March 5, 2018

 

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.

MEDIAN HOME PRICES ARE WAAYYY UP FOR ANOTHER MONTH…NOW HAVE GOT YOUR ATTENTION? 

It’s been such a busy week I’m not sure where to begin so I’ll start with Saturday morning.  I listed a home at 10 a.m. and it was on PPAR MLS by 11 a.m.  Within four hours I already had three offers and I cannot even make contact with the seller sometime today.  There were 13 showings in six hours and I’m guessing there will be offers from most of them also.  Sounds like I’m heading into a bidding war for my sellers.  Welcome to 2018 Residential real estate in Colorado Springs.

I have never witnessed a market like we are currently experiencing and the end just isn’t in sight.  In fact, if we had more homes for sale we’d be even seeing more growth.  Yes, folks, this continues to be a Sellers Market and will continue to be until we have more homes available for sale.

Just to give you an example from my company alone in comparing last week to the same week one year ago:

ERA Shields Active Listing Inventory:

2017:  104

2018:   97

 

ERA Shields Total Showings:

2017:   171

2018:   380

 

Showings Per Listing Year Over Year:

2017:  1.64

2018:  3.92

What this means is that “Showings Per Listing” are up 139% year over year.  Just think about that.  If you have been considering a move---NOW is the best time to insure maximum exposure to potential buyers. 

Besides the lack of listings, we are dealing with escalating mortgage interest rates, renters wanting to become first time or once-again homeowners, and prices rising faster than I can ever remember.  With the “traditional” spring buying season just about to begin, folks will be looking for trade up homes or for homes in new neighborhoods or new school districts.  Disappointment is becoming a bit of the norm I’m afraid.  There just aren’t as many homes to choose from and when you do find one, you have little or no time to make a decision. 

That’s why you need to do as much homework as possible BEFORE you begin the search.  You must decide what you want, need and can afford long before you start looking.  And if you are looking at new construction, which is becoming more of an option for many of my clients, then you most likely are looking at “getting in line” there too. 

Prices of new construction keep going up—not arbitrarily—but due to the rising cost of labor, lumber, copper and other uncontrollable factors.  The fires and hurricanes in other parts of the country may not have affected us directly, but we ARE experiencing the effects nonetheless in the new housing arena.

Lots to consider?  I am available to help you in determining any and all of these things. Having someone like me on your team makes the entire home buying and selling experience one that will be as stress-free as possible, which is no easy feat in today’s market.

If you’ve been sitting on the fence about selling to trade up or to purchase for the first time or investment purposes, it’s no longer prudent to wait.  However, I want to again remind you that if you’re looking to sell, it’s important to know where you will live next since your present home will likely sell much faster than you might have anticipated. 

Simply give me a call today at 593.1000 or email me at Harry@HarrySalzman.com and let me put my special brand of customer service to work for you.

 

And now for a few statistics…

Homes are selling at 99.8% of listing price with the average days on the market at a low 38.  This continues to be great news for both buyers and sellers, despite the fact that interest rates are rising.  However, as I just mentioned, it does foster the necessity for fast decisions, so “a word to the wise”…

As you will see in the Cumulative Year to Date Summary, total sales numbers in Single Family/Patio Homes and Condo/Townhomes are up 3.3% and 9.2% respectively for year-over-year.  This number would have been much higher had there been more homes for sale. 

The Monthly Summary shows that compared to a year ago, total active listings are down 8.4% for Single Family/Patio Homes and down 48.4% for Condo/Townhomes, continuing a downward trend that tends to favor sellers.  New listings are down 3.1% for Single Family/Patio Homes and down 17.1% for Condo/Townhomes.  The reality is that total active listings are at a record low and are a factor in the median price escalation. 

For more details, please see the following article.

 

FEBRUARY 2018 WAS ANOTHER OUTSTANDING MONTH IN LOCAL RESIDENTIAL real estate

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

Here are some highlights from the February 2018 PPAR report.  A look at the Median Sales Prices should put a big smile on many of your faces!  Please click here to view the detailed 15-page report, including charts. If you have any questions, just give me a call.

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

                       

                        Single Family/Patio Homes:

  • New Listings are 1,233, Down 3.1%
  • Number of Sales are 946 Up 18.3%
  • Average Sales Price is $331,104, Up 9.9%
  • Median Sales Price is $292,470, Up 14.7 %
  • Total Active Listings are 1,342, Down 8.4%
  • Months Supply is 1.3

 

                        Condo/Townhomes:

  • New Listings are 145, Down 17.1%
  • Number of Sales are 140, Up 11.1%
  • Average Sales Price is $211,001, Up 15.8%
  • Median Sales Price is $204,750, Up 13.8%
  • Total Active Listings are 63, Down 48.4%
  • Months Supply is 0.5

 

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

                                                Median Sales Price             Median Sales Price

                                                  February 2018                       February 2017

Black Forest                            $514,950                              $489,950                      

Briargate                                  $377,450                              $388,225           

Central                                     $230,000                              $180,000

East                                          $250,000                              $230,000

Fountain Valley:                      $265,000                              $230,000

Manitou Springs:                    $419,000                              $185,990

Marksheffel:                            $310,989                              $261,407

Northeast:                                $295,000                              $259,500

Northgate:                                $446,900                              $440,000       

Northwest:                               $392,500                              $395,000           

Old Colorado City:                  $270,000                              $236,500

Powers:                                   $284,450                              $254,900

Southwest:                              $403,600                              $246,000

Tri-Lakes:                                $470,000                              $485,000

West:                                        $325,000                              $250,000

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

 

DASHBOARD FROM UCCS ECONOMIC FORUM

Please click here for a look at the detailed charts from the UCCS Economic Forum updated on February 21, 2018.  These show economic trends for the country as well as for El Paso County and cover such areas as housing, cost of living, consumer sentiment, job market and more.

If you have any questions, just give me a holler.