HARRY'S BI-WEEKLY UPDATE 9.8.22
September 8, 2022
HARRY’S BI-WEEKLY UPDATE
A Current Look at the Colorado Springs Residential real estate Market
As part of my Personal 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.
THE ‘AMERICAN DREAM’ OF HOMEOWNERSHIP ISN’T AS ATTAINABLE AS IT WAS…
…but, not to worry because you’ve got me, and if there is any way possible of making your Residential real estate dream come true…I’ll find it.
With higher home prices and rising interest rates, it’s not quite as simple as it was even six months ago, and most especially for first-time homebuyers.
There are more available homes for sale at present and bidding wars are slowly down considerably. However, it’s still a matter of supply and demand and finding the right home to fit your individual wants, needs and budget requirements takes the knowledge, experience, and professionalism of a seasoned broker like myself.
Let’s face it. There are always folks who need to buy as well as ones who need to sell. Each person has their own reasons for doing so at whatever time they choose.
I rarely begin my eNewsletter column talking about myself, but since I have heard from several potential buyers who seem to have been misinformed or misunderstood by brokers they have contacted, I felt it important to tell you why experience is so important, not just in today’s market, but in any market.,
In April I celebrated 50 years in the local Residential real estate arena. During that time, I have seen most every cycle and interest rate imaginable and have helped my clients achieve their personal and/or investment housing goals in all those cycles.
I’ve seen interest rates as high as 18% VA/FHA and 20% Conventional in 1982. And the list goes on.
My 50 years of experience, along with my background in Investment Banking, has given me a heads up over many other brokers in understanding most any type of home buying scenario and it gives me a great deal of pleasure to put that experience to work for my clients.
If you presently own a home and want to trade up or move to a new location, it’s likely you have considerable equity in your present home that can help keep your payments on your new home lower than you might imagine.
Some of you might be interested in purchasing a newly constructed home. That is an area where I can be of assistance at no additional cost to you. I have good relationships with various local homebuilders and can help you find what you want in that scenario as well.
Moving to another state? Well, I can help there as well. I’ve specialized in “relocation” for 47 years and have a qualified national network of brokers who have the same type of experience as myself and who I trust to work with my clients.
So, while the “American Dream of Homeownership” could become a “nightmare” with a broker with lesser qualifications, I’m committed to keep the “dream” alive for you.
It all starts with a call to 719.593.1000 or email to Harry@HarrySalzman.com . I look forward to speaking with you soon.
And now for statistics…but first some other words from me…
Over the past several years, I’ve advised most anyone who wanted to sell (either to trade up, move to a new location or whatever the reason) that the seller’s market of the recent past would not be here forever. Again, based on what I’ve seen through all the various cycles in the last 50 years, there was no way it was sustainable, and at some point, the market was going to “normalize” with realistic home equity growth and more homes for sale.
Well, folks, that time has come. In recent days, homes that I have listed, and listings of other brokers who I work with, are not seeing any of the frenzy of the last several years. Those days of 15 offers on day one or purchasing a home you’ve never seen except on paper appear to be a thing of the past.
That’s not to say that homes aren’t selling…they are. BUT…it’s taking considerably longer, and I’ve seen listing prices in recent days that have been lowered to get more buyer attention.
For buyers who need time to deliberate a bit, or who need a new home in which to move, this is good news. There is more breathing room to make such a huge financial decision and that’s how it should be.
Additional good news is the fact that homes in the Colorado Springs area are continuing to increase in value and our median home prices are also increasing. While your equity might not be growing at the rate of the last several years, it’s continuing to grow, and that’s a GREAT thing.
And now for August stats….
AUGUST 2022
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the August 2022 PPAR report.
In El Paso County, the average days on the market for single family/patio homes was 17. For condo/townhomes it was 11.
Also in El Paso County, the sales price/list price for single family/patio homes was 99.7% and for condo/townhomes it was 99.8%.
In Teller County, the average days on the market for single family/patio homes was 17 and the sales/list price was 99.9%.
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 2022 to August 2021 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings were 1,801, Down 8.1%
· Number of Sales were 1,366, Down 27.0%
· Average Sales Price was $530,547 Up 6.3%
· Median Sales Price was $480,592, Up 6.8%
· Total Active Listings are 2,639 Up 161.5%
· Months Supply is 1.9, Down 6.0%
Condo/Townhomes:
· New Listings were 253, Down 13.9%
· Number of Sales were 215, Down 17.3%
· Average Sales Price was $361,372 Up 6.4%
· Median Sales Price was $350,000, Up 7.7%
· Total Active Listings are 229, Up 116.0%
· Months Supply is 1.1, Down 6.7%
Now a look at more statistics…
AUGUST 2022 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 27.4%
- Median Sales Price for All Properties was Up 8.6%
- Active Listings on All Properties were Up 102.9%
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 to get a good idea of the local pulse. As an example, here is a detailed report on the Colorado Springs area:
UCCS ECONOMIC FORUM DASHBOARD
UCCS Economic Forum, College of Business, 8.30.22
Here is 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 area levels.
I’ve reproduced the first page of the graphs and you can click here to see the report in its entirety. If you have any questions, please give me a call.
And…on another note, I’d like to thank Tatiana Bailey and Rebecca Wilder and wish them much success in their new venture. I shall miss working with them on the Economic Forum, but I know they will still be visible, not only in our community but around the nation.
