HARRY'S BI-WEEKLY UPDATE 6.7.2023
June 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.
HOUSING HAS BEEN AND WILL CONTINUE TO BE THE GREATEST FINANCIAL ASSET OF MOST FAMILIES
I’ve been getting a lot of questions as of late as to my thoughts on the Residential real estate market, both nationally and in Colorado Springs.
Those questions most likely stemmed from folks wondering whether home values were going to stay strong and how I figured the mortgage interest rates would affect the same.
My answers to those type of questions have never wavered…no matter the home price or mortgage interest rates. There are always going to be folks who need to buy and those who need to sell, no matter the current prices or rates.
Period.
That has not changed in my 51 years of selling Residential real estate and I doubt it ever will.
Yes, home prices have remained high despite all those rumors of a “housing crash”, and I would expect to see them keep rising. As I’ve written before, the problems in 2008-2011 are not likely to arise again because lenders and the federal government have taken measures to correct what caused the crash back then.
Our recent statistics below show that local home prices have only dipped slightly year-over-year and prices are UP from the previous month. New listings year-over-year are down 27.7%, and sales are down around the same. However, both of those areas are also UP compared to one month ago and I would expect that trend to continue.
I can tell you not only from the statistics, but also from my recent client experiences, that homes here are continuing to sell at listing price or a bit over once again and the number of days on the market are shortening. If you’re thinking of a move, now might be the time to begin your search before we start to see some of the frenzy we witnessed in the past several years.
There are some who are wanting to hold on to their historically low interest rates despite new needs and wants in their housing situations. I will tell you, as I’ve told them, this should not always be a determining factor.
The reason for this is that if you finance your home at a somewhat higher interest rate now you will likely be able to refinance when rates are lower in a couple of years and at that time you will also likely have equity in your home to make things even easier.
For first-time buyers, if it’s at all possible, the time to buy is always NOW. Rental prices keep escalating and it’s likely that a monthly mortgage payment would be less than rent. When you rent, you are paying a mortgage payment---although it’s your landlord’s---not your own. Why not earn that equity for yourself if there’s any way you can? Just a thought.
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, no matter the reason. And fortunately, you’ve got me.
My long-time experience, coupled with my investment banking background, gives 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…
MAY 2023
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the May 2023 PPAR report.
In El Paso County, the average days on the market for single family/patio homes was a 28. For condo/townhomes it was 25.
Also in El Paso County, the sales price/list price for single family/patio homes was 100.0% and for condo/townhomes it was 99.7%.
In Teller County, the average days on the market for single family/patio homes was 32 and the sales/list price was 99.7%.
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 May 2023 to May 2022 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings were 1,590, Down 27.7%
· Number of Sales were 1243, Down 26.4%
· Average Sales Price was $536,478, Down 3.2%
· Median Sales Price was $475,000, Down 2.5%
· Total Active Listings are 1,750, Up 28.2%
· Months Supply is 1.4, Down 1.1%
Condo/Townhomes:
· New Listings were 242, Down 3.6%
· Number of Sales were 186, Down 10.6%
· Average Sales Price was $363,170, Down 1.8%
· Median Sales Price was $340,000, Down 6.8%
· Total Active Listings are 263, Up 132.7%
· Months Supply is 1.4, Down 12.6%
MAY 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 25.3%
- Median Sales Price for All Properties was Down 3.7%
- Active Listings on All Properties were Up 121.6%
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:
COLORADO SPRINGS RANKS #81 IN THE Q2 FHFA HOUSE PRICE INDEX
Federal Housing Finance Agency, 5.30.23
The recently published FHFA House Price Index for first quarter 2023 lists Colorado Springs as #81 out of the top 100 in house price changes during that quarter.
While we are still in the top 100, we fell 50 places from last year. Our lack of available homes for sale has kept us from ranking considerably higher and I am hopeful that things are beginning to turn around in that area.
It should be noted that we are still ranked higher than Denver! A definite plus and assuredly not lost on companies looking to relocate to Colorado.
Here is a copy of the Colorado Springs changes:
Here is the list of 100 measured cities in ranking order:
And, if you have any questions, you know who to call.
ERA SHIELDS MONTHLY STAT PACK
Data through May 2023, ERA Shields real estate
Here is data from my company’s monthly “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, May 2023
As always, I like to share the useful 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 all will all find it worthwhile reading.
To access the report, please click here and if you have any questions, please give me a holler.
