HARRY'S BI-WEEKLY UPDATE 7.9.24
July 9, 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.
JULY FOURTH, THE UPCOMING SUMMER OLYMPICS…AND OF COURSE THE NOVEMBER ELECTIONS…LOTS OF REASONS TO BE PROUD OF BEING AMERICANS
I hope everyone had a safe and healthy July Fourth…along with lots of yummy food and fun festivities.
Every four years I am especially reminded of what a privilege it is to be an American. Those of us who live in Colorado Springs have daily reminders due to the proximity of the U.S. Olympic and Paralympic Committee, the U.S. Olympic and Paralympic Museum and the Olympic Training Center. But when we get to watch the trials and the actual Olympic and Paralympic games on television—this year from Paris—it sure gets exciting for me.
And of course, I always look forward to the opportunity to vote for the candidates of my choice at each election—a special right I truly don’t take for granted.
Thanks for indulging me for a moment.
I am one of many millions of folks who experienced the great American Dream. Being the product of grandparents who migrated to this country with nothing, became grateful U.S.Citizens, and afforded me the opportunity to grow up here and create my own destiny is something I truly appreciate. I am grateful every day knowing that my working hard to go to college and continuing to work hard every day since has truly paid off in ways I, or my family, could never have imagined.
This hard work has allowed me to meet and work with you and so many others. It is not something I ever take for granted and I hope to continue helping clients find their dream home for the foreseeable future.
In April I began 52 years in local Residential real estate. As you might suspect, I’ve seen most every cycle imaginable and have always been able to help my clients find what they want, need, and can afford, either for themselves or for investment purposes.
Coupling that with my Investment Banking background, I have an edge up that my clients have found to be crucial in helping with their individual situations. When I work with you, your goals become mine and together we make a great team to realize all your Residential real estate dreams.
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.
If you’ve got one minute and 42 seconds, please look at my new and improved video 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…
JUNE 2024
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the June 2024 PPAR report.
In El Paso County, the average days on the market for single family/patio homes was 30. For condo/townhomes it was 40.
Also in El Paso County, the sales price/list price for single family/patio homes was 98.9% and for condo/townhomes it was 99.0%.
In Teller County, the average days on the market for single family/patio homes was 30 and the sales/list price was 99.3%.
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 2024 to June 2023 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings were 1,667, Down 1.7%
· Number of Sales were 1,115, Down 13.3%
· Average Sales Price was $564,406, Up 1.6%
· Median Sales Price was $499,000, Up 2.9%
· Total Active Listings are 2,974, Up 44.4%
· Months Supply is 2.7, Down 3.3%
Condo/Townhomes:
· New Listings were 279, Up 19.2%
· Number of Sales were 154, Down 27.7%
· Average Sales Price was $392,844, Down 4.2%
· Median Sales Price was $365,000, Up 2.8%
· Total Active Listings are 574, Up 101.4%
· Months Supply is 3.7, Down 3.7%
JUNE 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 15.2%
- Median Sales Price for All Properties was Up 2.5%
- Active Listings on All Properties were Up 31.8%
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:
real estate STILL HOLDS THE TITLE OF BEST LONG-TERM INVESTMENT
KeepingCurrentMatters, 7.2.24
Despite all the headlines concerning high home prices and mortgage interest rates which could understandably make you wonder whether it’s the right time to buy a home, you can rest assured that it’s always a good time to buy.
And here’s some information that can put your mind at ease and shows that investing in a home is still a powerful decision.
According to the experts at Gallup, real estate has been crowned the top long-term investment for a whopping12 years in a row. It has consistently beat out other investment types like gold, stocks, and bonds.
Just take a look at the graph below—it speaks volumes:
So why does real estate continue to reign supreme as a top-notch long-term investment? It’s because even in today’s market buying a home can be your golden ticket to building wealth over time.
Unlike many other investments that can feel somewhat like riding a rollercoaster with all the ups and downs and ongoing risk factors, real estate follows a more predictable and positive pattern.
History has shown that home values usually rise. And while prices may vary by market, that means as time goes by, your house is likely to appreciate in value. That helps you grow your net worth in a big way.
An article from Realtor.com explains it this way:
“Homeownership has long been tied to building wealth—and for good reason. Instead of throwing rent money out the window each month, owning a home allows you to build home equity. And over time, equity can turn your mortgage debt into a sizeable asset.”
If you have been on the fence about whether now is a good time to buy, remember that real estate was consistently voted the best long-term investment for a reason.
Just give me a call and together we can take your wants, needs and budget requirements to decide how best to make them work in finding a new home for you and your family.
ERA SHIELDS QUARTERLY STAT PACK
Data through June 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, June 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.
To access the report, please click here. And if you have any questions, give me a call.
