WHY ARE WE CONSISTENTLY POSITIVE ABOUT THE LOCAL REAL ESTATE MARKET?
November 5, 2012
HARRY’S WEEKLY UPDATE
A Current Look at the Colorado Springs Residential real estate Market
WHY ARE WE CONSISTENTLY POSITIVE ABOUT THE LOCAL real estate MARKET?
I have received more than a few comments from readers saying things like, “Oh, Harry, how can you only be so positive in your eNewsletters?” Well, our first two stories this week are just a couple of examples of why we remain so optimistic about the local real estate market. It’s not that I only look for the positive in all the media I peruse, it’s just that I’ve also found that there is always a way to take some thing that may sound negative to others and turn it into a positive. In the articles below….well….the information simply speaks for itself.
ONCE AGAIN, LOCAL HOME SALES WERE UP LAST MONTH
October proved to be another good month for the Residential real estate Market. Here are some highlights from the just published Pikes Peak Realtors Association (PPAR).
- 794 homes sold—4.7% over year to year figures
- Average Sales Price was $239,945—8.3% higher than the $221,534 of a year ago
- Median Sales Price was $211,650—up 14.4% from $185,000 of a year ago
- Home Listings were up 12.4% from October 2011
- Total Active Listings as of October were 3513 compared to 3959 as of October 2011 which means that the current Single Family Home inventory is down 11.3% from one year ago
Click here to see the full report containing all the general statistics as well as comparisons of your current local home area and all the areas we serve. There are seven pages of reports on all neighborhoods in the Pikes Peak area.
We have found that by using this information on behalf of our clients, they have far exceeded their expectations in terms of personal decisions in either buying or selling a home.
Furthermore, when this data is used for our clients, either buyers or sellers, we find we are able to get a more advantageous price and terms…thus saving our clients money and shortening the time to closing. It’s a big win all around.
If you have any questions about this data (or any real estate questions), please give us a call at 598.3200 or 800.677.6683 (MOVE).
AND MORE POSITIVES….QUARTERLY UPDATES AND ESTIMATES JUST OUT
We were very excited to see the latest local “Quarterly Updates and Estimates” –an update researched, produced and published by the Southern Colorado Economic Forum group, College of Business and Administration, University of Colorado at Colorado Springs.
This is an update on the El Paso County economy as of October 2012 and had a very positive analysis for all areas of El Paso County.
We, of course, focus on the information and forecasts concerning Residential real estate and the effects thereof. Again….lots of positive information there. Pages 3 though 9 of the 16 page report will provide current charts, thought and answers you might have concerning local Residential Real Estate. The titles of those sections are:
- Analysis of the El Paso County Residential housing market (single family and multi family)
- MLS Activity, with charts and graphs
- Housing Price Equilibrium in the Region
- Foreclosures
- Multi Family Market
Page one of the Report begins by stating “The local economy showed some of its strongest performance since bottoming out in February 2009. The best performing local indicators were new single family permits and consumer confidence. The index for single family permit activity is 107.9 percent higher than a year ago. New single family housing activity has been up every quarter in the last year over the year ago period.”
As an aside, Salzman real estate Services, LTD has been a financial supporter of the Southern Colorado Economic Forum since it was created 17 years ago. Page 16 of this Report contains a list of all organizations and businesses who are Forum Partners. We are the only Residential Real Estate Company in the area to provide “continuing financial support”.
To see the entire report click here. As always, I am here to provide any explanations or answer any questions you may have concerning this report. Just give me a call at 598.3200 or 800.677-6683 (MOVE).
AND ON A NATIONAL LEVEL…HOUSING IS FINALLY HELPING THE ECONOMY
According to last Friday’s report on US Economic growth, housing has now positively (there’s that word again!) contributing to the nations gross domestic product in six straight quarters which has not occurred since the housing bubble burst in 2006.
This is great news and even better is the fact that the gain in the housing market is spreading to more and more cities nationwide. This is a bright spot in a still sluggish economy.
In some markets, the cost of homeownership has fallen to the point that monthly rent exceeds mortgage payments.
No surprises here. We’ve been keeping you up to date on a weekly basis concerning the Colorado Springs market and want to remind you that if you are looking….the time is NOW. There are going to be fewer choices in the coming months and prices are sure to be higher. And with mortgage rates at an all time low, you can’t afford to wait. If you are looking to buy, sell, trade up, or simply looking for investment property, give us at call at 598.3200 and we will get right on it.
And if you know of anyone who wishes to buy or sell local real estate, or who is planning a move to the Pikes Peak region, remember—I’ve got more then 40 years of experience in providing relocation and Real Estate services to clients throughout the world. I am uniquely qualified to assist them in making the best decision for their individual wants and needs and always take that into consideration when negotiating on their behalf.
FEATURED LISTING
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61 Newport CR 61 & 63
Duplex* Desirable Broadmoor area* Very private and quiet* Super location* Great income possibilities* Currently tenant occupied* Cul-de-sac with Mountain Views* Private fenced back yard* UL and ML Units, each with own LL single garage with garage do... |
Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner
email: Harry@HarrySalzman.com
