HARRY'S BI-WEEKLY UPDATE 9.821
September 8, 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.
MORE HOMES ON THE MARKET, BUT THINGS HAVEN’T STARTED TO SLOW DOWN MUCH
This is the time of year where we normally start to see a slowing down of sales. Folks often like to move prior to the start of a new school year or before the holiday season gets under way. However, I’m finding myself busier than ever for a number of reasons.
To start with, due to some of the uncertainty surrounding the Delta variant of Covid-19, a number of potential buyers are looking for the things they find wanting in their present home. Those include more private spaces, better work and study spaces, and larger kitchens and entertainment areas.
Others are wanting to take advantage of the still historically low interest rates, not knowing what the future may hold in that regard.
And still others are simply wanting to downsize, upsize or move to a new neighborhood or sometimes to a new location across the country or even across the world.
I’ve talked to clients and a number of those relocating here for business and the school year or season is of no importance to them. They want to move NOW.
As you will see in the statistics below, homes are still appreciating in double digits, but there are more homes coming on the market than in the recent past. It’s happening slowly, but I suspect there will be more folks wanting to take advantage of the higher prices they can get for their present home and of the low interest rates before they go away.
My advice to you? If you’ve even considered a move, NOW is the time to get started. Prices aren’t going down anytime soon, and mortgage rates essentially have nowhere to go but up.
And the very best move you can make 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.
To my friends and clients who celebrate, I wish you a very happy, healthy and peaceful Jewish New Year.
And to ALL my readers I’d like to share something I just read from Rabbi David Wolpe of Temple Sinai in Beverly Hills, CA. I found it appropriate not only for the Jewish New Year, but for any year, at any time:
“A good year is not a perfect year, a triumphant year or even an easy year. It is a year in which we see goodness and do goodness. Have a good year.”
All I can add is…AMEN.
AUGUST 2021
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the August 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 8. For condo/townhomes it was 7.
Also in El Paso County, the sales price/list price for single family/patio homes was 103.0% and for condo/townhomes it was also 103.0%.
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 August 2021 to August 2020 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings were 1,960, Up 16.0%
· Number of Sales were 1,870, Up 5.6%
· Average Sales Price was $499,278, Up 14.5%
· Median Sales Price was $450,000, Up 18.4%
· Total Active Listings are 1,009, Down 6.3%
· Months Supply is 0.5, Down 11.3%
Condo/Townhomes:
· New Listings were 294, Up 11.4%
· Number of Sales were 260, Up 5.7%
· Average Sales Price was $339,722, Up 24.4%
· Median Sales Price was $325,000, Up 22.6%
· Total Active Listings are 106, Down 10.9%
· Months Supply is 0.4, Down 15.7%
Now a look at more statistics…
AUGUST 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 Up 4.7%
- Median Sales Price for All Properties was Up 17.9%
- Active Listings on All Properties were Down 26.7%
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:
COLORADO SPRINGS AGAIN RANKS HIGH IN THE FHFA HOUSE PRICE INDEX
FHFA, 8.31.21
The recently published FHFA House Price Index for second quarter 2021 lists Colorado Springs as #20 out of the top 100 in house price changes during that quarter. Here is a copy of the changes:
If you are interested in seeing the entire list of 100 cities in ranking order, please click here. And, if you have any questions, you know who to call.
A CHECKLIST TO GET READY TO SELL
Keeping current matters, 8.27.21
When you begin thinking about selling your home, it’s important to realize that potential buyers are going to picture themselves living there. You want the home to look it’s best inside and out.
Focusing on tasks that can make it inviting and show it’s cared for can make all the difference when you’re ready to sell. This Infographic provides just some of the ways to do that:
Potential things that can either prevent or prolong a sale are ones I can help point out. That way, when you are ready to sell you can get your home on the market in a more expedient manner. Today’s buyers are often in a hurry to move in and don’t want to purchase a home that is going to need a lot of work prior to the move when it comes to major or even minor things that could come up during the home inspection.
UCCS ECONOMIC FORUM UPDATE
College of Business, UCCS, updated 8.27.21
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.
On another note, the Annual UCCS Economic Forum will be held virtually again this year on October 14th from 1-4 p.m. And once again, it will be presented at NO COST to registrants.
I will be providing more detailed information in the next eNewsletter and a link to register on-line for this always enlightening event.
It’s one that no Colorado Springs businessperson will want to miss.
