HARRY'S BI-WEEKLY UPDATE
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July 8, 2013
HARRY’S BI-WEEKLY UPDATE A Current Look at the Colorado Springs Residential real estate Market
“Here I am…ready and willing to help in this quickly changing real estate Market!”
HOME PRICES ARE RISING AT FASTEST PACE IN SEVEN YEARS
Just in time for Independence Day, fireworks are happening in the local Residential Market as of June 30, 2013. Across El Paso County, the relationship of Selling Price to Listing Price is 98.4%. That’s right—sellers are getting within 1.6% of their listing price. And in a number of cases, homes are going for over listing price, with multiple offers!
The Listing and Sales Summary published last week by the Pikes Peak MLS shows these figures as “all homes” which includes existing and listed new homes.
Some highlights of the report, comparing June 2013 to June 2012 include:
Today’s motivated Buyers are beginning to understand that “traditional” thinking of the past 7 years is no longer applicable and “thinking outside the box” is becoming more and more important in decision making.
I can’t remember when “days on the market” were as little as 58. PPAR statistics show that these averages and median prices were last seen in June, 2008. In a nutshell, home prices are going up at about ½ of 1% per month, so if you are thinking about taking a “personal plunge” in home buying, it’s time to test the waters. It’s going to cost you more to wait.
The chart below is a comparison of different areas within El Paso County. We use this type of information when working with clients on an individual basis to help them determine both selling and buying price ranges for specific neighborhoods.
COLORADO SPRINGS AREA MONTHLY SALES ANALYSIS*
Median Sales Price Average Sales Price Black Forest: $350,000 $376,808
Briargate: $315,000 $320,081
Central: $165,000 $230,047
East: $175,000 $186,075
Fountain Valley: $197,500 $195,863
Manitou Springs: $315,000 $326,036
Marksheffel: $225,000 $240,216
Northeast: $215,000 $233,896
Northgate: $369,450 $380,451
Northwest: $319,680 $350,435
Old Colorado City: $160,000 $174,736
Powers: $221,448 $229,371
Southwest: $257,334 $364,419
Tri-Lakes: $385,750 $414,988
West: $221,500 $269,241
*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.
To view the complete breakdown on any area listed here or to read the entire monthly report, please click here.
You will also see the results for the first two quarters of 2013, which indicate that Single Family/Patio Homes are up 25.1% compared to 2012. Our community experienced 5336 sales during that time—our strongest first two quarters since 2006.
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. As always, I am here to answer any questions you may have about these reports.
With very limited inventory and percent of days on the market quickly going down, there continues to be multiple buyers for fewer properties. To 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.
AS MORTGAGE RATES AND HOME PRICES RISE, EXPERTISE BECOMES ESSENTIAL
According to RealtorMag, Buyers are stating to become discouraged because so many of them are entering the market, but houses are not as plentiful and mortgage rates are starting to climb.
This is the time when choosing the right real estate Agent is essential in helping you to navigate through the buying and selling “wars”. My professionalism and background help my clients relieve some stress because I’ve been doing this for more than 40 years in the local market.
I work to make sure that my clients have realistic expectations and help them review options that can make the entire process a little easier on the nerves. Home buying and selling is a very personal decision and one of the biggest ones most of us ever have to make. My background in investment banking, along with longevity in the real estate arena, allows me to help my clients make well-informed decisions.
RISMedia has some suggestions for “helping Buyers stay on track”. They reiterate the things I have always told my clients and I will repeat them here for those of you who are entering the current market.
I want to also add that Buyers need to be very flexible in this emerging market. That might mean looking at new construction rather than purchasing a previously owned home. Homebuilding is once again a viable option and we are seeing more and more starts locally. Not only is this good for our economy, it’s helping to provide options for the shortage of available previously owned homes for sale. I can help provide you with various scenarios when it comes to new home construction and it would be my pleasure to do so.
LOCAL HOMEBUILDERS ASSOCIATION IS WORKING TO PROTECT YOU
I’d like to offer a “shout out” for the local HBA, who recently passed a motion enforcing a moratorium on new membership in order to protect our community. In wanting to make certain that local homeowners who need to make informed decisions concerning rebuilding after the recent fires, the HBA is not accepting applications from out of town contractors or new members who did not have a RBD license prior to 6.11.13.
Knowing that the public depends on them for information regarding builders and contractors, the HBA wants to help make it more difficult for those unscrupulous individuals who prey on homeowners who may have lost their homes or need extensive work.
If you, or anyone you know, is in this situation, please advice them of the importance of knowing that they are in the hands of a licensed professional who can provide the services they promise. A little foresight can save a lot of time and money later on.
MORTGAGE RATES ON THE RISE, BUT IT’S ALL RELATIVE
The first home I purchased was in 1975, with a minimum down payment, just like a typical homebuyer. My 30 year fixed mortgage rate was 8.5%. That was “normal” in those days. So, while we’ve been experiencing historically low rates in the past few years, a 4.5% fixed rate of today is still a bargain compared to not so very long ago.
Today’s Buyers may pay more for the cost of their home and for their mortgage interest rate, but with the regular rate of appreciation that we’ve been experiencing it should be more than made up in the future.
SAVE THE DATE…
The Seventeenth Annual Southern Colorado Economic Forum is going to be held at the Antler’s Hotel on September 26, 2013. Salzman real estate Services, LTD. is proud to be the only Residential Real Estate Company sponsor. This is a consistently sold out event and we want to remind you to save the date for a very informative presentation of our local economic situation.
SKY SOX REMINDER…
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. Just another way I like to say “thank you” to clients and friends.
PHILOSOPHY OF THE DAY
Borrowed from “The Heart of a Leader” by Ken Blanchard
Consider moments when you were at your best, and you will find that you were right there in the moment, fully and completely present. If you dwell on “what was” or “what will be,” you will miss the power of “what is.”
Spencer Johnson, coauthor of The One Minute Manager, discusses the important truth in his brilliant parable, “The Precious Present.” In the story, an older man’s wisdom launches a young boy on a lifelong search for the “precious present.” Finally, he discovers what the old man was trying to teach him: To learn from the past is good, but to live there is a waste. You are happiest and most productive in life when you are living in the present.
All highly effective leaders have learned to respect the power of the present. They have discovered that analyzing the past and planning for the future is not enough; they must also nurture the present and celebrate its victories.
FEATURED LISTING
Harry A. Salzman. CRS, CRP, CNE email: Harry@HarrySalzman.com Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
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