HARRY'S BI-WEEKLY UPDATE 1.9.18
January 9, 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.
Here’s wishing you and yours a healthy, Happy New Year and a hope that all your residential real estate dreams come true.
2018 is starting off the same way 2017 ended for me—it’s been busier than I can ever remember at this time of year. While that’s great news for Colorado Springs, it is making my job and those of my buyers a bit harder as there are so few available homes on the market.
This trend is continuing to put a lot of pressure on both buyers and sellers in terms of decision-making, but NOW is still a great time to buy AND sell.
Realtor.com has predicted that Colorado Springs will continue to be one of the nation’s hottest housing markets in 2018—making the top 10 for another year. This is likely the result of our excellent work/life balance, lower cost of living than in many other areas of the country and robust economy. These are the same factors that are keeping our inventories so low and causing multiple offers, etc. People simply want to live here for a multitude of reasons.
The December 2017 report from PPAR shows that homes are selling at 99.6% of listing price and a very low average of 31 days on the market. And even more amazing is that the median sales price of Single Family/Patio homes has increased by 11.8% year over year and is up 8.0% for Condo/Townhomes.
With homes selling within days of being listed and sometimes sooner than that, if you are planning to sell your home, you need to know where you are planning to go next because the short turnaround times don’t give you a lot of leeway to decide after the sale. It’s best to find your next home prior to listing your present one at this time.
As much as I hate for my clients to face disappointment per a possibility of multiple offers, it’s now a regular thing. That’s why you need to keep an open mind to look at properties in areas where you might have not considered in order to find what you want, need and can afford. Even when it comes to purchasing a newly constructed home, I’m seeing lot choices going quickly and with multiple offers, so making an informed decision is essential no matter what you are seeking.
Homeownership rates are continuing to rise in this tight market as more people are finding a way to purchase a home despite all of the above-mentioned obstacles. This can be partially attributed to the high rental rates but most likely because prices are quickly escalating and interest rates are sure to follow. Folks just don’t want to be left out if at all possible.
Despite all this, there are still homes available in most neighborhoods and in most price ranges. If you are in the market—either as a first-time buyer, as a trade-up buyer or for investment purposes, please give me a call sooner than later. I can be reached at 593.1000 or by email at Harry@HarrySalzman.com .
For more details on the local December 2017 PPAR reports, please see the next article.
SALES AND PRICES KEEP ESCALATING DESPITE LOW INVENTORY
Statistics provided by the Pikes Peak REALTORS Service Corp, or it’s PPMLS
You will see in the Cumulative Year to Date Summary that total sales numbers year-over-year in Single Family/Patio Homes are up 6.7% and 11.2% for Condo/Townhomes.
Year-over-year, new listings are up 2.9% for Single Family/Patio Homes and up 4.7% for Condo/Townhomes. It appears that those who have been thinking of listing their home are beginning to realize that it is certainly going to get a lot more attention in this type of sales environment. Just remember if you are considering listing your home that it’s likely to sell fast, so once again…you need to be prepared for that inevitability.
Here are some highlights from the December 2017 PPAR report. Please click here to view the detailed 15-page report, including charts. If you have any questions, just give me a call.
In comparing December 2017 to December 2016 in PPAR:
Single Family/Patio Homes:
- New Listings are 846, Up 10.9%
- Number of Sales are 1,206, Down 2.4%
- Average Sales Price is $323,149, Up 12.5%
- Median Sales Price is $285,000, Up 11.8%
- Total Active Listings are 1,350, Down 12.1%
- Months Supply is 1.1
Condo/Townhomes:
- New Listings are 131, Up 26.0%
- Number of Sales are 160, Up 0.6%
- Average Sales Price is $195,356, Up 2.5%
- Median Sales Price is $191,200, Up 8.0%
- Total Active Listings are 80 Down 42.9%
- Months Supply is 0.5
COLORADO SPRINGS AREA MONTHLY SINGLE FAMILY/PATIO HOME SALES ANALYSIS*
Median Sales Price Median Sales Price
December 2017 December 2016
Black Forest $432,000 $455,000
Briargate $381,000 $350,000
Central $231,000 $208,950
East $243,500 $225,000
Fountain Valley: $261,500 $224,300
Manitou Springs: $350,000 $370,500
Marksheffel: $341,500 $311.000
Northeast: $285,000 $250,000
Northgate: $415,000 $442,927
Northwest: $425,000 $335,000
Old Colorado City: $230,000 $236,500
Powers: $280,000 $249,900
Southwest: $355,000 $262,500
Tri-Lakes: $454,500 $445,000
West: $282,400 $250,000
*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.
HARRY’S ANNUAL PRESENTATION TO THE COLORADO SPRINGS CITY COUNCIL
As many of you are aware, I make a presentation to the Colorado Springs City Council each year detailing the residential real estate events of the past year and give my thoughts as to where I believe we are going in the year ahead.
I represent the Pikes Peak Realtors Association (PPAR) when doing so and love having the opportunity to address our local government with not only the concerns of PPAR but also those of you, my clients, who are constantly providing me with ideas and suggestions on what you would like to see in your neighborhoods and the city in general.
You can click here to see a copy of the slides I presented. I believe you will find the information contained in them quite enlightening and it will help you understand why owning real estate is a fabulous opportunity for the growth of personal wealth.
If you have any questions, I would be happy to discuss any and all of this with you. Just give me a call at 593.1000.
