Real Estate Information Archive

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.

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.

January 8, 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.

HAPPY NEW YEAR….AND WELCOME TO 2025

As we begin 2025, I wish all of you a happy, healthy, and prosperous year.  

2024 was another year of trials and tribulations in the Residential real estate market, both nationally and here in Colorado Springs.

High interest rates and the lack of existing homes for sale created the slowest market year since 2011.

However, U.S. pending home sales hit a 21-month high in November and as you will see from the statistics below, our listings and sales are on the rise as well.

We are seeing more listings for this time of year than in the recent past and I believe it’s due to a more optimistic outlook that seems to be permeating the housing market.  Folks are realizing that interest rates are not going back to the historic lows of 4 or 5 years ago and home prices are continuing to rise.

I always start my new year by predicting how I personally see the Residential real estate market affecting not only the Colorado Springs area, but also how it will affect my clients in general.  

My predictions for 2025 include the expectation that things will continue to be slow in terms of time.  It will take a bit longer to sell, and pricing adjustments might be necessary, but home values will still rise by 3% to 4%.  Nothing is “black and white” anymore and anything is negotiable, even interest rates. 

 

I also believe:

 

• Demand for existing homes will be strong due to lack of homes for sale.

 

• Interest rates on 30-year fixed-rate mortgages will drop down to the 6.2%-6.3% range by the end of 2025, which is great news since rates were as high as 7.75% in 2024.

 

• If homes are priced right, the probable number of days on the market will be around 60 days.

 

• Renters are going to continue to be looking to buy, if possible, due to higher rental rates.

 

• Homes will continue to appreciate as they have in the past, although not as rapidly.  As I’ve said time and again, you can’t only look at the last quarter or even the last couple of years.  real estate is a long-term investment. 

 

When you look at the value of home ownership compared to other investments, it’s still going to be extremely positive.  And even in a slow market as we’ve recently seen, our home values keep appreciating…although at a more “normalized” rate.

 

• For most, your home will likely continue to be your largest and fastest growing investment.

 

I have always said that no one can expect to buy at the lowest price point, nor sell at the highest.  It just isn’t possible and most anyone who thinks they can will likely lose in the long run.

Yes, prices are holding steady and those who are waiting for them to drop before they buy will likely not see this happen.  This is also reflected in the statistics below.  You can see that homes are selling at close to listing price and home values are not depreciating.

And, while it may be more difficult today, it’s still possible for you to find what you need, want, and can afford in a home.

With new companies relocating here or expanding their current business plans, we are seeing an influx of folks moving here for jobs and they are needing places to live. This is putting even more pressure on folks wanting to buy—either to sell and trade up, purchase a first home or even for investment purposes.

Since sales have been picking up recently, during what is traditionally the slowest time of the year, it appears that folks are starting to buy and sell much earlier than normal.  They aren’t waiting for the “traditional” spring buying and selling season.  

It’s important to note that with rising competition, folks starting to buy and sell earlier than normal, and still so few existing homes for sale, if you are in the market you need to be prepared to know exactly what you want, need, and can afford PRIOR to beginning the search.

That’s where I come into the picture.  The current market is not for the timid or inexperienced.  It takes a lot of advanced planning and knowledge of how to navigate these waters.

My almost 53 years in the local residential real estate arena, coupled with my investment banking background, give me an edge that my clients have found to be crucial in helping them and their families realize their personal real estate visions.

A new year brings with it a lot of new hopes and dreams. If Residential real estate is among your hopes and dreams for 2025, please give me a call at 719.593.1000 or email me at Harry@HarrySalzman.com and let me help make them come true.  

The earlier you begin the process, the earlier you will be realizing those dreams for you and your family.

 

And…if you’ve got two minutes and 24 seconds, I recommend that you take a look at my newest “crystal ball prediction” podcast . Simply click on the link below and you will be directed to my personal YouTube channel.

 

To watch, click here:

https://youtu.be/Fyz5j_6Ub7o

 

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!

 

And now for statistics…

 

DECEMBER 2024

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

Here are some highlights from the December 2024 PPAR report: 

 

In El Paso County, the average days on the market for single family/patio homes was 56.  For condo/townhomes it was 63.  

 

Also in El Paso County, the sales price/list price for single family/patio homes was 99.0% and for condo/townhomes it was 98.4%.  

 

In Teller County, the average days on the market for single family/patio homes was 66 and the sales/list price was 97.5%.

 

Since these are year-end statistics, I am providing you with both the regularly posted year-over-year monthly stats as well as the cumulative year-to-date comparison of 2024 to 2023.  

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 December 2024 to December 2023 for All Homes in PPAR:

                        

                        Single Family/Patio Homes:

·       New Listings were 707, Up 22.5%

·       Number of Sales were 877, Up 12.9%

·       Average Sales Price was $545,969, Up 5.0%

·       Median Sales Price was $485,000, Up 6.6%

·       Total Active Listings are 2,505, Up 32.5%

·       Months Supply is 2.9, Up 2.5%

 

 

Condo/Townhomes:

·       New Listings were 116, Down 0.9% 

·       Number of Sales were 111, Down 2.6%

·       Average Sales Price was $351,532, Down 1.0%

·       Median Sales Price was $340,000, Up 3.0%

·       Total Active Listings are 502, Up 62.5%

·       Months Supply is 4.5, Down 23.7%

 

 

The Cumulative YTD Summary: (comparing Jan-Dec 2024 to Jan-Dec 2023)

 

                        Single Family/Patio Homes:

• New Listings were 16,173, Up 8.7%
• Sales were 11,503, Down 2.0%
• Average Sales Price was $549,346, Up 2.1%
• Volume was $6,319,127,038, Up 0.1%

 

Condo/Townhomes:

• New Listings were 2,660, Up 14.8%
• Sales were 1,695, Down 1.7%
• Average Sales Price was $368,540, Up 0.2%
• Volume was $624,675,300, Down 1.6%

 

Now a look at more statistics…

 

DECEMBER 2024 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 15.5%

 

• Median Sales Price for All Properties was Up 5.9%

 

• Active Listings on All Properties were Up 25.5%

 

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:

 

ERA SHIELDS 2024 RESIDENTIAL real estate REVIEW….AND A 2025 FORECAST

ERA Shields, January 2025

I am happy to share with you the “Colorado Springs Residential real estate 2024 Annual Review and 2025 Forecast” that is produced by my company.  I believe you will find the information to be quite helpful and if you have any questions, you know where to reach me.

To read the report in its entirety please click here.  I have reproduced several pages below.

THE NATION’S HOTTEST housing market IN 2025?  IT’S COLORADO SPRINGS SAYS A NEW FORECAST

The Gazette, 12.10.24

According to an annual forecast released in early December by Realor.com, Colorado Springs ranks as the nation’s No. 1 housing market for 2025 due to hefty increases in homes sales and prices.

Our top spot results from a 27.1% expected jump in the number of home sales in 2025 compared to 2024 and a 12.7% year-over-year predicted appreciation in prices.  Combined, those two percentages gave the city the No. 1 ranking in the Realtor.com forecast for this year.

However, nice as all that sounds, I, among many local professionals, do not agree with that, especially since we have not seen that type of appreciation since the heydays of 2022 when interest rates had fallen to 3% and below.

Also, with so few available existing homes for sale, it’s not likely we would see such a percentage jump at present.

Lawrence Yun, chief economist for the National Association of Realtors (NAR) predicted in December that homes sales nationally would rise by about 10% in 2025 and prices would increase by just 2%.  It’s quite doubtful that Colorado Springs is going to significantly exceed those predictions.

However, Realtor.com is sticking with those predictions.  Ralph McLaughlin, senior economist for Realtor.com said via email, “While we don’t have a history of commenting on others’ opinions of our forecast, our models suggest that Colorado Springs is poised to be an overperformer in the housing market in 2025”.

Well…I can only say…let’s hope he’s even close to right, but certainly not count on it.

November 22, 2024

 

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.

 

LOOKING AHEAD TO A BRIGHTER 2025 housing market

 

The Residential real estate Market has seen a lot of volatility over the last several years with both buyers and sellers skeptical of “what’s to come”.  

Now is the time of year when I begin to look ahead to develop my “Market Wisdom” for the coming year. I use my 51 plus years in the local housing arena coupled with my investment banking background and the predictions of real estate economists to come up with what I consider to be a realistic picture of the year ahead.

I see our market moving in a positive direction with mortgage rates falling, more homes coming into the market, total home sales to rise and prices to increase at a more reasonable rate than that of several years ago.

This will help with housing affordability for those who were priced out of the market as well as provide better choices for those who have been waiting to sell to trade-up or move to a new neighborhood or out of state.

Existing-home sales across the country ticked up in October compared to the same time last year due to the short-lived drop in mortgage rates.  This was the first year-over-year increase in sales since 2021.

According to Lawrence Yun, chief economist for the National Association of Realtors (NAR), “People are accepting that the mortgage rates, the new normal, are not going to be 3% or 4% or 5%.”  

“We’ve seen after presidential elections—and it doesn’t matter who wins—that there’s usually a slight boost in home sales.  It removes some of the uncertainty.  Now you know it’s the policy (of President-elect Trump) and you can make predictions about what will happen and make a decision on that,” he added.

 

Home Sales to Rise

With the improving job numbers and recent gains in the stock market, Yun predicted that more Americans may be motivated to act.  He predicts an uptick of nearly 2 million jobs for 2025 and another nearly 2 million increase in 2026, which could bode well for the housing market nationally. (and here, too, as well)

“2023 and 2024 were both difficult years in the housing market,” Yun said.  But with the 3% year-over-year gain in September and the October year-over-year increase I mentioned earlier, Yun indicated that “maybe the worse is over”.  

 

Here is Yun’s forecast over the next two years:

 

• 2025 Sales Projection:  Existing-home sales to rise 9% year-over-year; New home sales to jump by 11%.

 

• 2026 Sales Projection:  Existing-home sales to rise 13% year-over-year; New home sales to increase by 8%.

 

Mortgage Rates to Moderate

Obviously, mortgage rates have had a bearing on how the housing market has fared.

According to Freddie Mac, the average 30-year fixed-rate mortgage has ranged from 6.08% to 7.44% over the past 52 weeks.  Yun says the rates should stabilize at the low end of that range for 2025 and 2026.

Yun said that the “locked-in” effect of homeowners feeling stuck-in-place with 2% or 3% mortgage rates from recent years will lessen over time.  

 

Home Prices Increase Slowly After Rapid Rises

As I mentioned earlier, home prices are going to continue to rise, although at a more “normalized” rate.

Yun’s forecast (this is national…and Colorado Springs normally tends to have greater home values and increases than the U.S. average):

 

• 2025 Median Home Price:  $410,700, up 2% over 2024.

 

• 2026 Median Home Price:  $420,000, up 2% over 2025.

 

A Different Type of Buyer

From a newly released NAR  2024 Profile of Home Buyers and Sellers:

 

• More buyers are skipping the mortgage.  Due to the sizable housing equity gains many owners have experienced, all-cash buyers have surged to record highs, accounting for 26% of home sales over the past year. Thirty-one percent of repeat buyers paid all-cash for their next home purchase.

 

 

• First-time buyers are getting older.  The median age of a first-time buyer was 38—an all-time high.  According to the survey, “They are having to save for a longer period of time or maybe wait for the ‘bank of mom and dad’ to give them the funds to buy” . Twenty-five percent of first-time buyers used a gift or loan from a relative or friend for their home purchase; 20% took money out of financial assets like stocks, 401ks or cryptocurrency to afford homeownership; and 7% used inheritance money for their purchase—a record high.  First-time buyers are coming up with the highest down payments in nearly 30 years—at 9%--in order to afford the higher home prices.

 

 

• The allure of cities grows.  The pandemic may have unleashed a trend of suburban movers, but people are not heading back to city centers—the largest uptick in a decade, according to the study.

 

 

• More buyers are pooling their money.  The number of multigenerational households surged to an all-time high of 17% over the last year.  According to the survey, “The number one reason is for cost savings.  They’re combining incomes in order to afford homeownership.”  They’re also buying a multigenerational home to take care of aging parents because of young adults moving back home.

 

• Single women buyers continue to outpace single men buyers.  A drop in marriage rates has triggered more consumers to enter the housing market on their own.  Single women held a 24% share of the home-purchase market over the past year.  For single men it was 11%.

 

So, folks, there you have it.  Both my predictions and those of Lawrence Yun as well as information from the NAR study.

I also look at what’s happening specifically in the Colorado Springs area and there appears to be a lot of good news there as well.

We keep seeing companies wanting to expand their workforce as well as new companies wanting to relocate here.  With that comes a great need for housing and no matter how you look at it—buying is preferable to renting when it comes to amassing wealth.  Folks who are able will find a way to purchase a home if at all possible.

Our fabulous work/life balance makes Colorado Springs a very desirable place to live as those of us who already live here know.  

I for one wish they would leave their cars elsewhere as the traffic sure has gotten worse in recent years, but in comparison to most other large communities, we’ve got nothing to complain about.  

 

It’s not too early to start implementing a plan for your 2025 buying or selling needs and the sooner we start talking, the sooner you will have that plan ready and you’ll be that much further ahead of those who wait.

I look forward to meeting with you sooner than later because…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.

 

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 14 seconds, check out my new and improved video podcast 

                                                            

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

 

https://youtu.be/HoQKABwbQYg

 

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!)

 

November 8, 2024

 

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.

 

 

GREETINGS FROM A SNOWED-IN COLORADO SPRINGS…

 

When I trudged down the driveway to get the mail today, I turned and saw our metal flag buried high in the snow—the top normally reaches my shoulders!!  

As I looked at it I was thinking how much has changed in the last couple of days.  Some are thrilled, some not so much, but I think we can all agree that as Americans it will be nice to hopefully get back to a less contentious time.

I was also thinking how quickly the lovely fall weather turned into a major snowstorm that disrupted travel and plans for lots of folks.  That too will change soon, and we Coloradans can get back to enjoying our great outdoors without freezing and too much snow.

There are lots of statistics to share so I will get to them quickly.  I am confident that the housing market will soon be seeing a lot more action as mortgage rates go down and more homes come on the market.

Things have been slow these last few months, both here and nationally.  In fact, home sales for 2024 are on track for the worst year since 1995—hitting their lowest point in 30 years last month.  Most of that is attributable to the higher mortgage rates, a shortage of available homes for sale and folks waiting for  results of the presidential election.  Many national economists seem hopeful that 2025 will see lower rates which should make homes more affordable for most and we are starting to see more home listings and sales locally.

But no matter what, the slower sales have NOT much affected home values which keep rising here and, in most U.S. major metro areas, as you will see below.  What that means is that homes are NOT going to get any cheaper.  Buying today and refinancing later could be an option, especially considering it’s likely that the home you purchase will be earning equity in the meantime, thus increasing your net wealth.

In my more than 51 years in the local Residential real estate arena I’ve seen most every cycle imaginable, and this is just one of many.  Yes, homes were probably averaging $30,000 or less when I got started, but then I’ve also seen mortgage interest rates as high as 18%. So, like they say…it’s all relative.

All in all, as I perpetually contend, there will always be those who want or need to sell and those who need or want to buy.  And I’ve been here through the years to help them get the very best for their individual wants, needs and budget requirements.  

My investment banking background has been quite helpful in insuring that my clients are able to find the best lending opportunities and I’m proud of the fact that I am now working with not only children, but also grandchildren of some original clients.  That’s such a wonderful full circle thing for me and I never take it for granted.

 

So, without further ado…. here comes lots of statistics.

As always, if you have any questions or just want to chat about the possibilities available for you and your family, you can reach me at 719.593.1000 or email me at Harry@HarrySalzman.com.  I look forward to speaking with you soon.

 

OCTOBER 2024

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

Here are some highlights from the October 2024 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 a tad longer.  I expect both to change if interest rates go down more.

 

In El Paso County, the average days on the market for single family/patio homes was 40.  For condo/townhomes it was 57.  

 

Also in El Paso County, the sales price/list price for single family/patio homes was 98.0% and for condo/townhomes it was 98.9%.  

 

In Teller County, the average days on the market for single family/patio homes was 66 and the sales/list price was 98.0%.

 

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 October 2024 to October 2023 for All Homes in PPAR:

                        

                        Single Family/Patio Homes:

·       New Listings were 1,408, Up 18.8%

·       Number of Sales were 998, Up 17.3%

·       Average Sales Price was $557,741, Up 0.1%

·       Median Sales Price was $475,000, Down 2.1%

·       Total Active Listings are 3,394, Up 35.5%

·       Months Supply is 3.4, Down 2.1%

 

 

Condo/Townhomes:

·       New Listings were 198, Up 7.0% 

·       Number of Sales were 159, Up 24.2%

·       Average Sales Price was $353,312, Down 5.3%

·       Median Sales Price was $335,000, Down 4.3%

·       Total Active Listings are 640, Up 69.3%

·       Months Supply is 4.0, Up 2.9%

 

 

OCTOBER 2024 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 21.4%

 

• Median Sales Price for All Properties was Down 2.4%

 

• Active Listings on All Properties were Up 30.1%

 

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 IN THIRD QUARTER 2024

The National Association of Realtors, 11.7.24

In the just released report from the National Association of Realtors (NAR), single-family, existing-home prices grew in 87% of measured metro areas.  This is down from 89% the previous quarter.

According to Lawrence Yun, chief economist for NAR:

“Home prices remain on solid ground as reflected by the vast number of markets experiencing gains.  A typical homeowner accumulated $147,000 in housing wealth in the last five years.  Even with the rapid price appreciation over the last few years, the likelihood of a market crash is minimal.  Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows.”

Compared to one year ago, the national median single-family existing-home price climbed 3.1% to $418,700.  In the prior quarter, the year-over-year national median price increased 4.9%.

The median price of single-family homes in Colorado Springs rose 1.5% to $473,200 compared to one year ago per NAR.  This price reflects detached, single-family and patio homes but not townhomes or condominiums.  

The median price in the Springs ranked 49^th highest of the 226 cities surveyed.  

Housing affordability slightly improved in the third quarter as mortgage rates trended lower.  The monthly payment (nationally) on a typical existing single-family home with a 20% down payment was $2,137, down 5.5% from the second quarter ($2,262) and 2.4% - or $52 – from one year ago.  Families typically spent 25.2% of their income on mortgage payments, down from 26.9% in the prior quarter and 27.1% one year ago.

“Housing affordability has been a challenge, but the worst appears to be over, Yun said.  “Rising wages are outpacing home price increases.  Despite some short-term swings, mortgage rates are set to stabilize below last year’s levels.  More inventory is reaching the market and providing additional options for consumers.”

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.

 

ERA SHIELDS STAT PACK

Data through October 2024, 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 report in its entirety.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, October 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   

UCCS College of Business/Economic Forum, Updated October 2024

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.