third month in a row, Colorado Springs was ranked the hottest market in the nation, according to a recent realtor.com report. This is based on where buyers are clicking on the most home listings on realtor.com and where homes are selling the fastest, with the fewest days on the market
Our local housing market “has something to offer for buyers of all different ages and income groups,” says Javier Vivas, director of economic research for realtor.com. Homes in Colorado Springs received about twice as many views as the average properties across the country and were sold in a median 32 days, about twice as fast as the rest of the nation.
There are a number of reasons for the continuing interest in local residential real estate. Among them is the fact that companies such as Amazon (who is building the largest distribution center within a six-state area at the Colorado Springs Airport complex) and numerous others are relocating here. Additionally, the decision of the Department of Defense to make our city home to the newly formed Space Force for at least the next six years, if not permanently, is attracting buyers who will soon be employed in this area.
Record low interest rates continue to be a factor in driving housing demand and will continue to do so as state economies gradually reopen, according to Lawrence Yun, NAR chief economist. “Still more listings, and increased home construction will be needed to tame price growth,” he added.
The fact that COVID-19 hit larger, more densely populated cities has not been lost on many folks who are wanting to move to cities like ours. When you add that to our more normal work-life balance, you can’t do a whole lot better than our “Rocky Mountain High”.
I may be a bit prejudiced since I’ve been involved in local residential real estate for more than 47 years. Most of you know how devoted I am to Colorado Springs, but obviously many others are making the decision to relocate here, and I look forward to welcoming them and of course, to selling them homes!
With a loosening of restrictions, I am busy working with those who have been waiting to list their present home and trade up, and others who are looking for first time purchases and investment properties. For some of those with stellar credit, there is the possibility of a 2.5% 30-year mortgage rate—something practically unheard of. For others, the rates are still historically low and look to remain that way for at least the immediate future. We’re not likely to see these types of rates again, barring another pandemic, so now is the time to make a move if you are wanting and able.
I’m also finding that a plus side of this “sheltering at home” has given most of us a greater appreciation of our present homes or presented us with the ideas of what we might want in our next home. In either case, our homes have protected us and our families and we cannot place any price on that.
If you’ve been considering a move…now is a great time. Just give me a call at 593.1000 or email me at Harry@HarrySalzman.com and let’s see how we can work together to reach your residential real estate goals.
After all, my knowledge and implementation of your wants, needs and budget equal a great rate of return to life for you and your family.
HOMEOWNER “WISH LIST” FOR 2020
Keeping Current Matters, 5.15.20
In a recent study by realtor.com, homeowners noted some of the main things they would change about their homes to make them more livable. Not surprisingly, after time spent sheltering at home, more space, an updated kitchen and a home gym rose to the top of the list.
If these are some items on your personal “wish list” just give me a holler and let’s see how we can make them a reality for you and your family.
U.S. HOMEOWNERSHIP RATE RISES TO HIGHEST POINT IN 8 YEARS
Keeping Current Matters, 5.4.20
Following the recent stay at home orders from state and local governments, a whole new way of life has put our daily lives on pause. As I just mentioned, many of us have found a sense of comfort by slowing down and spending time at home, highlighting the feeling of security that comes with having a much-needed “safe place” for our families to live.
The latest results of the Housing Vacancy Survey by the U.S. Census Bureau show how Americans place immense value in homeownership, and it is continuing to grow in the USA. The results indicate that the homeownership rate increased to 65.3% for the first quarter of 2020, a number that has been rising since 2016 and is the highest we’ve seen in eight years.
The year-over-year growth increased in all generational groups, most especially due to the low mortgage interest rates and strong new and existing home sales in the first two months prior to the COVID-19 pandemic hitting the economy.
The charts below depict the survey results:
And once again…if you’re looking…or even thinking of looking…give me a call. I’m ready, willing and more than able to help you get one step closer to making your residential real estate dream come true.
COLORADO SPRINGS MEDIAN SALES PRICE IS DOUBLE THAT OF THE U.S.A.
National Association of Realtors, Quarter 1, 2020
In the newly released NAR survey of “Median Sales Price of Existing Single-Family Homes for Metropolitan Areas” for the first quarter 2020, Colorado Springs showed an increase year-over-year of 14.4%—twice that of the national average of 7.7%!
And, surprisingly, the median sales price in March 2020, when the pandemic was ramping up rapidly in the U.S., median sales prices nationally reflected an increase of 8% year over year! Strong demand and low supply are certainly driving forces, but this increase is certainly indicative of folks wanting to buy homes—especially with the all-time-low interest rates helping to offset the rising prices.
Colorado Springs was one of forty-six metro areas that saw double-digit price increases during the first quarter and was listed as #27 overall.
To see the listings of all 181 metro areas in numerical order, please click here. To view them in alphabetical order, please click here. And, as always, if you have any questions, just give me a call.
