Real Estate Information

June 4, 2025

 

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 Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

LET’S TALK A BIT ABOUT INTEREST RATES

I seem to get more and more questions about interest rates and what I think is happening or going to happen.

To be quite honest, I have no idea. 

But, when asked about the 3% interest rates of a few years ago I DO have a response.  We’re not going to see those again in a very very long time, if ever.

Those rates were never meant to last.  They were a short-term response to a very specific moment in time and as the market started finding it’s footing again, it was time for a reset.

In 2020 and 2021, 3% mortgage rates gave buyers a serious boost of more affordability, more buying power and more opportunity.  But those were the result of emergency economic policies put in place during the height of a global pandemic. 

Now that the economy is in a different place we’re seeing mortgage rates normalizing in the high 6% to low 7% range.

While currently most experts project a slight easing in the months ahead, most industry leaders agree with me—rates are not going back to 3%.

As I’ve been saying for some time now, waiting for 3% interest rates to return is futile.  And while you’re waiting, home values keep appreciating so that makes it harder to buy later than it might be today.

As you will see in the statistics below, home values are continuing to hold their own and even increase.  Some months more than others, but they are NOT going down and aren’t likely to do so.  This is especially true in a desirable area like Colorado Springs which is attracting new folks more and more due to our great work/life balance.

If you’ve been putting off your home search while waiting for interest rates to fall, you will be waiting a very long time.

There are a number of options available when it comes to interest rates these days and a realtor like me with a background in investment banking can help you find just the right financing for your individual needs and budget if at all possible.

And, if the rates do go down at some later date, you can always refinance as your home will likely have appreciated in value.

With the spring buying and selling season in full swing, NOW is the best time to start your search if you’ve even considered a move in the last year or more.  You could be surprised to find that the possible increased equity in your present home will provide you with a greater down payment, which in turn will result in less of a monthly output than you might expect.

But you won’t know anything unless you get together with me and we figure out how to put your wants, needs and budget requirements to the best use to find just the right place for you and your family.

My 53 years in the local Residential real estate arena, makes me more than qualified to help my clients find the best solution to their housing needs so why not give me a call today at 719.593.1000 or email me at Harry@HarrySalzman.com and together let’s see how your Residential real estate dreams can become reality in the best time frame for you.

 

 And now for statistics…

 

MAY 2025

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the May 2025 PPAR report: 

 

In El Paso County, the average days on the market for single family/patio homes was 38.  For condo/townhomes it was 54. 

 

Also in El Paso County, the sales price/list price for single family/patio homes was 99.5% and for condo/townhomes it was 99.2%. 

 

In Teller County, the average days on the market for single family/patio homes was 65 and the sales/list price was 98.3%.

 

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 May 2025 to May 2024 for All Homes in PPAR:

                       

                        Single Family/Patio Homes:

• New Listings were 2,048, Up 10.8%
• Number of Sales were 1,166, Up 2.1%
• Average Sales Price was $566,304, Up 1.7%
• Median Sales Price was $490,000, Down 1.8%
• Total Active Listings are 3,671, Up 38.8%
• Months Supply is 3.1

 

 

Condo/Townhomes:

• New Listings were 272, Down 9.9%
• Number of Sales were 166, Down 9.3%
• Average Sales Price was $364,586, Down 1.7%
• Median Sales Price was $341,000, Up 0.3%
• Total Active Listings are 629, Up 27.8%
• Months Supply is 3.8

 

MAY 2025 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 0.3%

 

• Median Sales Price for All Properties was Up 1.0%

 

• Active Listings on All Properties were Up 27.7%

 

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 in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

WHY SOME HOMES ARE SELLING FASTER THAN OTHERS

KeepingCurrentMatters, 5.7.25

As you already know, in most markets, including ours, things have slowed down a bit and while you may remember how quickly homes sold a few years ago, that’s not what you should expect today.

And now that inventory has grown, according to Realtor.com, homes are taking a bit longer to sell in today’s market.

However, we are only looking at around a 10 day differential compared to the last few years and Realtor.com puts it this way:

“In April, the typical home spent 50 days on the market…This marks the 13^th straight month of homes taking longer to sell on a year-over-year basis.  Still, homes are moving more quickly than they did before the pandemic…”

By this comparison, if your home takes a bit longer to sell this year, it’s not really a concern.

It comes down to having the right strategy and of course, a broker like myself on your side.

 

1. Price it Right.  One of the biggest reasons homes sit on the market is overpricing.  Most sellers want to list higher thinking they can lower it later—but the backfires by turning buyers away.

 

2. Focus on the First Impression.  A messy yard or a home that needs paint?  It’s going to turn off buyers since they decide within seconds whether they like a house.

 

3. Strong Marketing and High Quality Listing Photos.  If your listing doesn’t look professional, you could have trouble drawing in buyers who think you’re trying to cut corners.

 

4. The Location of the Home.  You know how I always talk about taking location into consideration in all things real estate?  Well, it applies here too in that some neighborhoods just tend to sell faster than others.

 

But here is the bottom line—you want the most money in your pocket in the shortest amount of time with the least amount of stress. 

When you hire me, it’s my job to make certain that all of these bases and more are totally covered before we even list your home on MLS.  I know how to properly price and stage your home to help you get the best possible price in the shortest time possible.

Give me a call when you are ready, or even thinking of being ready, and let’s discuss how to get your home ready for market.

 

HOME PROJECTS THAT ADD THE MOST VALUE

KeepingCurrentMatters, 5.30.25

 

Some Highlights:

• Whether you’re planning to move soon or not, you want to be strategic about which home projects you take on since not all of them will be worth it.

 

• Before you decide what upgrades to tackle, talk to me so I can let you know what’s in demand in our area and where you are likely to best recoup the costs.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, May 2025

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report.

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

UCCS ECONOMIC FORUM MONTHLY DASHBOARD  

Updated May 2025, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy.

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month. 

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here. 

May 27, 2025

 

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 Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

YES, THE ECONOMY MAY BE GOING THROUGH SOME UPS AND DOWNS…BUT YOUR HOME APPRECIATION IS ONLY GOING ONE WAY…... UP.

For as long as I’ve been selling Residential real estate, I’ve been a believer and a personal buyer.  I could never sell something that I didn’t personally believe or personally invest in.

Having started my career in Investment Banking and going into Residential real estate more than 52 years ago, I can honestly say I know the financial and real estate markets inside and out and I study them each morning when my Wall Street Journal is delivered.  That’s just one of the reasons why I can not only find the best home fit for my clients but also can assist in finding the best financing options for them as well.

Over time, in all those years, local home values have continued to surpass the stock and bond markets--without fail. 

I’ll give you one personal example.  I purchased a rental property in July 2002 for $172,000.  When the long-time renter recently passed away, I decided it was time to sell that property.  Of course, it needed some updating and new appliances, etc. so I invested another $60,000 in the property before putting it up for sale. 

While it took considerably longer to sell in this current market, it sold for $450,000.  A good investment which also provided a nice monthly income for more than twenty years as it increased in value?  You bet.

I give you that example for several reasons. 

First, to show that I personally put my money where I believe it will give me the best return over time.

Secondly, to demonstrate that while it may take a bit longer in today’s market, homes ARE selling locally.

Colorado Springs and vicinity is fortunate in that it’s a place where folks find a work/life balance that is unbeatable and that’s why more and more companies are expanding and/or relocating here.  There are a number of folks that want to retire here as well.

With those company expansions and relocations come employees who need a place to live and that keeps me busier than many of my contemporaries in some other parts of the country.

That is also illustrated in the national survey information I have posted below.  Colorado Springs is showing greater median home price appreciation than a lot of the country.

I was pleasantly pleased to see that the surveys backed up what I had predicted last year when I said Colorado Springs would slowly move up nationally when it came to home price appreciation.  We moved up even faster than I expected.

Those of you that have been “on hold” are watching homes continue to appreciate while waiting for interest rates to fall and realizing that waiting is costing you, most especially in the home appreciation that’s happening while you wait. 

NOW is the best time to start your search if you’ve even considered a move in the last year or more.  You might be surprised to find that the possible increased equity in your present home will provide you with a greater down payment, which in turn will result in less of a monthly output than you might expect.

But you won’t know anything unless you get together with me and we figure out how to put your wants, needs and budget requirements to the best use to find just the right place for you and your family.

 

Give me a call today at 719.593.1000 or email me at Harry@HarrySalzman.com and together let’s see how your Residential real estate dreams can become reality in the best time frame for you.

 

 

real estate VOTED AS BEST LONG-TERM INVESTMENT … 12 YEARS IN A ROW

KeepingCurrentMatters, 5.23.25

Some Highlights:

 

• In a recent Gallup poll, real estate has once again been voted the best long-term investment, a top spot it has claimed for 12 straight years.

 

• That’s because homeownership is one of the top ways to build your wealth, even with home price growth moderating and ongoing economic uncertainty.

 

• If you’ve been trying to decide whether it makes sense to buy a home today, give me a call and let’s see how we can make that a possibility that works for you and your family.

 

 

COLORADO SPRINGS RANKS #48 IN THE Q1 2025 FHFA HOUSE PRICE INDEX

Federal Housing Finance Agency, 5.27.25

 

The recently published FHFA House Price Index for first quarter 2025 lists Colorado Springs as #48 out of the top 100 in home price changes during that quarter.

Considering we were ranked at #75 in Q3 2024 and #87 in Q2 2024, that is a significant and very positive change which confirms our continued housing market strength.

Nationally, home prices were up 4.0% year-over-year according to the Federal Housing Finance Agency (FHFA) and up 0.7% compared to Q4 2024. 

These rankings are from the top 100 metro areas in the U.S. and Colorado Springs showed a 4.2% median price change year over year which is a bit better than the national average appreciation.

The Federal Housing (FHFA) House Price Index is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970’s from all 50 states and over 400 American cities.  It incorporates tens of millions of home sales and offers insights about house price changes at the national, census division, state, metro area, county, ZIP code and census tract levels.

It is notable that home prices in 89 of the 100 largest metro areas rose over the previous four quarters.

Moving from a #75 ranking in Q3 to a #48 ranking shows that homes here are not only holding their values but increasing faster than the national average.

As I mentioned earlier, I had predicted that would happen in a newsletter last year and sure enough it did.

We are also considerably above #80 ranked Denver which is always fabulous news. 

Below are copies of the entire list as well as of the Colorado Springs changes.  Any questions?  You know where to reach me.

COLORADO SPRINGS IS ALSO RANKED #48 OUT OF 228 MEASURED METRO AREAS IN THE JUST PUBLISHED NAR SURVEY

The National Association of Realtors, 5.8.25

 

In the just published report from the National Association of Realtors (NAR), single-family, existing-home prices grew in 83% of measured metro areas.  This is down from 89% the previous quarter.

Compared to a year ago, the national median single-family existing-home price climbed 3.4% to $402,300.

Also compared to a year ago, the median price of single-family homes in Colorado Springs rose 3.5% to $464,700 per NAR, once again showing that we are doing better than the U.S. average and better than 180 of the 228 metro areas surveyed. This price reflects detached, single-family and patio homes but not townhomes or condominiums.  

The median home price increase in the Springs ranked 48^th highest of the 228 cities surveyed.  

To see all 228 metro areas in alphabetical order, please click here.  To see them in ranking order, click here.  Or click here to see what income levels are required to purchase homes based on either a 5, 10 or 20 percent down-payment.

If you have any questions, please give me a call.

 

ERA SHIELDS STAT PACK

Data through April 2025, ERA Shields

Here is data from my company’s monthly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page, and you can click here to get the 5-page report in its entirety.

May 9, 2025

 

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 Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

YES, YOU SAW AND READ THAT RIGHT….

…the news in the Colorado Springs Residential real estate market is so good I thought I’d put my podcast front and center so you can click on the link below and see and hear it for yourself.

It’s a short 2 minutes and 26 seconds but full of very positive news for you.

As you will see, a number of folks are starting to make their move (literally) and we have had a lot more listings and sales in the last month and things are looking good for May as well. 

To watch, click here:

https://youtu.be/kAPtNy-fnos

 

While you’re at it you might want to subscribe to my YouTube channel, so you won’t miss future broadcasts.  It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!

With the springs buying and selling season obviously in full swing, NOW is the best time to start your search if you’ve even considered a move in the last year or more.  You could be surprised to find that the possible increased equity in your present home will provide you with a greater down payment, which in turn will result in less of a monthly output than you might expect.

But you won’t know anything unless you get together with me and we figure out how to put your wants, needs and budget requirements to the best use to find just the right place for you and your family.

My 53 years in the local Residential real estate arena, coupled with my background in Investment Banking makes me more than qualified to help my clients find the best solution to their housing needs.  I can also steer them in the direction of the most appropriate financing options for their individual situation.

 

Give me a call today at 719.593.1000 or email me at Harry@HarrySalzman.com and together let’s see how your Residential real estate dreams can become reality in the best time frame for you.

 

 And now for statistics…

 

MARCH 2025

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the March 2025 PPAR report: 

 

In El Paso County, the average days on the market for single family/patio homes was 44.  For condo/townhomes it was 58. 

 

Also in El Paso County, the sales price/list price for single family/patio homes was 99.5% and for condo/townhomes it was 99.1%. 

 

In Teller County, the average days on the market for single family/patio homes was 87 and the sales/list price was 97.7%.

 

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 March 2025 to March 2024 for All Homes in PPAR:

                       

                        Single Family/Patio Homes:

• New Listings were 1,923, Up 15.4%
• Number of Sales were 1,106, Up 15.3%
• Average Sales Price was $570,072 Up 0.9%
• Median Sales Price was $490,000, Up 0.0%
• Total Active Listings are 3,117, Up 45.7%
• Months Supply is 2.8

 

Condo/Townhomes:

• New Listings were 285, Up 2.2%
• Number of Sales were 153, Up 6.3%
• Average Sales Price was $351,813, Down 3.7%
• Median Sales Price was $350,000, Up 3.6 %
• Total Active Listings are 596, Up 43.3%
• Months Supply is 3.9

 

MARCH 2025 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 11.9%

 

• Median Sales Price for All Properties was Down 0.1%

 

• Active Listings on All Properties were Up 30.8%

 

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 in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

IS IT FINALLY A BUYER’S MARKET???

Globe Newswire, 5.3.25

Increased inventory, fewer bidding wars and slightly lower mortgage interest rates are making the homebuying process easier than it has been in the recent past.

A recent first-quarter 2025 survey from Bright MLS revealed that signs point to a potentially more overall favorable year for homebuyers.

“While it’s not officially a buyer’s market yet, the pendulum is clearly swinging away from the intensely competitive conditions of recent years,” said Lisa Sturtevant, chief economist at Bright MLS. 

“Buyers are seeing more options and facing fewer obstacles compared to this time last year”, she added.

With increased listings, nationally and here in Colorado Springs, there are more options for buyers than even six months ago and sellers who have waited longer than usual to sell their home are finding things are beginning to move at a faster pace.

That being said, once again, if you have even thought about a move, the time to do so is now before the competition starts to really ramp up once again.

 

HOME PRICES DECLINE IN THE SOUTH, BUT RISE ELSEWHERE

The Wall Street Journal, 5.6.25

Once again, home prices are dictated by Econ 101…the law of supply and demand.  In areas where there are lots of homes for sale, mostly in the southern part of the U.S., home prices have been declining.

On the other hand, in areas with high demand and lower inventory, such as Colorado Springs, home prices are either holding steady or rising.

This article pointed out the fact that areas such as ours where there are new companies relocating and others expanding, there are folks who will need housing and that is creating a shortage of inventory. 

Folks who are holding on to their present homes longer due to interest rates or whatever reason are also contributing to the housing shortage and increased values.

However, once again, it is starting to become more of a buyer’s market as sellers who are ready to sell and move on are often offering some concessions in order to get a sale.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, March 2025

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report.

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD  

Updated March 2025, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy.

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month. 

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here. 

 

 

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 Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

SOME OF THE SAME…EXCEPT THAT FOLKS ARE LISTING THEIR HOMES DURING THIS BUYING AND SELLING SEASON AT A GREATER RATE THAN IN THE RECENT PAST

 

The spring buying and selling season is now underway and heating up in the Colorado Springs area even as I write this.

You may be reading that “home sales are seeing their steepest decline in 2 years” but always remember what I’ve told you time and again-----what is happening in the U.S. in general is not necessarily what’s happening here.

I caution my clients to remember that when it comes to home buying and selling—always look at what’s going on LOCALLY.

Colorado Springs and vicinity is fortunate in that it’s a place where folks find a work/life balance that is unbeatable and that’s why more and more companies are expanding and/or relocating here.  There are a number of folks that want to retire here as well.

With those expansions and relocations come employees who need a place to live and that keeps folks like me busier than many of my contemporaries in some other parts of the country.

I tell you this because, as you will see in the graph from the ERA Shields quarterly newsletter that I’ve reproduced below, sales and listings LOCALLY are up and that trend will likely continue, at least through the spring buying and selling season.

Interest rates are lower than they have been, and folks are getting used to the fact that the days of historic lows are not likely to return any time soon, if ever.

Those that have been “on hold” are watching homes continue to appreciate while they were waiting for interest rates to fall and realizing that waiting is going to cost them, most especially in the home appreciation that’s happening while they wait.  They are ready to make a move or at least find out whether a move right now might be in their best interest.

That’s where I come in.  My 52 years in the local Residential real estate arena, coupled with my background in Investment Banking makes me more than qualified to help my clients find the best solution to their housing needs.  I can also steer them in the direction of the most appropriate financing options for their individual situation.

NOW is the best time to start your search if you’ve even considered a move in the last year or more.  You might be surprised to find that the possible increased equity in your present home will provide you with a greater down payment, which in turn will result in less of a monthly output than you might expect.

But you won’t know anything unless you get together with me and we figure out how to put your wants, needs and budget requirements to the best use to find just the right place for you and your family.

 

Give me a call today at 719.593.1000 or email me at Harry@HarrySalzman.com and together let’s see how your Residential real estate dreams can become reality in the best time frame for you.

 

 

“ON THE HOME FRONT” …OUR ERA SHIELDS QUARTERLY PUBLICATION

ERA Shields Vol 2, 2025

I’m happy to share the newest edition of our company’s quarterly newsletter. I think you will find a lot of interesting and helpful information.  And, as always, if you have any questions, please give me a call.

 

 

 

 

 

 

IF THE ASKING PRICE ISN’T COMPELLING, IT’S NOT SELLING…an infographic

Keeping Current Matters, 4.18.25

Some Highlights:

 

• Unfortunately, a lot of today’s sellers are wanting to set their asking price unrealistically high, which is leading to an increase in price cuts.

 

• One of the most common reasons this is happening is that sellers are not paying attention to the local market conditions or are not listening to someone like me who can tell them the most realistic listing price.

 

• The best way to avoid overpricing your home is to meet with me and I can help provide comparisons and other factors to help you determine the best selling price.

 

April 9, 2025

 

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 Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

TRUER WORDS HAVE NEVER BEEN WRITTEN…. ABOUT MANY THINGS IN LIFE…BUT ESPECIALLY WHEN IT COMES TO RESIDENTIAL real estate

 

Having been in the local Residential real estate arena for 52 years this month, I can attest to the above.  I’ve heard from many folks that they are “waiting for the right time” and when the “right time” gets here the homes often cost more and the interest rates are not as favorable. 

I CAN tell you this.  Home prices in the Colorado Springs are not going down anytime soon and while interest rates have been fluctuating in recent times, they have been trending lower since reaching over 7% in January. 

Speaking of interest rates, those are often negotiable depending on your individual situation.  Banks are making some concessions and so are new home builders. 

Folks who were waiting to see if homes would be more affordable are finding that those homes just keep appreciating and the longer they wait the more they will be paying or they might be priced out of the home they really want.

But more importantly, with home prices only getting higher, homes purchased at today’s rate can likely be refinanced at a later date if and when rates decline.  And all the while your new home is appreciating in value.

And let’s talk about that value for a moment.  As many of you are aware, I started my career as an Investment Banker, and I still follow the financial and commodities markets daily.  Even if you never follow the markets, you can’t help but hear about the recent stock market swings that are happening now. 

Good news for homeowners:

Time and again it’s been a fact that real estate has outperformed the stock and bond markets over the long haul. 

That’s not just me speaking.  Most economists have stated the same thing.  And, for most families, home ownership is their most important financial investment. 

So where is this going? 

If you look at the monthly local statistics below you will see that home appreciation locally just keeps on moving up and with the spring buying and selling season now underway, you can see we are getting more listings and more sales.

Yes, it is still taking a bit longer to sell a home, but there are buyers out there for most every type of property and if you are looking to sell and trade up or move to another neighborhood or state, that extra time can also give you time to look for your new home without having rush as much as in the market frenzy of several years ago.

With the spring buying and selling season now upon us, if you’re even thinking about making a move, now’s the time to talk about all things Residential real estate.  With listings on the rise, and interest rates slowly dropping, the time to get a hold of me is “as soon as possible” so you’ll be ahead of those just tiptoeing in.

Together we can look at your individual wants, needs and budget requirements and find out what can work best for you and your family.

 

You can reach me at 719.593.1000 or by email at Harry@HarrySalzman.com and I’ve got the answers to your questions.

 

And now for statistics…

 

MARCH 2025

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the March 2025 PPAR report. 

 

In El Paso County, the average days on the market for single family/patio homes was 58.  For condo/townhomes it was 73. 

 

Also in El Paso County, the sales price/list price for single family/patio homes was 99.4% and for condo/townhomes it was 99.2%. 

 

In Teller County, the average days on the market for single family/patio homes was 76 and the sales/list price was 97.5%.

 

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 March 2025 to March 2024 for All Homes in PPAR:

                       

                        Single Family/Patio Homes:

• New Listings were 1,677, Up 25.4%
• Number of Sales were 1,059, Up 12.5%
• Average Sales Price was $562,548, Up 6.6%
• Median Sales Price was $495,000, Up 5.3%
• Total Active Listings are 2,629, Up 40.7%
• Months Supply is 2.5

 

 

Condo/Townhomes:

• New Listings were 256, Up 16.4%
• Number of Sales were 142, Down 6.6%
• Average Sales Price was $377,140, Up 3.0%
• Median Sales Price was $364,975, Up 8.9 %
• Total Active Listings are 535, Up 47.0%
• Months Supply is 3.8

 

MARCH 2025 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 10.0%

 

• Median Sales Price for All Properties was Up 4.2%

 

• Active Listings on All Properties were Up 27.9%

 

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 in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

NATIONAL HOUSING TRENDS TO WATCH…an infographic

KeepingCurrentMatters, 3.28.25

 

 

SOME HIGHLIGHTS:

• At the national level, things have shifted in the past year.  And, as you saw from the local statistics above, things have shifted here as well.
• There are more homes for sale, price growth has moderated a bit and homes are taking longer to sell.
• Any questions?  Just give me a call.

 

SIGNS OF MORE BUYER-FRIENDLY housing market EMERGE

Associated Press, 4.8.25

For those that can afford to buy, this spring buying and selling season is starting out more favorable for home shoppers than it’s been in recent years.

Home prices, while still rising, are not appreciating quite as fast as several years ago—I call that “normalizing” ---so that’s a plus for today’s buyers.

More importantly though, the number of homes on the market both nationally and locally is up substantially from a year ago.  And while inventory is still low by historical standards, active listings nationally surged last month by 28.5% on all homes for sale from one year ago.  Locally our listings are up 27.9% over last year at this time—so about the same.

With homes taking longer to sell, prices have been dropping a bit which gives prospective buyers more leverage as they negotiate with sellers this spring. 

Some sellers are even offering discounts to the listing price to get the deal “done”. 

However, for the number of folks still priced out of the market, this isn’t likely to be a game-changer for them.

What it does mean is that if you have been looking to buy, this could be just the right market for you.  But you won’t know unless you call me, and we can look at the whole picture to determine the best move for you and your family.

So, once again, if buying a new home is in your immediate future, the time to begin is now. 

 

ERA SHIELDS QUARTERLY STAT PACK

Data through Quarter 1, 2025, ERA Shields

Here is data from my company’s quarterly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page, and you can click here to get the report in its entirety.

March 28, 2025

 

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 Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

I TOOK A FEW DAYS OFF FOR BASEBALL SPRING TRAINING IN PHOENIX BUT CAN NEVER STAY AWAY FROM YOU FOR TOO LONG…

It was nice to get away from the cooler weather for a bit but always nice to come back home as well.  I’m always optimistic that my “Colorado Rockies” are going to surprise me and win a few, but it usually isn’t in the cards. 

However, my optimism does pay off more with it comes to Residential real estate and I’ve got a lot of things to share with you.

The “traditional” spring buying and selling season is just getting underway and it appears that it’s going to be considerably busier than the last several years. 

There are several reasons for that.  First of all, those waiting for interest rates to go back to the historical lows of a few years ago and have been sitting tight are finally realizing that it’s not likely to happen any time soon, if ever again. 

Secondly, those waiting to sell and trade up or move to a new neighborhood but who do have those low rates now are considering their options. They can stay in a home they have outgrown or one that is too big or in a place where they no longer wish to live.  They can watch while homes they might want to buy keep appreciating in value.  Or…they can jump in full steam and know that their new home will also keep appreciating in value and when interest rates fall a bit they can likely refinance at a lower rate.

Lots of varied reasons for lots of different folks, but I am seeing a lot more interest and movement than in the recent past.

The higher interest rates and previous lack of existing homes for sale have keep some folks out of the market but we are seeing rates easing a bit and hopefully will continue to do so throughout the rest of the year. We are also seeing more folks putting their present homes up for sale which is creating a better market for all.

NOW is the time to start your search if you’ve even considered a move in the last year or more.  You might be surprised to find that the possible increased equity in your present home will provide you with a greater down payment which in turn will result in less of a monthly output than you might expect.

But you won’t know anything unless you get together with me and we figure out how to put your wants, needs and budget requirements to the best use to find just the right place for you and your family.

There are many ways to find the best financing as well and my almost 52 years in the local Residential real estate arena, along with my background in investment banking, gives me a heads up on most when it comes to finding the best deals for my clients.

And did I mention my superior negotiation skills?  Well, not to brag, but they don’t call me “Mr. Negotiator” for nothing and it gives me great pleasure to get the best of everything possible for my clients.

Give me a call today at 719.593.1000 or email me at Harry@HarrySalzman.com and together let’s see how your Residential real estate dreams can become reality in the best time frame for you.

 

And…if you’ve got two minutes and 46 seconds, I recommend that you take a look at my newest podcast on forecasts. 

Simply click on the link below and you will be directed to my personal YouTube channel.

To watch, click here:

                        https://youtu.be/scIM7NY5Q38

 

While you’re at it you might want to subscribe to my channel, so you won’t miss future broadcasts.  It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!

 

You can CLICK HERE to view the slides I refer to in my podcast from the National Association of Realtors (NAR) presentation of March 21, 2025.  I think you’ll find them informative.  Please give me a call if you have any questions.

 

U.S. NEW HOME SALES REBOUND IN FEBRUARY

The Gazette, 3.26.25

New homes sales nationally increased 1.8% to a seasonally adjusted annual rate of 676,000 units last month according to the Commerce Department’s Census Bureau.  Warmer weather and a decline in the mortgage interest rates pulled buyers from the sidelines.  Sales in January were revised up from their previously reported numbers as well.

Economists polled by Reuters had forecast new home sales, which make up about 15% of U.S. home sales, would rise to a rate of 679,000 units.  These homes are counted at the signing of the contract and they rose 5.1% on a year-on-year basis in February.

Existing homes sales rose 4.2% in February from January to seasonally adjusted annual rate of 4.26 million units, according to the NAR. 

As I mentioned earlier, nationally as well as locally, inventory for existing homes for sale has been rising as properties are taking longer to sell.  Homes nationally typically remained on the market for 42 days last month, up from 41 in January and 38 days last February.  In El Paso and Teller counties homes have remained on the market even longer than that in recent times.

This, however, was prior to the beginning of the traditional buying and selling season and I suspect sales will improve over the next 4-5 months.

 

YOUR ROADMAP TO HOMEOWNERSHIP…an Infographic

Keeping Current Matters, 3.21.25

SOME HIGHLIGHTS:

• Buying a home isn’t just a transaction—it’s a journey.  And like any great adventure, having a solid roadmap makes all the difference.
• From your first meeting with me to getting pre-approved, house hunting and signing papers on closing day—each milestone is an achievement.
• Your journey starts with a call to me so I can help make each step of the way easier and less stressful for you.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, March 2025

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report.

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD  

Updated March 2025, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy.

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month. 

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here. 

 

ERA SHIELDS STAT PACK

Data through February 2025, ERA Shields

Here is data from my company’s monthly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page, and you can click here to get the 5-page report in its entirety.

March 7, 2025

 

 

HARRY’S FYI…

 

 

 

 

 

Have a fabulous weekend…

 

March 6, 2025

 

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 Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

As an eternal optimist, I wish I could give you a better report for the local and national Residential real estate markets, but between the high interest rates, low inventory and not so great weather, the last few months have been awfully slow but I’m thinking it’s going to be a busier spring buying and selling season than last year.

The one thing I would like to leave with you is this.  Home values are continuing to rise, although at a much slower pace than several years ago.  But…. the point here is that they ARE continuing to rise. 

What does that mean? 

For many families, their home is their greatest financial asset, and it is continuing to earn equity for them.  Over the 52 years I’ve been in Residential real estate, I’ve seen most every cycle imaginable, and I can tell you this:  Long term, home values almost always continue to work in the best interest of their owners. 

Over the long haul, real estate has proven to be a more predicable asset than stock or bonds and I do not see that changing. 

With the tariffs recently placed on Canada, who produces a great deal of the lumber we use in the United States in homebuilding, the cost will inevitably show up in the price of newly built homes.  That makes existing homes a greater commodity for those looking to buy.

And yes, there are always those looking to buy and those looking to sell. Their reasons may vary, but I’ve yet to see a time when that is not true.  Some years find a much slower pace due to market conditions that include interest rates, but over the long run a home is most always a great investment in the financial future of most families.

I can’t predict where the interest rates will land this year, and at the moment they are at the lowest level in the past two months, but I don’t see them falling below 6.25% by 4^th quarter of 2025 so that appears to become more the norm. 

According to Danielle Hale, an economist at realtor.com, “Eighty-three percent of homeowners with an outstanding mortgage currently have a sub-6% rate and 55% have a mortgage rate under 4%.”  She added that “many existing homeowners are still feeling locked in, timid to trade-up costs by taking on a new mortgage at a much higher rate.”

However, Hale does believe that will lessen over the next few months, with realtor.com predicting that 75% of outstanding mortgages likely will have a sub-6% rate by the end of 2025.  “Life happens and people will need to move due to job changes or family changes…this lock-in effect will gradually fade,” she said.

My advice? 

With the spring buying and selling season almost upon us, if you’re even thinking about making a move, now’s the time to talk about all things Residential real estate.  With listings on the rise, and interest rates slowly dropping, the time to get a hold of me “as soon as possible” so you’ll be ahead of the traditional “busy” season.

 

You can reach me at 719.593.1000 or by email at Harry@HarrySalzman.com and I’ve got the answers to your questions.

 

And now for statistics…

 

FEBRUARY 2025

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the February 2025 PPAR report.  You might note that while homes are selling at close to asking price as in the past several months, the days on the market are longer. 

 

In El Paso County, the average days on the market for single family/patio homes was 59.  For condo/townhomes it was 74. 

 

Also in El Paso County, the sales price/list price for single family/patio homes was 99.0% and for condo/townhomes it was 98.0%. 

 

In Teller County, the average days on the market for single family/patio homes was 88 and the sales/list price was 98.4%.

 

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 February 2025 to February 2024 for All Homes in PPAR:

                       

                        Single Family/Patio Homes:

• New Listings were 1,181, Up 3.4%
• Number of Sales were 730, Down 7.8%
• Average Sales Price was $544,170, Up 6.4%
• Median Sales Price was $473,500, Up 3.8%
• Total Active Listings are 2,425, Up 32.5%
• Months Supply is 3.3

 

Condo/Townhomes:

• New Listings were 191, Up 2.1%
• Number of Sales were 98, Down 25.2%
• Average Sales Price was $343,873, Down 6.0%
• Median Sales Price was $325,000, Down 3.0 %
• Total Active Listings are 494, Up 40.7%
• Months Supply is 5.0

 

FEBRUARY 2025 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 9.0%

 

• Median Sales Price for All Properties was Up 3.0%

 

• Active Listings on All Properties were Up 26.2%

 

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 in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

COLORADO SPRINGS HOME PRICES CONTINUE TO RISE, ALTHOUGH AT A SLOWER PACE, IN LAST QUARTER 2025

The National Association of Realtors, 1.2025

Home prices finished strong in 2024, data from the National Association of Realtors (NAR) shows.  But in the last five years alone, median home prices have jumped 50%.

As I mentioned at the start of this eNewsletter, property owners are getting richer as home prices prove resilient against lower home sales.  Nearly 90% of measured metro areas registered home price increases in the final quarter of 2024, according to the latest housing data from NAR.

Fourteen percent of the 226 metros tracked posted double-digit price gains, up from 7% in the third quarter.

Compared to a year ago, the national median single-family existing-home price climbed 4.8% to $410,100. 

The median price of single-family homes in Colorado Springs rose 1.0% to $464,100 during the last quarter of the year, per NAR.  This price reflects detached, single-family and patio homes but not townhomes or condominiums.  

The median price in the Springs ranked 48^th highest of the 226 cities surveyed.  With more inventory and lower interest rates we would undoubtedly rank even higher.

According to NAR economist Lawrence Yun, “record high home prices and the accompanying housing wealth are definitely good news for property owners, however renters who are looking to transition into homeownership face significant hurdles.

The high home prices are making it difficult for real estate newcomers to save up for a down payment.  Still, FOMO (fear of missing out) may be setting in for those would-be homeowners as wealth accumulation for homeowners far outpaces that of renters as we discussed earlier.

To see all 226 metro areas in alphabetical order, please click here.  To see them in ranking order, click here.  Or click here to see what income levels are required to purchase homes based on either a 5, 10 or 20 percent down-payment.

If you have any questions, please give me a call.

 

HOME BUYERS ARE FINALLY GETTING THE UPPER HAND AGAIN

The Wall Street Journal, 2.23.25

Home buyers are having the most leverage over sellers in years.

The bidding wars of the past half-decade are fading in most parts of the country and instead, today’s buyers say they are finding sellers willing to lower prices or throw in extras to sweeten the deal.  Nationally, the average home is now changing hands for 2% less than the price on the listing, according to real estate brokerage Redfin.

Behind this shift in power balance is the growing supply of homes in some markets.  Nationally, new listings increased in January by almost 5% compared to last year which by one measure, is more for-sale homes than at any point in six years.

And, Colorado Springs had a 32.5% increase in active listings year over year in February.

At the same time, though, demand is easing because many would-be buyers are deciding not to purchase at today’s prices, which are up sharply from a few years ago.

A dearth of buyers has slowed down the housing market.  Nationally, existing home sales fell 4.9% in January from the prior month to a seasonally adjusted annual rate of 4.08 million, the National Association of Realtors (NAR) said last week.  Last year, home sales fell to the lowest level since 1995 for the second straight year.

And prices continue to rise as you can see from the local statistics. 

With mortgage rates at 6.75% as of today, this adds a considerable amount to the monthly payment compared to just a few years ago.  And the costs of insurance, property tax and homeowners association fees have been rising briskly as well.

Sellers have been sitting in a fantasy thinking their homes will sell as fast as they did several years ago.

And that’s where buyers can find wiggle room for greater negotiation. 

It’s still a slow dance so to speak, but with someone like me in your corner, if you’re ready to buy, I’m ready to help you find a way to do it that’s best for your individual situation.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, February 2025

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report.

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD  

Updated February 2025, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy.

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month. 

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here. 

 

 

February 20, 2025

 

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 Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

A NOTE FROM THE EDITOR:

Well, this is a first.  

I’ve just been under the weather for a few weeks.  While Harry, my Realtor Extraordinaire husband and eNewletter author, always says “the show must go on” … I told him to speak for himself.  I’m not the energizer bunny he is.

That being said, I still wanted to get you all the January 2025 statistics that I know many of you enjoy and even use in your work.  And most especially since things are beginning to pick up in the local Residential real estate arena.

Harry said to be sure and tell you that the spring buying and selling season is almost upon us and if you’re even thinking about making a move, he’s here to talk to you about all things Residential real estate.  With listings on the rise, and interest rates slowly dropping, now is the time to get ready so you’ll be ahead of the traditional “busy” season.

You can email him at Harry@HarrySalzman.com or call him at 719.593.1000 and he’s got the answers to your questions.

 

And now for statistics…

 

JANUARY 2025

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the January 2025 PPAR report.  You might note that while homes are selling at close to asking price as in the past several months, the days on the market are longer.  I expect that to change if interest rates go down more.

In El Paso County, the average days on the market for single family/patio homes was 65.  For condo/townhomes it was 71.  

 

Also in El Paso County, the sales price/list price for single family/patio homes was 98.7% and for condo/townhomes it was 98.0%.  

 

In Teller County, the average days on the market for single family/patio homes was 77 and the sales/list price was 98.9%.

 

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 January 2025 to January 2024 for All Homes in PPAR:

                        

                        Single Family/Patio Homes:

·       New Listings were 1,223, Up 27%

·       Number of Sales were 696, Up 4.2%

·       Average Sales Price was $548,541, Up 5%

·       Median Sales Price was $482,250, Up 7.2%

·       Total Active Listings are 2,514, Up 43.7%

·       Months Supply is 3.6

 

 

Condo/Townhomes:

·       New Listings were 204, Up 1% 

·       Number of Sales were 87, Down 19.4%

·       Average Sales Price was $369,817 Down 0.6%

·       Median Sales Price was $340,000, Down 5.6 %

·       Total Active Listings are 505, Up 51.7%

·       Months Supply is 5.8

 

JANUARY 2025 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 3.2%

 

• Median Sales Price for All Properties was Up 5.7%

 

• Active Listings on All Properties were Up 34.6%

 

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 in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, January 2025

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report. 

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

 

ERA SHIELDS STAT PACK

Data through January 2025, ERA Shields

Here is data from my company’s monthly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page, and you can click here to get the 5-page report in its entirety.

January 27, 2025

 

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 Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

ONCE AGAIN…LOTS OF QUESTIONS ABOUT RESIDENTIAL real estate 

Well, the new year started off with both national and local reports about the state of Residential real estate and as I had been predicting…. U.S. home sales in 2024 fell to their lowest level in nearly 30 years—since 1995.

That being said, the optimist in me, along with my having lived through so many cycles in my almost 52 years in the business of Residential real estate, I believe this year will be one that helps turn around the trend of the last several years.

Yes, interest rates are over 7% at present, but that is only one side of the story.  As I’ve mentioned time and again, the 7% rate is not set in stone.  I work with a number of lenders who are more than willing to look at each individual situation and try to come up with a more workable interest rate.  Hey, they want to lend and are doing whatever it takes to make that happen if at all possible.

And, of course, rates will go down.  Not to the historic lows of several years ago—I doubt we will see those again soon or possibly ever—but they will probably settle in the 6.25% or a bit higher range by the end of 2025 per the National Association of Realtors (NAR) and at that time it will likely be possible to refinance and obtain a lower monthly payment.

The most important thing though is that home appreciation is still happening and that is not likely to stop.  So, while you may have a higher interest rate if you buy now, you are building equity which in turn is adding to your family’s wealth.  

For most, a home is their greatest financial asset and their biggest investment in themselves.  At the same time, it provides a place for you and your family to make memories and build a life together.  That in itself is priceless.

We are starting to see more homes come on the market this year in readiness for the spring buying and selling season.  I believe the reason is that those who were waiting for interest rates to drop before selling to trade up or move to a new neighborhood or location are finally accepting the fact that waiting is no longer a viable option.

Many folks have considerable home equity which will make moving a bit easier in terms of what the monthly output will be in new situation.  In some cases, the monthly payment could even be lower.  

And folks who are looking to stop paying rent and thus someone else’s mortgage will certainly appreciate the knowledge that the monthly payment is going to help their own financial future.

But all of this takes time and decision making, which of course is based on your individual wants, needs and budget constraints.  

And that’s where I can help.  If you have even considered a move, NOW is the time to figure this all out.  With more options, both in available homes and in interest rate choices, you might want to get ahead of the traditional spring buying and selling season so you will be ready to pounce once you find “the one”.

I look forward to meeting with you sooner than later because as you might suspect…Time is of the Essence…. or “the early bird gets the worm” as they say.  In this case, the early bird gets the opportunity to grow their personal assets first.  I like to see my clients get a jump on the rest as I know the excellent opportunities of which they can avail themselves.

Also very important to consider is that when interest rates do fall below 7% as they are forecasted to do, available homes will cost more since there will be greater demand.

 

Give me a call today at 719.593.1000 or email me at Harry@HarrySalzman.com and together let’s see how your Residential real estate dreams can become reality in the best time frame for you.

 

AND JUST TO SHOW YOU THAT 7% INTEREST RATES AREN’T SO BAD…

I just came across the ad for a mortgage company from 1985.  Guess this does back me up when I say I remember those days and even rates as high as 18%.  So, while 7% may look high…it’s low compared to other times in Residential real estate.

 

HOUSING SHORTAGE STILL A BIG OBSTACLE

The Wall Street Journal, 1.24.25

While volatile interest rates have hurt sales in the recent housing market, a severe shortage of existing homes for sale is probably the most critical obstacle for would-be buyers, according to Zillow Group Chief Executive, Jeremy Wacksman.

Wacksman said recently, “Not to oversimplify, but you really can boil the housing affordability crisis down to an availability crisis.  Getting more homes available is going to be ultimately what starts to unstick the housing market.”

This has certainly contributed to making 2024 the worst year since 1995 in homes sales both nationally and here in Colorado Springs, but as I’ve been telling you recently, listings are starting to pick up locally and I believe that will lead to more sales in 2025.

So once again, if you are ready, don’t delay.  The best time to prepare is now before the traditional spring buying and selling season.

 

IF YOU WANT TO BUY A HOUSE, FIRST FIGURE OUT HIDDEN COSTS

The Wall Street Journal, 1.7.25

If you are a first-time homebuyer you can easily get blindsided by costs other than the downpayment and monthly mortgage payments so it is always a good idea to consider what other hidden costs could pop up unexpectedly.

Some things to take into consideration BEFORE buying that first home can include:

 

• Home Insurance

 

• Maintenance

 

• Association Fees

 

• Property Taxes

 

• Utilities

 

I always work with my first timers to help them take into consideration most of the additional costs associated with homeownership that they might not have realized will be there.  

This is simply a heads up to remind first timers that there will be things that could affect how much they might want to spend on their first home so they can plan accordingly.  Most of those fees will be known upfront but it never hurts to plan ahead to avoid surprise costs later.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, December 2024

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report. 

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD   

Updated December 2024, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy. 

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month.  

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here.  

 

 

HARRY’S JOKE OF THE DAY:

 

FEATURED LISTING:  

The price was recently reduced so it might not last long, but this is a great buy in a good neighborhood.