HARRY'S BI-WEEKLY UPDATE 8.9.21
August 9, 2021
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 real estate issues that will help to make you a more successful and profitable buyer or seller.
RESIDENTIAL real estate IS STARTING TO SLOWLY “NORMALIZE” BUT MANY THINGS REMAIN UNCHANGED
In recent months I’ve been telling you about the difficulties that buyers have been experiencing and while there are still potential roadblocks to finding the home of your dreams, things are starting to look up a bit.
Let’s start with the average and median sales prices. As you will see, they are down from June, but still considerably up year-over-year. Some reasons for the slight downward shift include more existing homes for sale—26.3 % more active listings in July vs. June, and of course, the price point has kept some potential buyers out of the market.
So, the good news is that there are more homes from which to choose, but unfortunately there are still more potential buyers than there are homes, so the bidding wars and fast turnaround times are still with us.
I’ve had several listings in the past couple of weeks, all of which sold within days of listing. Great for the sellers, but still a little tough for buyers. I’m finding more folks interested in testing the market right now while prices are still at all time highs. With the month-over-month sales and median prices starting to trend lower than the recent past, some potential sellers want to make certain they get the best price possible for their current home while possibly taking advantage of a slightly lower price point on the new one.
Many folks are wanting to take advantage of the still low interest rates and worry that possible impending inflation could ramp them up. I personally don’t know which way the rates will go and have stopped trying to make predictions. However, I don’t see rates staying this low forever.
The important thing to consider is still the monthly cost of purchasing a new home, rather than the price. If you are selling to trade up it’s likely that your present home has more equity than you might think. Therefore, your down payment coupled with the low interest rates could possibly keep your monthly output the same or not too much more.
NOW is the time to get started if you’ve even considered a move. Prices aren’t going down anytime soon, and mortgage rates essentially have nowhere to go but up. It shouldn’t take long to sell your present home and it will likely go for far more than you might imagine. However, finding a replacement will likely take some time so it’s best to start in that direction first.
Meanwhile, the best move you can make right now is to call me at 593.1000 or email me at Harry@HarrySalzman.com to get any and all of your questions answered. I look forward to speaking with you and helping to make all your Residential real estate dreams come true.
AND TO ILLUSTRATE WHAT I JUST WROTE…
Keeping Current Matters, 7.21
JULY 2021
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the July 2021 PPAR report. The format of this report no longer provides monthly statistics for each individual neighborhood. However, if you are interested in what’s happening in your neighborhood, I can provide you with this information through other means.
In El Paso County, the average days on the market for single family/patio homes was a very low 6. For condo/townhomes it was 5.
Also in El Paso County, the sales price/list price for single family/patio homes was 104.4% and for condo/townhomes it was 104.3%.
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 July 2021 to July 2020 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings were 2,176, Up 10.5%
· Number of Sales were 1,844, Down 6.8%
· Average Sales Price was $501,138, Up 17.2%
· Median Sales Price was $450,000, Up 19.4%
· Total Active Listings are 981, Down 29.4%
· Months Supply is 0.5, Up 4.3%
Condo/Townhomes:
· New Listings were 317, Up 2.6%
· Number of Sales were 241, Down 8.4%
· Average Sales Price was $324,807, Up 17.4%
· Median Sales Price was $315,000, Up 25.5%
· Total Active Listings are 104, Down 35.8%
· Months Supply is 0.4, Up 4.3%
Now a look at more statistics…
JULY 2021 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 6.3%
- Median Sales Price for All Properties was Up 19.2%
- Active Listings on All Properties were Down 38.6%
You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical area of your choice from the 18-page Local Market Update. I recommend that you check out your own area or one that you are considering, to get a good idea of the local pulse. As an example, here is a detailed report on the Colorado Springs area in general:
WAITING TO BUY COULD COST YOU…
Keeping Current Matters, 7.21
Some Highlights:
- If you’re thinking of buying a home but wondering if waiting a few years will save you in the long run, it’s time to think again.
- The longer you wait, the more you’ll pay, especially when mortgage rates and home prices rise. Even the slightest change in the mortgage rate can have a big impact on your buying power, no matter your price point.
UCCS ECONOMIC FORUM UPDATE
College of Business, UCCS, updated 7.30.21
As always, I’ve included the most recent economic update from the UCCS Economic Forum. It provides data concerning all aspects of the economy, on both the National and Colorado Springs levels.
I’ve reproduced just one of the charts below. You can click here to read the entire report and if you have any questions, please give me a call.
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