JUST BACK FROM VACATION….
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October 22, 2012
HARRY’S WEEKLY UPDATE A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET
JUST BACK FROM VACATION….
After taking a week off from work for the first time, I was actually going to ask you readers what’s been going on during my absence but when I got home last night I was inundated with all kinds of financial news that I thought I ought to share with you. So briefly, here’s what I’ve got….
THIRD QUARTER INDICATORS LOOKING STRONG
Things are looking up in the local real estate market. In a nutshell, sold listings are up 7.9%, active listings are down 6.9% and the one year change in Median Sales Price is up 8.7%.
And on top of that, Freddie Mac’s average fixed rate mortgage is at an all time low of 3.4%. Need I say more? If you’re looking to buy for yourself or for investment purposes, the time is NOW. With fewer homes on the market, more people are looking rent and rental prices are inching up accordingly. On the other side, if you are looking for a home to live in, mortgage rates aren’t going to stay this low forever, and as you can see, median home prices are on the rise. It’s never been a better time for first time homebuyers or those that are looking to upgrade to a larger residence or different neighborhood.
HERE ARE SOME 3rd QTR. YEAR OVER YEAR STATISTICS FOR THE PIKES PEAK AREA*
Black Forest: Median Sales Price Up 9.0% Avg. Sales Price Up 5.7%
Briargate: Median Sales Price Up 5.2% Avg. Sales Price Up 2.3%
Central: Median Sales Price Up 18.4% Avg. Sales Price Up 17.3%
Divide: Median Sales Price Up 25.7% Avg. Sales Price Up 32.1%
East: Median Sales Price Up 3.3% Avg. Sales Price Up 5.2%
Falcon North: Median Sales Price Up 6.9% Avg. Sales Price Up 5.3%
Florissant: Median Sales Price Up 3.3% Avg. Sales Price Up 15.4%
Fountain Valley: Median Sales Price Up 15.2% Avg. Sales Price Up 11.2%
Manitou Springs: Median Sales Price Up 31.7% Avg. Sales Price Up 27.3%
Northeast: Median Sales Price Up 4.4% Avg. Sales Price Up 8.4%
Northgate: Median Sales Price Down 4.8% Avg. Sales Price Up 1.5%
Northwest: Median Sales Price Same Avg. Sales Price Down 3.4%
Old Colo.City: Median Sales Price Up 25.4% Avg. Sales Price Up 23.2%
Powers: Median Sales Price Up 6.3% Avg. Sales Price Up 1.5%
Southeast: Median Sales Price Down 6.8% Avg. Sales Price Down 2.2% Southwest: Median Sales Price Up 17.7% Avg. Sales Price Down 0.6%
Tri-Lakes: Median Sales Price Up 5.2% Avg. Sales Price Up 7.2%
West: Median Sales Price Down 1.7% Avg. Sales Price Down 3.4%
Woodland Pk: Median Sales Price Up 12.7% Avg. Sales Price Up 16.9%
*Statistics from the Pikes Peak MLS, provided by the Colorado Assoc. of REALTORS.
DESPITE SLIGHT MONTHLY DECLINE IN U.S. SALES, PRICES CONTINUE UPWARD
According to Lawrence Yun, chief economist for the National Association of Realtors, “Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery. More people are attempting to buy homes than are able to qualify for mortgages and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales, notably in parts of the West.”
That’s us he’s talking about folks. So as I’ve been telling you for some time now….if you’re in the market…give me a call and let’s get serious before the inventory gets too low and the prices and mortgage rates start rising again.
HOME SALES CONTINUE TO RISE FOR 15TH STRAIGHT MONTH
Saturday’s Wall Street Journal emphasized the current trend, stating that “rising rents and improving consumer confidence has created urgency. Again, this is due to rising prices and median sales prices and consumer demand due to mortgage rates falling to their lowest levels on record.
AS ALWAYS, I’M HERE TO HELP….
Please call me at 719.598.3200 for help with any and all of your real estate needs. Whether you’re looking to buy or sell, or simply looking for investment property, let me put my 40 plus years in the local Real Estate arena work for you.
Harry A. Salzman. CRS, CRP, CNE email: Harry@HarrySalzman.com
Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
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Harry Salzman, Salzman real estate Services, Ltd
538 Garden of the Gods Road, Colorado Springs CO 80907
719-598-3200 or Toll Free: 800-677-MOVE(6683)
Visit http://www.SalzmanRealEstateServices.com
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