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HARRY'S BI-WEEKLY UPDATE 11.21.16

by Harry Salzman

                                                            

November 21, 2016

HARRY’S BI-WEEKLY UPDATE

                                     A Current Look at the Colorado Springs Residential real estate Market

As part of my Personal Service, it is my desire to share current real estate issues that will help to make you a more successful and profitable buyer or seller.

...AND THAT I AM…FOR SO MANY THINGS

With Thanksgiving Day almost upon us, I can’t but think about the many blessings I have to be thankful for in my own life.  I’m actually thankful for these most every day, but this time of year I am doubly reminded of just how fortunate I am.

To start with, I am able to live and work in one of the most beautiful and exciting places in the country and I get to share that daily with my family, friends and coworkers to whom I am always thankful for their presence in my life.

I am thankful to live in a country that allows me to believe in the things that are important to me and to earn a living doing something I truly love.

And certainly not least, I am thankful to all of you, my clients and readers, whom I have had the privilege of working with and getting to know over the past 44+ years.  Your continued confidence, referrals and personal relationships mean more to me than I can tell you—so let me simply say—THANK YOU.

The good news I am sharing today in this edition of my eNewsletter is something for us all to be thankful.

I wish each and every one of you a very heartfelt Happy Thanksgiving.

 

***FROM ALL DIRECTIONS WE ARE POSITIVE, POSITIVE***

 

OCTOBER  LOCAL MARKET UPDATE AND MONTHLY INDICATORS PROVIDE RESULTS IN GREATER DETAIL

Pikes Peak REALTORS® Services Corp.,

In the recently published October 2016 Monthly Indicators and Local Market Update for El Paso and Teller Counties, new listings year-over-year were slightly down for the single-family/patio homes and down 7.7% for condo/townhomes.  Despite that, the great news is that we saw pending sales increase year-over-year of 23.2% for single-family/patio homes and 12.7% for condo/townhomes. 

The median sales price increase year-over-year in all properties was up 10.2%, which is a good sign that the housing market is continuing to appreciate.  If there were more listings, more people would be moving—either selling to trade up or buying for the first time.

     The “Activity Snapshot” shows the one-year change:

  • Sold Listings for All Properties was up 19.2%
  • Median Sales Price for All Properties was up 10.2%
  • Active Listings on All Properties was down 30.5%.

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the neighborhood of your choice from the 33-page Local Market Update. These reports provide greater detail than the monthly “PPAR Monthly Statistics” that I share in the first eNewletter of each month.

Normally, this is the “slower” time of year in the residential real estate market, but there doesn’t appear to be a “normal” anymore.   Post election, with the probability of rate hikes on the horizon, we expect to see even more folks looking to sell and trade up or buy for investment purposes before the recent historical low interest rates are a thing of the past.

I’ve been telling you for quite awhile that this day is coming—and it soon will be here.  If you’ve waited—for whatever the reason—my advice to you is not to wait any longer. With steadily rising median sales prices happening and higher mortgage interest rates soon to be a reality, NOW is the time to make your move. 

To discuss how to make this a reality for you or someone in your family, simply give me a call at 598.3200 or email me at Harry@HarrySalzman.com and let’s see how together we can see what’s best for each individual situation.

 

COLORADO SPRINGS MEDIAN HOMES PRICES RISE 60% MORE THAN U.S. AVERAGE

NAR 11.16

In the 3rd Quarter 2016, metro home price growth was accelerated by the supply crunch, according to the latest survey results of the top 178 metropolitan statistical areas (MSAs) by the National Association of Realtors®.

Colorado Springs showed a median sales growth quarter-over-quarter of 8.9%, which was 60% greater than the U.S. average of 5.2% for those surveyed.  This is such good news for us and is indicative of our increased job market and continued consumer confidence locally. 

These numbers could have been even higher according to Lawrence Yun, NAR’s chief economist.  He said that prospective buyers faced a very challenging market during the third quarter.  “Mortgage rates around historical lows and solid local job creation created a winning formula for sustained home buying demand all summer long,” he said.  “Unfortunately for house hunters in several of the top job producing metro areas around the country, deficient supply levels limited their options and drove prices higher, especially in markets in the West and South.”

To look at the entire survey of all 178 MSAs, please click here.

 

STATISTICS FROM THE UCCS ECONOMIC FORUM DELIVER MORE GOOD NEWS

UCCS Economic Forum, 11.18.16

The just released October statistics from the UCCS Economic Forum continue to deliver good news on all fronts in the Colorado Springs area.  These charts, which you can access by clicking here, will provide you with graphic detail of how we as a city, as well as El Paso County, are doing in many areas that affect our growth and economy.

If you have any questions about these, or any of the information I’ve presented in this eNewsletter, please give me a call at 598.3200.

 

HOUSING STARTS ARE SEEING GREATEST INCREASES IN NEARLY A DECADE

Housingwire.com, 11.17.16

Housing starts across the U.S., as well as locally, jumped in October to their strongest pace since 2007.  Multifamily homes surged and continued strong demand for owner-occupied housing helped spur home construction activity.

Why now?  The answer—Millennials. 

According to a number of sources, increased demand is coming from Millennials who are seeing improved household growth as the economy promotes further job and income gains.  These folks are an expanding portion of housing demand as they move out of their parents’ homes—increasingly to form families. 

According to Quicken Loans VP Bill Banfield, this report from the U.S. Census Bureau is “a boost of confidence for the housing market, as we haven’t seen a month-to-month leap like this in more than 30 years”.

 “While much of this was driven by the multifamily segment, we cannot overlook the significance of the gains made on single-family home construction—increasing to their highest levels in nine years”, he added.

More excellent news for us all.

 

 

 

 

 

 

 

 

 

 

HARRY'S BI-WEEKLY UPDATE 11.7.16

by Harry Salzman

 

November 7, 2016

 

HARRY’S BI-WEEKLY UPDATE

                             A Current Look at the Colorado Springs Residential real estate Market

As part of my Personal Service, it is my desire to share current real estate issues that will help to make you a more successful and profitable buyer or seller.

JUST A FRIENDLY REMINDER….

Tomorrow is Election Day 2016 and it’s up to all of us to cast our vote for the candidates and issues of our choosing.  It’s one of the privileges afforded to us by the Constitution and one that should not be taken lightly.  I realize this election year has been a rather contentious one, but there are many local candidates and U.S. Congressmen and Senators, as well as local issues, that need our support.  If you haven’t already voted via mail-in-ballot, please take the time to do your civic duty.  Our future depends on it.

 

AND THE GOOD NEWS IN THE LOCAL housing market CONTINUES

October PPAR statistics show the Pikes Peak housing market performing extraordinarily well and now we have 27 consequent months of year-over-year increased local Residential real estate sales. 

Homes are selling at 99.2% of listing price with the average days on the market at 37.  This is fabulous news for both buyers and sellers. 

As you will see in the Cumulative Year to Date Summary, total sales numbers in Single Family/Patio Homes are up 13.7% year-to-date and Condo/Townhome sales are also up 13.7% over the same time period.

The Monthly Summary shows that total active listings are down 24.1% for Single Family/Patio Homes and 20.9% for Condo/Townhomes compared to a year ago.  This downward trend is continuing to be great for sellers.  While new listings are slightly up for Single Family/Patio Homes, they are down 10.6% for Condo/Townhomes and it continues to be more difficult, but certainly not impossible, for current buyers to find a new home. 

If you have been thinking of listing your home, now is the time.  However, be prepared for a quick sale, which means you need to have an idea of what and where your next home might be located. 

Median Sales Prices are up year-over-year 8.8% and 11.6% respectively for Single Family/Patio Homes and Condo/Townhomes—more good news for both buyers and sellers.

As in recent times, we are still experiencing some problems with longer lending approval times, bidding wars, delays in getting home appraisals and fewer homes available in the $300,000 and under range.

It’s vitally important in today’s market it is to know what you want, need and can afford prior to the hunt for a new home. There’s no longer the luxury of “let me think about it for a couple of days or even a few hours” at present, as you can see from the statistics.

With interest rates holding at historic lows and equity increasing at a good pace, now is the time to make your move either to sell and trade up or buy for the first time or for investment purposes.  To get the ball rolling, simply call me at 598.3200 or email me at Harry@HarrySalzman.com and let’s see how I can put my special brand of customer service to work for you, your family members or co-workers.

 

OCTOBER 2016 WAS THE 27TH STRAIGHT MONTH OF INCREASED LOCAL RESIDENTIAL real estate SALES

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

Here are some highlights from the October 2016 PPAR report.  Please click here to view the detailed 15-page report, including charts. If you have any questions, just give me a call.

In comparing October 2016 to October 2015 in PPAR:                      

                        Single Family/Patio Homes:

  • New Listings are 1,218, Up 1.8%
  • Number of Sales are 1,266, Up 14.4%
  • Average Sales Price is $293,972, Up 11.5%
  • Median Sales Price is $255,625 Up 8.8%
  • Total Active Listings are 2,227, Down 24.1%

                        Condo/Townhomes:

  • New Listings are 161, Down 10.6%
  • Number of Sales are 183 Up, 10.2%
  • Average Sales Price is $187,283, Up 10.6%
  • Median Sales Price is $173,000, Up 11.6%
  • Total Active Listings are 200, Down 20.9%
  •  

COLORADO SPRINGS AREA MONTHLY SINGLE FAMILY/PATIO HOME SALES ANALYSIS*

                                                Median Sales Price             Median Sales Price

                                                  October 2016                       October 2015

Black Forest                            $502,500                              $423,500                      

Briargate                                  $352,000                              $292,750           

Central                                      $204,000                              $204,150

East                                          $215,000                              $187,500

Fountain Valley:                      $224,500                              $199,900

Manitou Springs:                    $270,250                              $295,000

Marksheffel:                             $271,450                             $264,500

Northeast:                                $255,000                              $233,000

Northgate:                                $418,857                              $398,450          

Northwest:                               $338,850                              $334,950           

Old Colorado City:                  $219,450                              $242,000

Powers:                                    $255,000                              $230,000

Southwest:                               $345,000                              $276,000

Tri-Lakes:                                 $464,669                              $430,609

West:                                        $257,900                              $272,500

*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.

 

COLORADO SPRINGS…

  • 5th Best City to Live in 2016—U.S. News and World Report
  • 4th Best City for Commuters—selfstorage.com
  • 9th Best City for People who like to Pursue an Active Lifestyle—wallethub.com
  • 5th Most Educated City—Wallethub.com
  • 11th Most Affordable City—Forbes
  • 12th Best City for Business and Careers—Forbes
  • One of the Top 6 Hottest Places for Urban Dwellers—Money Magazine
  • Consistently one of the “Hottest real estate Markets” in the Nation this year

And the list goes on and on.  Those of us who live here know all of this, but now the rest of the country is finding out exactly why we choose to live and work here

Yea for us and a special “shout out” to Mayor John Suthers, the City Council, Regional Business Alliance, Colorado Springs Visitors Bureau and more for their tireless devotion to making all of this a reality.

 

HOMEOWNERSHIP RATE RALLIES

RISMedia.com

The tide may be finally turning on homeownership.  As I’ve been telling you, the home ownership rate has been decreasing and in the second quarter 2016 it reached it’s lowest point in more than 50 years—62.9%--according to the U.S. Census Bureau’s Quarterly Housing Vacancies and Homeownership Report

Third quarter 2016 showed a slight increase to 63.5% which is good news indeed.  As expected, rates in the third quarter were highest among those aged 65 and old--79.0%--while lowest for homeowners aged 35 and younger--35.2%.

The new regulations, low interest rates and down payment requirements along with loosened credit qualifications by lenders are helping to contribute to increased homeownership rates.  People, especially younger ones, are more confident in the economy and job prospects, and as millenials age and start to have families, owning a home becomes more of a priority.

It will take some time, but hopefully this is a sign that the “American dream” of homeownership will be coming true for more and more people.

 

A GLIMPSE AT THE CURRENT STATE OF THE housing market…FYI

Realtormag.com, 11.16

Jobs are growing, incomes are rising, interest rates remain historically low but as I just mentioned—home homeownership is still low.  Lack of inventory in many U.S. markets is contributing to this; however, NAR Chief Economist, Lawrence Yun, thinks homeownership isn’t likely to budge too much, especially if interest rates start to rise—which he believes is likely given the healthy economy.

Supply and Demand:

Even though borrowers can get conventional loans backed by Fannie and Freddie for as little as 3 percent down, and from the FHA for 3.5 percent down, almost 40% of borrowers put down 20% for their home purchase in August 2016.  In early 2014, only 34 percent put down 20 and it’s been rising ever since.  See below:

 

SHOULD YOU SELL NOW OR WAIT UNTIL THE SPRING BUYING SEASON?

RisMedia.com

I get asked this question time and again and I always give the same answer—there are pros and cons that need to taken into consideration for each individual seller.

While a spring buying season is thought to be the “ideal”, this is not always the case.  Here are some good reasons why selling now, rather than waiting for spring, might be a better decision for you.

  • Less Competition.  In spring, you can see “For Sale” signs popping up all over the neighborhood.  If you choose to sell now there is sure to be less competition.  The fewer comparable homes for sale, the greater the probability that a buyer will look at your home and that you can get the maximum amount of money for it.  The low number of available listings gets even lower during these months, so listing your home now gives you additional exposure.

 

  • Serious Buyers Are Out There.  There are always buyers—no matter what time of year.  Some buyers may stop their home search because it is fall or winter, buy serious buyers will continue to look at homes, no matter what time of year it is.

 

  • The Best real estate Agents Are Always Up to the Challenge.  Any real estate agent who tells you that the fall or winter months are not a good time to sell is not someone you want selling your home.  A knowledgeable Real Estate professional, like myself, knows how to adapt to the current season and market their listings to reflect that.  If any Real Estate agent doesn’t give you great tips on how to sell a home during the current season, you should be concerned about the creativity they are going to use when marketing your home.

 

  • Staging for the Holiday Season.  Many sellers are beginning to believe that “staging” is what helps sell a home since buyers often have a difficult time trying to envision themselves in a home.  Whether or not this is true, you can do some simple “seasonal” staging such as adjusting the color of the décor or having an aroma in the air that is relative to the time of year.

 

  • Mortgage Rates are Low.  Rates are still historically low, but if the economy stays healthy, it’s likely that will soon change.  This is a good reason there are still many potential buyers out there looking.  An increase in interest rates over the winter months could mean fewer buyers who can afford a home come spring.  Bottom line:  take advantage of selling while the interest rates are still low.

 

  • Quicker Transactions.  There are fewer transactions now as compared to spring.  As we have all experienced the delays from increased regulations and slower processing times this past summer, selling your home now can lead to a quicker closing time for all concerned.  This will contribute to less stress for both you and your buyer.

 

Hopefully this will help you in deciding if selling your home now is the right thing to do for your personal situation.  As always, any questions you might have can be answered by calling me at 598.3200.  I’ll be delighted to answers any and all of your concerns—in this area—or any other concerning residential real estate.

 

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Harry A Salzman
Salzman Real Estate Services
5475 Tech Center Drive, Suite 300
Colorado Springs CO 80919
719-593-1000 or Toll Free: 800-677-MOVE(6683)
Cell: 719-231-1285
Fax: 719-548-9357

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