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HARRY'S BI-WEEKLY UPDATE

by Harry Salzman

April 22, 2013

 

 

HARRY’S BI-WEEKLY UPDATE

                          A Current Look at the Colorado Springs Residential real estate Market

 

 

                                  

 

 

“OH GIVE ME A HOME….”

 

One month, or even one quarter, doesn’t re-create market direction.  However, as I’ve been saying for some time now…..”we’re back”….and doing better than even I might have predicted.

 

Yes, the Pikes Peak Regional Market is moving in a very positive direction.  This is great news for sellers who are looking to recoup market losses sustained during the recession as market value has increased about 11% in the past year.   For buyers who are looking to trade up or invest, this is also a good time.  While you may pay more than you would have last year for that same home, the upward trend will allow you to see appreciation that hasn’t been seen for some time now. 

 

With mortgage rates staying close to historic lows, now is a great time for first time buyers to consider their options, too.  Rental properties are scarce and rental prices are escalating so it certainly makes sense to find out how to capitalize on the current home market situation.

 

 

FIRST QUARTER 2013 INDICATORS SHOW LOCAL MARKET RECOVERY IN FULL SWING

Data provided by the Pikes Peak Realtor Services Corp, from Pikes Peak MLS

 

Well, the data is out and our Local real estate Market is booming.  In fact, the comparison of Local to State data is also very positive, as you will see below.  This is good news for those of us in the Pikes Peak Area.  The Colorado Springs economy is improving and several hundred jobs have been added in the first few months of the year, giving confidence and motivation to homebuyers.   With things continuing to improve, I would expect the housing numbers to continue on their upward rise.  

 

Whether you are actively looking, or simply curious as to how your home is doing in comparison to others, take a look at the recently published local real estate statistics for homes in the Pikes Peak Area.

 

ACTIVITY SNAPSHOT/ Comparison of State of Colorado to El Paso/Teller Counties

(change in year-over-year statistics)

 

                                    State               El Paso/Teller Counties

 

Sold Listings:               +16.1%                        +21.5%                       

 

New Listings:                 -7.2%                           +2.2%

 

Median Sales Price:    +14.8%                        +12.6%                       

 

 

Local Market Overview:

 

New Listings                            +10.0%

Sold Listings                            +21.5%

Median Sales  Price                +12.6%

Average Sales Price                 +7.9%

% of Sold to List Price              +.07%

Days on Market                        -17.3%

Active Listings                           +2.2%

Months Supply                           -9.1%

 

For a complete overview of the local first quarter 2013, please click here. 

 

Along with this general information, also included are statistics for each individual area of the Pikes Peak region.  Now you can compare different areas in our community to any other, if you desire, or simply see how your specific area is doing.

 

 

1st QTR. 2013 YEAR-OVER-YEAR STATISTICS FOR THE PIKES PEAK AREA*:

 

 

                                                Median Sales Price               Average Sales Price

Black Forest:                            -4.7%                                      -18.5%

 

Briargate:                               +24.1%                                     +20.3%

 

Central:                                    +9.8%                                       +5.3%

 

Divide:                                    +29.4%                                     +15.4%

 

East:                                      +13.1%                                       +1.3%

 

Falcon North:                          +1.9%                                       +4.3%

 

Florissant:                              +25.0%                                     +0.1%

 

Fountain Valley:                     +20.0%                                    +17.4%

 

Manitou Springs:                   +10.5%                                       -0.8%

 

Marksheffel:                            +19.7%                                    +19.1%

 

Northeast:                                +10.5%                                      +9.3%

 

Northgate:                               +10.5%                                      +5.5%

 

Northwest:                                 +6.8%                                      +8.3%

 

Old Colo.City:                         +15.8%                                     +13.6%

 

Powers:                                      +9.9%                                     +15.1%

 

Southeast:                                 +1.7%                                       +3.2%

 

Southwest:                                +2.9%                                       +1.6%

 

Tri-Lakes:                                 +18.5%                                      +6.5%

 

West:                                            -4.7%                                      +0.4%

 

Woodland Pk:                             +8.6%                                    +18.5%

 

*Statistics from the Pikes Peak MLS, provided by the Pikes Peak REALTORS Services Corp.

 

 

As you can see, things are continuing to move rather quickly and we are now experiencing a market resurgence that’s here for the foreseeable future.  To see the complete breakdown on any area listed, click here.  As always, I am here to answer any questions you may have about these reports or any real estate concerns you may have.

 

And, as I mentioned earlier, if you’re in the market for a new home, NOW is the time.  With very limited inventory and percent of days on the market quickly going down, there are multiple buyers for fewer properties.  To be certain you can get exactly what you are looking for at a price that fits your budget, call me today at 719.598.3200 or email me at harry@HarrySalzman.com and let’s start talking. 

 

 

WHAT THE EXPERTS ARE SAYING ABOUT THE ECONOMY AND housing market

 

REALTOR.Mag:

 

 “Fannie Mae economists say that ‘the broadening housing recovery could very well be more robust’ than they anticipated, according to the mortgage giant’s latest monthly economic outlook report.

 

Low inventories of homes for sale are contributing to rapid price increases all across the country, which are expected to continue throughout this year.

 

As home prices rise, Fannie economists say they expect that will encourage banks to ease up on the tight lending conditions, which have been one of the major barriers in returning to a more ‘normal’ housing market.”

 

“The housing recovery was a key factor in the moderate economic growth seen in late February and March, the Federal Reserve reports.”

 

 

RISMedia.com:

 

“Recent data indicate that economic growth in the first quarter has accelerated to an above-trend—but likely unsustainable—pace of 3.2 percent, according to Fannie Mae’s Economic & Strategic Research Group. 

 

‘The April forecast reflects the growing realization that 2013 is off to a good start from a GDP perspective, but we expect the stronger-than-expected first quarter pace to slow somewhat in the second quarter,’ said Fannie Mae Chief Economist Doug Duncan.  ‘However, the housing recovery continues to broaden and may be more robust than we anticipate, helping to offset fiscal headwinds’.

 

More optimism in the housing market adds an additional dimension to the spring buying season.  Beyond other factors, 80% of prospective buyers are looking for a good value this spring and are open to exploring neighborhoods they hadn’t previously considered to achieve that objective.

 

‘Our survey data shows that people are feeling better about their personal siuations and the U.S. economy,’ says Stephen Phillips, chief operating officer for HSF Affiliates.  ‘At the same time, respondents’ views of residential real estate have grown increasingly favorable.  We believe more consumers will enter the market this year to capitalize on mortgage and pricing opportunities and to secure their part of the American dream’.”

 

 

inmanNEWS:

 

“Housing starts have hit the highest level in five years in March, rising 7.0% month-over-month and 46.7% from a year ago in March, according to a monthly report from the U.S. Census Bureau released on April 16, 2013.

 

With tight inventory in many parts of the country, housing starts are critical to the housing market turnaround, according to Lawrence Yun, chief economist of the National Association of Realtors.  There have to be homes available for those who sell their homes, he has said.”

 

 

USAToday:

 

“Lenders loosen up on home loans.” 

 

The number of lenders quoting non-Federal Housing Administration loans with 5% to 10% down payments on Zillow Mortgage Marketplace is almost double what it was two years ago, Zillow says.

 

The articles goes on to explain that the “industry is still a long way from the easy-lending standards that caused the housing bust.  Borrowers now must show a strong credit history and documented income to get loans.”

 

“While the FHA requires just 3.5% down, its annual insurance premiums have more than doubled in the past two years.  The last increase was April 1 and the higher costs are ‘causing a shift back toward conventional loans,’ says Cameron Findlay, chief economist at Discover Home Loans.”

 

Following the April 1 increase, “FHA applications for home loans fell by almost 14% for the week ended April 5 while applications for conventional loans rose more than 5%, the Mortgage Bankers Association says.

 

Rising home prices have also helped lenders get more comfortable with low-down-payment loans.”

 

 

WHAT DOES ALL THIS MEAN TO YOU?

 

I’m going to say it one more time.  NOW is the time to start considering your home buying,  selling to trade up or investment options.  With home values and prices on the rise, inventories tumbling, mortgage rates still low and lower down payments becoming a reality, it’s worth looking at all the options available to you.  I’m just a phone call or email away and it would be my privilege and pleasure to help you obtain information to make an informed personal financial decision. 

 

 

SKY SOX UP AND RUNNING…

 

Baseball season is underway and with balmier weather on the horizon, I want to remind you that I have four front row season tickets to the AAA Sky Sox available at no charge to you on a first come-first served basis to any home game.  Just give me a call at 598.3200 to request the date of your choice. We’ve got a great roster of players this season so call soon as the tickets go quickly.  Just another way I like to say “thank you” to clients and friends.

 

 

JOKE OF THE DAY

 

If My Body Were A Car!

 

If my body were a car, this time I would be thinking about trading it in for a newer model.  I’ve got bumps and dents and scratches in my finish and my paint job is getting a little dull.  But that’s not the worst of it.

 

My headlights are out of focus and it’s especially hard to see things up close.

 

My traction is not as graceful as it once was.  I slip and slide and skid and bump into things even in the best of weather.

 

My whitewalls are stained with varicose veins.

 

It takes me hours to reach my maximum speed.  My fuel rate burns inefficiently.

 

But here’s the worst of it.

 

Almost every time I sneeze, cough or sputter,  

 

Either my radiator leaks or my exhaust backfires!

 

 

 

FEATURED LISTING

 

 

 

 

                                                                                  

 

 

 

Harry's Bi-Weekly Update

by Harry Salzman

April 8, 2013

 

HARRY’S BI-WEEKLY UPDATE

                       A Current Look at the Colorado Springs Residential real estate Market

 

IT’S SPRINGTIME AND BASEBALL SEASON IS HERE

Springtime brings new beginnings, spring cleaning, baseball season and more.  Springtime also brings us into the busy season for real estate sales, and with the housing recovery continuing it’s upward climb, there’s no better time than now to exercise your options in that area if that’s something you’ve been considering or putting off during the downturn. 

As for baseball, I have four front row season tickets to the AAA SkySox that are available to you on a first come-first served basis to any home game.  Just give me a call at 598.3200 to request the date of your choice.  We’ve got a great roster of players this season so call soon as the tickets go quickly.  Just another way I like to say “thank you” to clients and friends.


NOW ABOUT THAT LOCAL HOUSING RECOVERY…

There is great news, not only for March 2013, but also for the First Quarter of 2013. 

To illustrate, here are some highlights of the March 2013 Pikes Peak Association of Realtors (PPAR) Report for Single Family/Patio Homes (Year-over-year comparing March 2012 to March 2013)

  • New Listings--1423.  Up 17.5%
  • Number of Sales--867.  Up 19.9%
  • Average Sales Price---$239,623.  Up 10.4%
  • Median Sales Price---$212,000.  Up 12.2%
  • Inventory of Active Listings--3069Down 6.2%

As for the Quarter ending March 31, 2013, the number of sales were 2189—28% higher than for the first Quarter of 2012The number of sales in the Colorado Springs area have continued increasing for 19 of the past 21 months.  If you’ve been reading my eNewsletter during the past year, you know I’ve been telling you this was going to happen and that the cycle has turned from only a Buyers market toward a Sellers market, depending on price range, location, etc.  This is good news all around.  If you are looking to sell and trade up, you will more than likely get more for your home, even if you end up paying more than you might have for the next one.  That’s because there’s still at least one thing in your favor—an almost all-time low in mortgage lending rates.  While no one knows for sure how long that’s going to last, it’s here now and ready for you to take advantage of if you are considering a move in that direction.

Click Here to see 11 pages of local Residential statistics which include:

  • Listing and Sales Summary through March 2013
  • Colorado Springs Area Monthly Sales Analysis
  • Active and Sold Listings per different price ranges
  • Monthly Sales Activity per areas split between Single-family & Patio Homes and Condos and TownHomes
  • First Quarter 2013 Data for all the above

COLORADO BEATS U.S. IN MANUFACTURING GROWTH

While manufacturing growth in the U.S. in general showed weaker numbers for March, The Colorado Business Conditions Index, released last week by the Goss Institute for Economic Research, rose to 60.8 in March from February’s 58.9.  This is based on a survey of supply managers in the state and a number above 50 indicates expansion. 

The Institute for Supply Management’s Index of factory activity did show that U.S. factories are hiring at the fastest pace in 9 months which will no doubt trickle over to keep the Colorado numbers strong too.

And once again, with manufacturing up, the housing recovery will continue on it’s way up, too.

“PRICES ARE UP.  BUYER DEMAND IS STRONG.  LOOKS LIKE AN OPPORTUNE TIME FOR SELLERS TO JUMP BACK INTO THE MARKET”

A quote from me?  Could have been, but actually it’s the title of an article from Forbes last week that caught my eye. 

According to the article, one of the main reasons Sellers and Buyers are entering the market now is prices.  For homeowners who want to sell and trade up but have been stuck on the sidelines due to lower home valuations, now might be a great time to get back in the game. 

Realtor.com data from metropolitan areas around the U.S. found median list prices in February up 5 percent in more than 51 markets and much more in many of them.  The National Association of Realtors’ Survey reported a median price gain of closed home sales of 11.6 percent compared year over yearThis 12 month consecutive price increase was the first since 2005-2006 year over year.

The Forbes article concluded with this basic fact:  “Housing demand is up dramatically this spring, consumer expectations for additional increases are for real, and rising housing prices make it an opportune time for sellers to jump into the game.”  While “not all potential sellers can afford to do it…for the vast majority who have positive equity, the upcoming spring, summer and fall markets look encouraging.”

AND ON THAT SAME NOTE...

According to The Wall Street Journal, home prices are rising at the fastest pace in over six years, with demand up at at time when the number of homes for sale has fallen to the lowest in decades.

Data from Clear Capital  indicates that “home prices nationwide are going into the second quarter on solid ground and are expected to remain positive throughout the year”.  This is based on home prices having stayed positive over the winter for the first time since 2006.

“It has been seven years since home price growth continued through winter.  This is very strong evidence of the start to a new leg of the recovery, one that should give further confidence to consumers and lenders alike that the recovery is real,” said Alex Villacorta, director of research and analysis at Clear Capital.

Pending home sales are being hampered by inventory and that’s not likely to change in the near future.  RealtorMag reports that some would-be, move-up home sellers are “waiting to see how much home prices appreciate more before they consider selling their homes.  But they may be missing their perfect opportunity, some housing experts say.  Homeowners who wait much longer to sell their home may miss out.”

The Wall Street Journal also pointed out that investors are now “piling into housing…this time as landlords.”  That article goes on to say that “today’s investors are mostly buying with the intention of holding on to the homes and renting them out.  Fear of buying homes when prices are dropping has been replaced by the fear of missing out on cheap homes.” 

And from USAToday we learned that “’Boomerang buyers’ are securing loans despite foreclosures.”  A number of homeowners who lost their homes to foreclosure or bankruptcy are now returning to the home market in record time.  With as little as three to seven years after losing their homes, many of these people have turned around their credit and are now able to purchase homes even bigger than ones they had previously owned and lost—and at lower mortgage rates to boot.

Whether buying a home as a residence or as an investment, it’s more than obvious that the time to start making these decisions is NOW.  Waiting it out is no longer an option for those looking to profit from today’s rising home prices, low rental vacancy rates and practically rock bottom mortgage interest rates. 

MY PASSION IS BEING SUCCESSFUL FOR MY CLIENTS

As most of you are aware, my goal has always been to help educate my clients and potential clients so that they can have the best information available in order to make confident real estate decisions. 

Home ownership is one of the most important decisions you can make, whether it is buying, selling to trade up or buying for investment purposes.  My 40 plus years experience in the local real estate arena has made me very successful, but the core of that success is the information and assistance that I bring to each and every individual sale.  My due diligence has helped my clients make informed financial decisions that ultimately help them make money.  I do everything possible to make your home ownership goals a reality.

If you or someone you know are ready to find out how I can make this work for you, please give me a call at 598.3200 or email me at:  Harry@HarrySalzman.com

THOUGHT OF THE DAY

(provided by Tony Ensor, President and General Manager of the Colorado Springs AAA SkySox)

 

THE SPIRIT OF OPENING DAY

Today you’ll dig in the closet for your glove and snap a ball into it while sipping your morning coffee.

Today you’ll drive to work and admonish yourself to “keep your head down” and your eye on the road.

Today your team will be in first and planning to stay there.  Today you’ll wonder about developing and selling tobacco-flavored toothpaste, as you spit into the sink.

Today you’ll still be able to turn the double play.

Today you’ll end your contract holdout.

Today you won’t lose a business deal in the sun. 

Today you’ll find yourself rotating your arm around your head to stretch the shoulder and keep it loose.

Today sunflower seeds strangely find their way into your back pocket.

Today you’ll think of wearing a black suit to match the eye black.

Today you’ll have the steal sign.

Today you slip up in a meeting and mention “our sales team vs. lefties.” Today as the toast comes out of the toaster, you’ll still remember how to execute a perfect “pop-up” slide.

Today a hot dog and peanuts for lunch will sound about right.

Today you tell a co-worker to “get loose.”

Today the only strike you’ll know about is above the knees and below the armpits.

Today you’ll wear your jacket only on your pitching arm.  Today you’ll buy two packs of gum and stuff them in the side of your mouth to look like a player.

Today, during lunch, you’ll wonder why Coke doesn’t come in a wood can.

Today you’ll scratch yourself and spit for no apparent reason.

Today you’ll wonder why stirrup socks never caught on as a fashion rage.

Today you’ll be the rookie looking to make it big.

Today you’ll be the wily vet with just a little something left.

Today you’ll look for the AM dial on your radio.

Today mom’s watching.

Today dad’s in the backyard with his glove.

Today will be hopeful.

Today it’ll still be a kids’ game.

Today you’ll be a kid.

Today is Opening Day.

 

FEATURED LISTING

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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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