July 13, 2015

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.

JUNE LOCAL STATISTICS CONTINUE THE POSITIVE GROWTH TREND

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

PPAR released June statistics last week and once again, I am thrilled to report that things are looking very good for the Pikes Peak Region in the Residential real estate market. 

June was the eleventh straight monthly increase in sales and the second straight month where prices climbed to record highs in the Colorado Springs area. The cumulative year-to-date sales in Single Family/Patio Homes was 20% over the same period last year and Condo/Townhomes cumulative sales were 45.3% over last year same period. 

New Single Family/Patio Home listings for the month of June 2015 were up 3.6 over June 2014 and listings on Condo/Townhomes were up 6.4% over the same month last year. 

The fastest moving segment of the local market appears to be homes priced at $350,000 and below, yet sales are picking up in the higher price ranges as well. 

This trend seems to be saying that homeowners are starting to realize that as the job market, economy and home prices stabilize, mortgage interest rates will rise, and with them will go the probably “once-in-our-lifetime” chance for historically low rates.  “Act now” is most definitely on most people’s minds.

As a matter of fact, in Saturday’s Wall Street Journal Janet Yellen, Federal Reserve Chairwoman reaffirmed the central bank’s intent to start raising the short-term U.S. interest rates later this year.  In remarks made to the City Club of Cleveland, she indicated that she expects that “it will be appropriate at some point later this year to take the first step… but the course of the economy and inflation remains highly uncertain, and unanticipated developments could delay or accelerate this first step.”  So, it could be sooner or it could be later, but it’s going to happen.

We are now seeing a few more listings than in recent months as folks look to sell and trade up or relocate to a new neighborhood.  With additional equity likely available, homes that were once underwater are now providing means to trade up. 

As rental rates rise, those looking for investment properties are looking at the possibility of higher rental incomes.  And first time buyers are starting to take advantage of the new options that make owning a home a good choice for them. 

With job announcements from Raytheon, a new medical complex in the works for Penrose-St. Francis Health Services and on-going expansion at UCCS, the Colorado Springs housing market is primed for solid growth. 

All in all it’s a good time for Residential real estate.  If you are in the market, there are homes available in most neighborhoods and in most price ranges.  Just give me a call at 598.3200 or email me at Harry@HarrySalzman.com and let’s see how we can find just the right home to fit your wants, needs and budget. 

Here are some highlights from the June 2015 PPAR report.  Please click here to view the detailed 13-pages. The included charts will show you just how positive these statistics are. If you have any questions, as always, just give me a call.

In comparing June 2015 to June 2014 in PPAR:                       

                        Single Family/Patio Homes:

  • New Listings are 1881, Up 3.6%
  • Number of Sales are 1,401, Up 17.5%
  • Average Sales Price is $279,241, Up 4.4%
  • Median Sales Price is $250,000, Up 5.5%
  • Total Active Listings are 3,173, Up 5.5%

 

                        Condo/Townhomes:

  • New Listings are 217, Up 6.4%
  • Number of Sales are 212, Up 45.2%
  • Average Sales Price is $166,342, Down 4.2%
  • Median Sales Price is $151,250, Down 2.5%
  • Total Active Listings are 291, Down 32.2%

 

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

                                                Median Sales Price             Average Sales Price

Black Forest                            $418,000                              $437,054

Briargate                                  $342,400                             $358,994

Central                                     $217,000                              $225,721

East                                          $190,500                              $218,427

Fountain Valley:                      $217,500                              $216,490

Manitou Springs:                    $334,500                              $337,300

Marksheffel:                             $258,000                              $272,996

Northeast:                                $239,000                              $255,624

Northgate:                                $365,999                              $387,830         

Northwest:                               $336,500                              $359,462

Old Colorado City:                  $210,000                              $243,175

Powers:                                    $236,500                              $247,571

Southwest:                              $308,750                              $352,271

Tri-Lakes:                                $415,500                              $445,553

West:                                         $201,000                              $240,126

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

 

A REMINDER ABOUT SKY SOX TICKETS

We have 4 front row seats located directly behind the Sky Sox dugout that can be yours free for the asking.  Don’t forget to request tickets early so you can attend the game of your choice.  They are on a first-come, first-served basis so give me a call today to reserve yours. 

 

HARRY’S JOKE OF THE DAY