October 2, 2018



           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.



If this picture and headline seem familiar, they are the same as in last October’s eNewsletter.  I was concerned at the time about the state of our country, between all the political unrest and hurricanes, among other natural disasters, while at the same time so happy with the Residential real estate conditions in Colorado Springs.  

Well, as much as things change, the more they remain the same.  Yes, our median home prices continue to rise, and a lot of good things are happening in Colorado Springs, but the state of the national news seems as dismal as it was one year ago.

It is now the beginning of the Jewish New Year, a time of reflection and rededication to helping achieve peace, equality in all areas and to spread goodwill to mankind.  It’s an uplifting experience and leaves you feeling that all things are possible if we all work together to make that happen.

This is true if you’re working with me to make your Residential real estate dreams come true or if you’re wanting to work to make our country stronger and more inclusive. Whatever you wish for, no matter your individual beliefs and preferences, it takes hard work to make it happen.  I believe we all wish the best for everyone and working TOGETHER is the only way it can happen.  

Amen to that.

And now for September statistics…

Homes are selling at 99.6% of listing price with the average days on the market at a very low 25.  

This continues to be great news for both buyers and sellers but with homes selling so quickly, it still necessitates knowing where you plan to move next prior to listing your present home.

The Monthly Summary shows that compared to a year ago, total active listings are up 14.2% for Single Family/Patio Homes and up 86.6% for Condo/Townhomes.  New listings are up 5.2% for Single Family/Patio Homes up 20.3% for Condo/Townhomes.  

I’m not surprised about the new listings as mortgage rates are the highest they’ve been in seven years and home prices are rising significantly.  Folks are realizing that it’s possible they will be priced out of buying a “trade up” home, either because of the potentially higher monthly payments or because potential buyers for their existing home may find it harder to qualify.  In either case, higher rates are not going to disappear, and home prices won’t keep up the current pace but will certainly continue to rise.  

If you’re even considering a move and wondering how to make it happen, NOW is the time.   

Simply give me a call today at 593.1000 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 who might also be looking.


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

Here are some highlights from the September 2018 PPAR report.  A look at the Median Sales Prices will show that prices are continuing to rise while sales are also continuing to slow down.  Please click here to view the detailed 15-page report, including charts. 

As you will see, all areas but one had an increase in median home prices year-over-year.  If you’re shopping for a new home, it’s going to cost you more, but remember, you can likely use the increased equity in your present home to make up the difference. If you have any questions about the report or to find out how your individual situation relates to the stats, just give me a call. 

In comparing September 2018 to September 2017 for All Homes in PPAR:                  

                         Single Family/Patio Homes:

·       New Listings are 1,517, Up 5.2%

·       Number of Sales are 1,273, Down 15.6%

·      Average Sales Price is $343,947, Up 11.1%

·      Median Sales Price is $305,750, Up 11.2%

·       Total Active Listings are 2,449, Up 14.2%

·       Months Supply is 1.9



·       New Listings are 213, Up 20.3%

·       Number of Sales are 202, Down 20.5%

·      Average Sales Price is $246,105, Up 13.0%

·      Median Sales Price is $216,250, Up 9.8%

·       Total Active Listings are 209, Up 86.6%

·       Months Supply is 1.0



                                                Median Sales Price               Median Sales Price

                                                 September 2018                     September 2017

Black Forest                             $637,500                              $495,000                      

Briargate                                  $400,000                              $337,500            

Central                                      $240,000                              $220,000

East                                           $268,000                              $245,000

Fountain Valley:                       $279,450                              $252,500

Manitou Springs:                     $412,000                              $392,000

Marksheffel:                             $325,000                             $288,750

Northeast:                                $295,000                              $369,950

Northgate:                               $471,950                              $460,381          

Northwest:                               $415,000                              $380,000            

Old Colorado City:                  $280,000                              $231,000            

Powers:                                    $290,000                              $275,000

Southeast:                                $236,500                             $198,700

Southwest:                               $327,750                              $287,000

Tri-Lakes:                                 $495,000                              $437,125

West:                                        $309,900                              $273,500

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



The Gazette, 9.28.18 (via The Washington Post)

As I’ve been predicting for some time, mortgage rates are rising and after five consecutive weeks of increases, they reached their highest level since April 2011.

The data released last Thursday by Freddie Mac shows the 30-year fixed-rate average as having climbed to 4.72% with an average 0.5 point.  (Points are fees paid to a lender equal to 1 percent of the loan amount.)  It was 4.56 percent the week prior and 3.83 percent a year ago.

The 15-year fixed-rate average jumped to 4.16 percent with an average 0.5 point.  It was 4.11 percent the week prior and 3.13 percent a year ago.

The five-year adjustable rate average rose to 3.97 percent with an average 0.3 point.  It was 3.92 percent the week prior and 3.20 percent a year ago.

According to Sam Khater, Freddie Mac’s chief economist, “The robust economy, rising Treasury yields and the anticipation of more short-term rate hikes caused mortgage rates to move up.”

The Federal Reserve raised its rates again last Wednesday, but it was too late in the week to be factored into Freddie Mac’s survey.  While the Fed doesn’t set mortgage rates, its decisions influence them.  Home loan rates are affected by several factors, including the expectations of investors.  Good economic news tends to be bad for rates because a strong economy can lead to worries of inflation.  

Inflation causes certain investments such as bonds to lose value.  That’s why the movement of long-term bonds is a better predictor of where mortgage rates are headed then the actions of the central bank.

And according to our friend Lawrence Yun, chief economist of the National Association of Realtors, “The era of super-low mortgage rates is over, and consumers will face higher interest rates over the next two years.  Another hike by the Fed is almost certain before year’s end, along with the three further rounds of increases in 2019.  These interest rate increases are occurring for good reason:  an improving economy.  Therefore, home sales should hold steady as the opposing forces of higher rates and more jobs neutralize each other.  Home price growth will surely slow, however, as higher interest rates limit the stretching of the homebuyers’ budget.”

Bankrate.com, which puts out a weekly mortgage rate trend index, found that more than half of the experts it surveyed expect rates to fall this week.

And no surprise, mortgage loan applications increased last week.  According to Bob Broeksmit, President of the Mortgage Bankers Association, “…we suspect some buyers may be getting off the sidelines in the face of rising mortgage rates. Looking forward, as the rate of home price growth slows and comes more in line with the pace of wage growth, we anticipate a further pickup in purchase activity.”

Sound familiar?  That’s what I’ve been telling you would happen and there you go.  So again, if you are one of those on the sidelines, now’s the time to play ball.  Give me a call and let’s get you into the game.



The Gazette, 9.26.18 (via The Associated Press)

September saw the U.S. consumer confidence shoot up to an 18-year high—good news for retailers and home sellers.

The Conference Board, a business research organization, said a week ago that its consumer confidence index climbed to 138.4 in September from 134.7 in August.  That reading was the highest since September 2000.

The index measures consumers’ assessment of current economic conditions and their outlook for the next six months.  Both improved in September.

According to Lynn Franco, the Conference Board’s director of economic indicators, “These historically high confidence levels should continue to support healthy consumer spending and should be welcome news for retailers as they begin gearing up for the holiday season.”

The strong job market impressed Americans responding to the survey:  45.7 percent said jobs were “plentiful”—the most since January 2001.

This also bodes well for Residential real estate.  When the economy is good, and jobs are plentiful, we see folks buying and selling homes, even with increasing prices and rising interest rates. So once more—it is a great time to both buy and sell—just give me a call and we can put this great news to work for you.



Realtor Daily News, 10.1.18

High-earning millennials are the force behind a nearly 10 percent decrease in the amount of time homes spend on the market in the most popular areas of the country, according to a new realtor.com report.  

Colorado Springs’ 80922 Zip Code is ranked as Number 2 in realtor.com’s “2018 Top 50 Hottest Zip Codes”.

“When it comes to choosing a home of their own, millennials are looking for opportunity, and they are finding it in affordable suburbs,” says realtor.com’s chief economist, Danielle Hale.  “These hot housing markets are attracting the attention of hard-working, high-earning 25-to-34-year-olds who are drawn by their relative affordability, strong local economies, and outdoor and cultural amenities.”

Homes in this year’s “top 10 hottest zip codes” sell, on average, in just 20 days—46 days faster than the rest of the country. Further, visitors to realtor.com viewed homes in these markets four times more often than homes in others, and list prices in the majority of the top 10 markets are appreciating.  

One more accolade for Colorado Springs, and just another reason why there is a shortage of available homes and median home prices are escalating here.



As of press time, registration is still available for the always sold-out Forum to be held on this Thursday, October 4, 2018.

You can register by going to the Forum website:  


I hope to see a lot of you at this very worthwhile event.