HARRY'S BI-WEEKLY UPDATE 7.7.23
July 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.
AMERICA’S MOUNTAIN…IN OUR OWN BACKYARD
I hope you had a wonderful July Fourth holiday. Living in the United State of America is blessing enough, but those of us fortunate enough to also live in Colorado Springs are reminded daily of the many ways in which we should be grateful to be an American.
The military plays a strong hand in helping keep our economy healthy and when you add that to our city being home to the United State Olympic and Paralympic Committee and it’s corresponding museum, as well as to the U.S. Airforce Academy, NORAD, The U. S. Spaceforce and other military installations and bases…well…the list goes on and on.
And let’s not forget we live in the shadow of Pike’s Peak, better known to us locals as “America’s Mountian”. It wasn’t a fluke that Katharine Lee Bates, then an English teacher at Colorado College, wrote the first draft of “America the Beautiful” in 1983 as a poem published in The Congregationalist, a weekly journal, for Independence Day.
The poem reached a wider audience when it was published in The Boston Evening Transcript on November 19, 1904. Her final expanded version was written in 1913. On November 11, 1918, a battalion of the 26th Infantry Division of the U.S. Army (colloquially known as the Yankee Division) sang “America the Beautiful” upon hearing the announcement of the Armistice.
And thanks to all that, Colorado Springs will forever be home to “America’s Mountain” as well as a reminder to the rest of the world of our special local brand of patriotism.
Just a bit of trivia for you newbies and a reminder to the rest of us.
BIG NEWS…NOW YOU CAN WATCH ME ON YOUTUBE…
Just in case you miss me in between eNewsletters, text messages or phone calls, I now have a Youtube presence! I will be posting updates every several weeks or so and here is the link where you can subscribe to my channel:
I will strive to post things that are newsworthy as well as noteworthy that can help you stay well informed on all things Residential real estate.
Hope you’ll tune in today and I promise to make it a couple of minutes worth your while.
And now for statistics…
As good as these numbers look, if you click on the detailed report you will get a better idea of how good they truly are because while year-over-year is what you see below, month-over-month is also reflected in the report and it better illustrates just how great our Residential real estate market is doing, and most especially in comparison to most of the rest of the country.
If you want to know more about how these numbers can work for you, please call me at 719.593.1000 or email me at Harry@HarrySalzman.com and I can help you make any and all of your Residential real estate dreams come true.
JUNE 2023
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the June 2023 PPAR report.
In El Paso County, the average days on the market for single family/patio homes was a 21. For condo/townhomes it was 31.
Also in El Paso County, the sales price/list price for single family/patio homes was 100.0% and for condo/townhomes it was 99.9%.
In Teller County, the average days on the market for single family/patio homes was 29 and the sales/list price was 106.5%.
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 June 2023 to June 2022 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings were 1,695, Down 27.9%
· Number of Sales were 1,286, Down 24.9%
· Average Sales Price was $555,403, Down 0.7%
· Median Sales Price was $485,000, Down 3.1%
· Total Active Listings are 2,059, Down 3.1%
· Months Supply is 1.6, Up 0.1%
Condo/Townhomes:
· New Listings were 234, Down 22.5%
· Number of Sales were 213, Down 2.3%
· Average Sales Price was $409,919, Up 11.8%
· Median Sales Price was $355,000, Up 2.0%
· Total Active Listings are 285, Up 42.5%
· Months Supply is 1.3, Down 18.5%
JUNE 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 23.1%
- Median Sales Price for All Properties was Down 1.0%
- Active Listings on All Properties were Down 7.7%
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:
HOMEOWNERSHP HELPS PROTECT YOU FROM INFLATION…AN INFOGRAPHIC
Keeping Current Matters, 6.23.23
Bottom Line:
- If you’re wondering if it makes sense to buy a home today even when inflation is high, remember that when other costs go up due to inflation, buying a home helps you keep your monthly housing expense steady.
- Rents typically increase with inflation. Maybe that’s why, according to a recent survey, 65.1% of landlords say they plan to raise the rent of at least one of their properties within the next 12 months.
- If you or a family member is now renting, call me sooner than later and let’s see if there is a way to help make their monthly housing costs work for them, rather than increasing the net worth of a landlord.
ECONOMIC & WORKFORCE DEVELOPMENT REPORT
Data-Driven Economic Strategies, June 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.
It is worth noting that in the last paragraph of her comments, Tatiana said:
“I will optimistically say that I am more confident about our local real estate market than I am about the U.S. market for all the good reasons I’ve stated before: hearty job growth since 2013 (minus 2020) across virtually all industries and especially professional/technical services, a younger demographic that can both work and have babies (ensuring a future workforce), the military instillations as anchor employers and spillover demand for contractors, and ever growing tourism. The healthy local residential housing market in indicative of our economic growth, and although commercial real estate may sputter, our economic performance over the years has our local CRE market in less bad shape than many first-tier cities. Overall, still a positive picture despite the uncertainties, and I’ll take that.”
And coming from Tatiana, this is wisdom we can take to the bank!!
To access the report, please click here and if you have any questions, please give me a holler.
HARRY’S JOKE OF THE DAY:
Police: “Do you know why I pulled you over?”
Me: “Because you have a question about real estate?
And a little bit of personal trivia…
My eNewsletter editor, Carol, and I have been married for ten years today! So, Happy Anniversary to us!
FEATURED LISTING:
This listing just was reduced to $540,000. It’s an incredible deal and is not likely to last long at that price!
