HARRY'S BI-WEEKLY UPDATE 8.8.2024
August 8, 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.
LOCAL HOME PRICES CONTINUE TO RISE BUT…FOR THE FIRST TIME IN AGES, MORTGAGE RATES ARE DOWN…
I’ve written and talked a lot about mortgage rates in recent months because of their impact on affordability. If you’re one of the many who have waited to make a move you’ve probably been waiting for the rates to go down. Well, you are now getting your wish.
The big news for mortgage rates is that mortgage rates are down a full percentage point from the recent high. This is HUGE. This chart makes note of it:
It’s possible you have seen this as well and are still wondering how low rates are going to go. Well, let me assure you that the rates we saw during the pandemic are a thing of the past. If you are holding out to see a 3% mortgage rate again, you’ll be waiting for something that experts agree won’t happen.
As Greg McBride, Chief Financial Analyst at Bankrate said:
” The hopes for lower interest rates need the reality check that ‘lower’ doesn’t mean we’re going back to 3% mortgage rates…the best we may be able to hope for over the next year is 5.5 to 6%.”
The big decrease in recent weeks is a gift for those who have been sitting on the fence. This may just the right time for you to get moving…literally.
As you will see in the statistics below, home appreciation in Colorado Springs is still on the rise and will continue to do so. What that means is that as home values increase, you are going to pay more because the borrowed amount will be higher, even with lower interest rates.
And, with loan rates decreasing, it’s possible that more and more buyers will be entering the market, thus driving up prices even more and bringing back bidding wars.
So, if you have even thought about making a move, NOW is the TIME. But you won’t know until you start the process.
Just email me at Harry@HarrySalzman.com or call me at 719.593.1000 and together we can begin to get a better picture of how to best take your wants, needs and budget requirements and use them for the best outcome for you and your family.
And, if you’ve got two minutes, 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…
JULY 2024
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the July 2024 PPAR report.
In El Paso County, the average days on the market for single family/patio homes was 31. For condo/townhomes it was 38.
Also in El Paso County, the sales price/list price for single family/patio homes was 99.5% and for condo/townhomes it was 99.3%.
In Teller County, the average days on the market for single family/patio homes was 48 and the sales/list price was 97.4%.
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 July 2024 to July 2023 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings were 1,640, Up 12.0%
· Number of Sales were 1,127, Up 0.7%
· Average Sales Price was $571,152, Up 5.7%
· Median Sales Price was $499,000, Up 5.7%
· Total Active Listings are 3,273, Up 45.2%
· Months Supply is 2.9, Up 63.2%
Condo/Townhomes:
· New Listings were 246, Up 9.8%
· Number of Sales were 145, Down 9.4%
· Average Sales Price was $381,437, Up 4.6%
· Median Sales Price was $354,900, Up 3.6%
· Total Active Listings are 596, Up 97.4%
· Months Supply is 4.1, Down 10.4%
JULY 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 Up 3.0%
- Median Sales Price for All Properties was Up 5.4%
- Active Listings on All Properties were Up 35.5%
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:
ECONOMIC & WORKFORCE DEVELOPMENT REPORT
Data-Driven Economic Strategies, July 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.
Below is a reproduction of the first page of graphics. To access the full report, please click here. And if you have any questions, give me a call.
UCCS ECONOMIC FORUM MONTHLY DASHBOARD
Updated July 2024, UCCS College of Business/Economic Forum
Here is the monthly report from the UCCS College of Business Economic Forum. It is created by professor Dr.Bill Craighead, who is the Forum Director. He also publishes an on-line “Weekly Economic Snapshot” you might enjoy.
I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month.
I’ve reproduced the first page of the charts below. To access the report in its entirety, please click here.
