June 7, 2016


          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.


You are receiving this issue a day late is because I wanted to be able to share the latest PPAR Monthly reports with you that were released late yesterday.  And I’m so HAPPY that I waited.  As anticipated, the results are sure to make you smile. 

May brought us to 22 consequent months of increased local Residential real estate sales, and coupled with the fact that the Cost of Living in Colorado Springs just hit a three year low—that’s a BIG WOW. 

While those of us that live here know the many pleasures afforded to Colorado Springs residents, it’s apparent that the rest of the country is now considering not only our mountains and clean air but also our low cost of living and growth as compared to other cities—not only in CO—but all around the country.  Downtown redevelopment and an increased job market are just two things adding to this surge.

I’ve been as busy as I’ve ever been and when you see the reports you’ll understand why.  Homes are selling at a whopping 99.9% of listing price—the highest I can ever remember.  Not only that—the average days on the market is a low 32.  This is such good 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 7.3% over May 2015 while Condo/Townhome sales are up 6.1%.  I believe these numbers would have been even higher had there been more homes available for sale.

The Monthly Summary shows that total active listings are way down—20.5% down for Single Family/Patio Homes and 41.6% down for Condo/Townhomes compared to a year ago.  This downward trend is making it a blessing for sellers.  However, it is more difficult, but certainly not impossible, for current buyers.

Happily, Median Sales Prices are up 7.8% and 7.1% for both Single Family/Patio Homes and Condo/Townhomes respectively—again wonderful news for both buyers and sellers.

It appears that the spring buying season will be continuing right through summer and when you consider that rental rates are rising so quickly, especially here in the Springs, it’s no wonder that we are seeing so many first-time buyers as well as first-time investment property buyers.

According to the May 2016 Colorado Apartment List Rent Report,  Colorado rental rates remain well above the national median for the month of April.  Colorado Springs came in as the city with the strongest year-to-year growth at 11.4%.  Month-over-month, rents here increased by 0.4%.

Our city is continuing to make national news as Colorado Springs was ranked as the 13th hottest housing market in the country in May on the National Association of Realtors®’ list of the Top 20 nationally, based on the speed at which homes are selling.

With mortgage interest rates continuing to remain historically low, this is a great time to realize your residential real estate dream.  Whether to sell and trade up, move to a new neighborhood, downsize or simply buy for the first time or for investment purposes, the time to do it is NOW.

It’s very important in today’s market 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.

When it comes to making an offer…it’s important to makes yours stand out.  That’s where my 44 plus years of residential real estate experience come in very handy.  I know how to write an offer and negotiate a deal that gets to the closing table.  It may not come out on top every time, but my outstanding success rate is just another feature of my personal brand of customer service.

When preparing to sell your home, another factor to consider with homes selling so quickly is that you need to have a good idea of where you might want to move because you more than likely won’t have the luxury of time on your side to search for a replacement home.  I can help you in this scenario too.

Now you can understand why HARRY is HAPPY and I’ll be even happier when I can help you make all your real estate dreams come true.   Simply give me a call at 598.3200 or email me at Harry@HarrySalzman.come and let’s get started. 

It is indeed, a HAPPY, HAPPY DAY for Residential real estate in the Colorado Springs area.



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

Here are some highlights from the May 2016 PPAR report.  Please click here to view the detailed 14-page report, including charts. If you have any questions, just give me a call.

In comparing May 2016 to May 2015 in PPAR:                     

                        Single Family/Patio Homes:

  • New Listings are 1,955, Up 6.3%
  • Number of Sales are 1,497, Up 7.2%
  • Average Sales Price is $290,256, Up 4.8%
  • Median Sales Price is $262,000, Up 7.8%
  • Total Active Listings are 2,296, Down 20.5%


  • New Listings are 265, Up 21.6%
  • Number of Sales are 201, Down 2.9%
  • Average Sales Price is $171,236, Down 0.5%
  • Median Sales Price is $167,000, Up 7.1%
  • Total Active Listings are 167, Down 41.6%



                                                Median Sales Price             Median Sales Price

                                                  May 2016                               May 2015


Black Forest                            $471,400                              $435,000                       

Briargate                                  $338,500                              $310,000           

Central                                     $215,000                              $201,500

East                                          $215,000                              $210,950

Fountain Valley:                      $237,000                              $208,000

Manitou Springs:                    $237,000                              $242,100

Marksheffel:                             $279,900                             $259,450

Northeast:                                $243,888                              $231,750

Northgate:                                $413,579                              $387,000           

Northwest:                               $333,500                              $339,375

Old Colorado City:                  $219,250                              $200,000

Powers:                                    $252,000                              $229,700

Southwest:                               $326,500                              $358,000

Tri-Lakes:                                 $450,000                              $417,000

West:                                        $244,000                              $224,500

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



Realtor®Mag, 5.27.16

A number of banks are veering away from Federal Housing Administration (FHA) loans and beginning to offer their own low down payment mortgages in order to appeal to home shoppers who are struggling to save enough to purchase a home.  Wells Fargo, in particular, made headlines with the debut of its 3% down payment loan.

JPMorgan Chase also debuted its “Standard Agency 87%” program, a 3% loan for first-time home buyers with a FICO credit score of 680 or higher.  They also have a “DreaMaker Mortgage” which offers 5% down—3% of which can come from the borrower as well as flexible funding options for closing costs and reduced mortgage insurance requirements.

Bank of America and other banks are also getting onboard with these new offerings.

According to Wells Fargo’s Brad Blackwell, executive vice president and portfolio manager, “We’ve taken all the complexity of the home mortgage lending process, removed it from the front-line consumer, so that it’s easy for them to understand and Wells Fargo is taking care of all the capital markets and other types of complexities behind the scenes”.

The mortgage lenders have said that the monthly payment for these loans will be less than the government-insured FHA loans. 

While there are certain risks with these loans, JPMorgan Chase’s CEO, Jamie Dimon, says that “Mortgages are important to our customers and for most of our customers, their home is the single largest purchase they will make in their lifetime.  More than that, it is an emotional purchase—it is where they are getting their start, raising a family, or maybe spending their retirement years.  As a bank that wants to build lifelong relationships with its customers, we want to be there for them at life’s most critical junctures.”

Shopping for a mortgage is an important step in the home buying process, and most especially for first-time buyers.  Another good reason to use an experienced real estate Professional like myself as I have many years of experience working with both local and national mortgage lenders and can help steer clients in the right direction when they are looking for mortgage financing.



Housing Wire, 5.26.16

Overcoming industry hurdles, pending home sales in the USA increased for the third consecutive month in April to their highest level in over a decade, according to The Pending Home Sale Index, a forward looking indicator based on contract signings.

Lawrence Yun, chief economist for the NAR, said, “The ability to sign a contract on a home is slightly exceeding expectations this spring even with the affordability stresses and inventory squeezes affecting buyers in a number of markets.  The building momentum from the over 14 million jobs created since 2010 and the prospect of facing higher rents and mortgage rates down the road appear to be bringing more interested buyers into the market.”

This boom appears to have affected all major regions, except the Midwest, which saw a meager decline.

According to Yun, “Even if (mortgage) rates rise soon, sales have legs for further expansion this summer if housing supply increases enough to give buyers an adequate number of affordable choices during their search”.

The Wall Street Journal last week said that the S&P/Case-Shiller national home-price index “clawed its way back to within 4% of its 2006 peak, a steep rise from the near 30% decline at the bottom in 2012.”

Once more, the happy news just keeps on coming.  And…another reminder…if you’ve even been thinking about a move…NOW is the time.



The recently released May economic dashboard from the Colorado Springs Economic Forum, showing results from April 2016, can be seen in its entirety by clicking here.

Some highlights include:

  • Consumer sentiment in April was 90.0, which represents a slight decrease from March.  May preliminary estimates are significantly higher.


  • The U.S. civilian participation rate was 62.8% in April, a slight decrease from March.  2/3s of the reduction in the unemployment rate this past year is due to the long-term unemployed returning to work.


  • The number of employed people in El Paso County has increased most significantly in health and social assistance, accommodation and food services, and professional and technical services.


  • Tourism here continues to do incredibly well, with our hotel occupancy rate at a 20 year high.



Just a reminder--I have four first row seats right behind the home team dugout.  These are yours for the asking, but on a first-requested, first-served basis.  Just give me a call and I will be happy to reserve tickets for you for any home game of the season