Real Estate Statistics & Analysis

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2017 Real Estate Market Heads Strong into the Fall

This year Colorado Springs real estate market made the list of top 10 cities in the nation for hottest real estate markets, according to Realtor.com, and it’s no wonder.  Home prices continue to rise. Home sales are abundant. And there is significantly less inventory (homes for sale) than in years past. Here is a breakdown of what is happening in our little boom town this year.

Single Family Home Sales =  UP 5.6% over last year

Average Price for a Home =  UP 11.2% over last year (currently at $313,652)

Total Homes for Sale =  DOWN 15% from last year

Condo/Townhome Sales = UP 15% over last year

Average Price for a Condo/Townhome = UP 10.5% over last year (currently at $193,564)

Total Condos/Townhomes for Sale = DOWN 25.9% from last year

Supply is low. Demand is high. More buyers are buying and relocating here. And there are less homes for them to choose from. Competition is steep, driving home prices way up. Bidding wars are the norm, especially in the under $500,000 price range.

I recently had two listings which received multiple offers within 24 hours of going on market. And both ended up selling for above asking price!  We call this a seller’s market where homes sell fast and at top dollar.  Buyers, on the other hand, are at a disadvantage. They have less homes to choose from and prices are higher than ever.  The only fortunate thing is interest rates remain low, enabling buyers to qualify for higher amounts.

The big question? Will this trend continue?  And for how long? My belief is we will see this robust market for awhile, and definitely well into next year.  But eventually there will be a correction. History has proven markets like this always correct at some point. If you are looking to buy or sell and want to find out more about the market, give me a call.

This year Colorado Springs real estate market made the list of top 10 cities in the nation for hottest real estate markets, according to Realtor.com, and it’s no wonder.  Home prices continue to rise. Home sales are abundant. And there is significantly less inventory (homes for sale) than in years past. Here is a breakdown of what is happening in our little boom town this year.

Single Family Home Sales =  UP 5.6% over last year

Average Price for a Home =  UP 11.2% over last year (currently at $313,652)

Total Homes for Sale =  DOWN 15% from last year

Condo/Townhome Sales = UP 15% over last year

Average Price for a Condo/Townhome = UP 10.5% over last year (currently at $193,564)

Total Condos/Townhomes for Sale = DOWN 25.9% from last year

Supply is low. Demand is high. More buyers are buying and relocating here. And there are less homes for them to choose from. Competition is steep, driving home prices way up. Bidding wars are the norm, especially in the under $500,000 price range.

I recently had two listings which received multiple offers within 24 hours of going on market. And both ended up selling for above asking price!  We call this a seller’s market where homes sell fast and at top dollar.  Buyers, on the other hand, are at a disadvantage. They have less homes to choose from and prices are higher than ever.  The only fortunate thing is interest rates remain low, enabling buyers to qualify for higher amounts.

The big question? Will this trend continue?  And for how long? My belief is we will see this robust market for awhile, and definitely well into next year.  But eventually there will be a correction. History has proven markets like this always correct at some point. If you are looking to buy or sell and want to find out more about the market, give me a call.

The Great 8 Real Estate Articles From September, 2017

The Great 8 Real Estate Articles From September, 2017

There is a lot of real estate content and chatter online. This makes it difficult to determine what is valuable and what is noise. Well good news, we read a ton of real estate content to stay on top of the industry. At the end of the Month, we compile the best articles we could find.

This month we present eight informative pieces. These articles look at issues important to home buyers, homes sellers, and Realtors.

We hope you enjoy this collection. Please feel free to share this content and suggest future articles.

How Does Dual Agency Work? By Bill Gassett

What is dual agency? This is a question that Real Estate leader Bill Gassett tackles, along with plenty of examples to illustrate each principle. Dual agency is when a real estate agent represents both the buyer and the seller in a single transaction, and Gassett makes it clear why this arrangement benefits only the agent. Since they’re legally bound to be neutral to both parties, there are many important questions they can’t answer or advise on, to the great detriment of both parties. There are also realtors who don’t follow the law when it comes to dual agency, and Gassett provides a thorough outline of what to watch for and how to protect yourself from situations like these.

Smart Renovations by Kevin Vitali

Realtor Kevin Vitali explains the crucial importance of thinking ahead before beginning any kind of home renovation, and considering the impact it will have on your home’s value. He highlights the value of avoiding trends, staying within a budget, getting the right permits for large projects, and hiring a professional if a project is outside your personal skill level. Since the major purpose of such improvements is often to increase the future selling value of a house, he advises focusing on your home’s value after a renovation, and suggests consulting with a realtor before beginning.

How to Improve Your Credit Score by Luke Skar

There’s no magic formula to improve your credit score overnight. However, Luke Skar shares some helpful tips on how to set yourself up for credit score success in the long run. His valuable suggestions include advice on how many credit cards to hold at a time, the value of debt diversity, and the potential benefits of enlisting the help of a credit repair agency. Whether you’re just starting out or looking to improve upon low credit scores from the past, this article is a great place to begin.

Converting Real Estate Leads to Sales by Joy Bender

In this comprehensive blog post, Joy Bender shares everything real estate agents need to know about obtaining and converting quality leads. She begins by stating some statistics about the great difficulty realtors have in gaining access to good leads, and goes on to provide solid, actionable solutions to this challenge. She shares technical information about different services and ads you can run in order to generate leads and what they’ll cost you, and then delves into her tried-and-true methods for pursuing and converting these leads. Finding great leads is a challenge all realtors face, so this is a helpful, applicable article to realtors of all ranges of experience.

26 Tips To Let Your Home Sell Itself by Wendy Weir

There isn’t a home seller out there who wouldn’t love to determine the selling price of their home. However, the final number comes down to the buyers, and their perception of the home. That’s why Real Estate Agent Wendy Weir shares this list of 26 insightful tips about staging that can help your home sell more quickly and easily. From how to decorate the top of your fridge to why you should replace attic insulation, she tackles a variety of points that the average home seller may not have thought of—points that may just be the ticket to them selling their house at a great price.

Preparing Your Home for A Quick Fall Sale by Paul Sian

The prime home selling and buying season depends on the area. For many regions, fall is not the peak time for residential real estate activity; however, the buyers who are active during this period tend to be more serious and eager to move quickly. That’s why Luxury Real Estate Specialist Paul Sian shares his best tips to ensure a quick fall home sale. From renovations and decor to pricing, this article contains insight into the major factors that fall home sellers should consider to set themselves up for a successful sale. Anyone who’s looking to ensure a quick fall home sale is sure to find this article to be a great starting point.

Don’t Be Left In the Dark When Buying Your First Home by Maria Mastrolonardo

The decision to purchase a house is a major one, especially if you’re a first time home buyer. For those who are new to the real estate market, this informative article by Realtor Maria Mastrolonardo is a smart place to begin. She covers a variety of topics step by step, in order to help any first time home buyer decide if they’re ready to commit to the purchase of a home, and brings up the subjects they must consider, from credit scores to budgets.

Common First Time Home Buyer Mistakes by Kyle Hiscock

First-time home buyers have a lot to think about! Realtor Kyle Hiscock shares his top tips for avoiding common pitfalls that people purchasing a home for the first time often encounter. He warns against going directly to the listing agent and explains why online home value estimates are not always accurate, among five other major topics. Any first-time home buyer will appreciate Hiscock’s insights into the process of purchasing a house, from what to remember to what to avoid.

We hope have enjoyed reading these articles as we did finding them. If you did, please use the Social Share icon below to let your friends know and check back next month for another collection of the best real estate content the internet has to offer.

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Colorado Springs: A Seller’s Market For Sure

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It’s definitely a seller’s market right now. Properties often receive multiple offers. Bidding wars are the norm, where the highest and best offer gets the house. Days on market have dwindled down so much that many homes sell the first day they are on market.

I am working with a family right now who is super excited that we got their current home under contract so fast, and it went for above asking price. Yay!

But now the flip side of that is we are pressed to find another home for them to buy.  There isn’t much inventory out there right now, and the good stuff is selling super fast.

For example, this week we looked at a home which had just hit the market earlier that morning. We arrived mid afternoon to see it. While there, we ran into two other buyers who were seeing it. We were going to write an offer on it, but I learned from the seller’s agent that he already had two offers on the table, both of which were thousands above asking price.  And he was expecting more by end of the day.

My buyers were disappointed. They learned that in order to even be considered they would have to bid thousands over asking price and even with that, there were no guarantees their offer would be accepted.  It’s tough out there. An appraiser recently told me that in Denver they are getting offers sight unseen, meaning buyers are not even going in the houses before writing an offer. Yes, the Colorado real estate market is that crazy right now.

Here are the latest Colorado Springs housing statistics, as of end of March:

INVENTORY OF SINGLE FAMILY HOMES FOR SALE…down 25% from last year

INVENTORY OF TOWNHOMES/CONDOS FOR SALE…down 2% from last year

AVERAGE SALES PRICE OF A SINGLE FAMILY HOME…up 11.5% from last year

AVERAGE SALES PRICE OF A TOWNHOME/CONDO…up 12.1% from last year

To summarize, homes are in demand and there is less inventory for sale right now.  Supply is down which is driving prices up.  It’s a great time to be a seller.  It’s a tough time to be a buyer.  At times like this, you really need a good Realtor in your corner! Give me a call, I would be happy to answer any questions you have.

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Real Estate Inventory in Colorado Springs: What is causing the shortage?

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Wondering why Colorado Springs is seeing a severe shortage of inventory this year?  Here are a couple of reasons:

First, the median price of a home in Denver is currently $377,500, and the median price of a home in Colorado Springs is $246,800.  As a result, folks from South Denver are having so much trouble finding a home to purchase there locally, that they are willing to commute the 45 minutes or so to Colorado Springs to save over $100,000 when purchasing a new home.
As a result, though, this migration is creating a large deficit in inventory for my own clients and customers who are here in Colorado Springs.The struggle really is real now, but for those of us practicing residential real estate, it is such a very, very good one! 
Another reason is a combination of economic ones….the potential for increased interest rates, something that has not been done since the financial crisis that lasted from late 2007 through early summer, 2009, increasing apartment rents, a two-bedroom apartment in Colorado Springs rents for, on average, close to $1,200/month, and inflation are all contributing to buyers getting off the fence and into a home purchase. 
This influx of would-be renters who are now want to be buyers is also contributing to keeping inventory at record lows. 
While it is always a wise decision, in any market, to interview your real estate professional before hiring them to work for you, it is especially important in a market as unique as this one. 
Find the right real estate professional who has the experience and longevity to successfully help you wade through all of the land mines that accompany a market that has not seen these kinds of shortages since mid-2001, and you are gold! 
It would be my pleasure to answer any questions you may have regarding the market itself, and/or to help you to formulate exactly what questions you should be asking your potential agent for hire!
Happy Hunting!
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2017 Real Estate Market at a Glance

Our housing market is off to a great start this year. Sales are abounding. Many properties are receiving multiple offers, and the days on market are shorter than ever. For more detailed local stats, check out our Market Reports. Mortgage interest rates are still low, hovering in the 4%-4.25% range.

I just saw an article from Realtor.com which says that Colorado Springs is in the top ten hottest housing markets in the nation. Wow! Below is a snapshot from that article, as well as recent stats for this year, at the end of February:

SINGLE FAMILY HOME SALES                          : on pace with last year right now

CONDO/TOWNHOME SALES                              :   Up 7.6% over last year

AVERAGE PRICE OF A HOME                             :   Up 12.3% over last year

AVERAGE PRICE OF A TOWNHOME                :   Up 11.9% over last year

INVENTORY OF HOMES ON MARKET             : Down 23.8% from last year

INVENTORY OF TOWNHOMES ON MARKET            :   Down 15.9% from last year

Source: “These Are the Hottest Real Estate Markets in February 2017,” realtor.com® (2017)

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A Decade of Equity Briargate 2006-2016

The Briargate neighborhood is one of our market’s most popular areas. This popularity is the result of good planning, good schools and convenient amenities. Briargate prices have always been a little higher because of on-going new construction. New construction is more expensive than comparable resale homes. Home buyers will often push their budget higher or sacrifice somewhere else to live in the area.

During the recession (2007-2010), Briargate saw a -12% decline in median sales price. This was better than the -18% hit The Black Forest Market took. 

The post recession gains in the Briargate market are impressive. The area has seen a 23% increase from 2011-2016. Almost as impressive as Black Forest (26.8%) for the same period. Commercial development and the reputation of Academy School District #20 are fueling this increase.

As of December, 2016 the median sales price in Briargate is $341,250. This is 37% higher than the Colorado Springs median sales price. We feel like this is good news for existing home owners in the area. The only concern we see is this. The Colorado Springs housing market is price sensitive. When prices veer too far from median, we see sales slow. Moving forward, we will keep a close eye on the Briargate market.

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2015 Home Sales at a Glance

2015 is very much a Seller’s Market.  We have less inventory, meaning homes on the market, and sales are on the rise.  Home prices continue to go up.  Here are the latest statistics as of July 31, 2015:

 

        single family home sales               =up 18.9% from last year

        condo/townhome sales                 =up 40.7% from last year

        average price of a S/F home         =up 8% from last year

        average price of condo/townhome =up.5% from last year

        # of homes for sale                      =3,409 total, as compared to 4,226 last year at this time

        # of condos/townhomes for sale    =300 total, as compared to 401 last year at this time

 

We Realtors are pretty happy about this busy market.  I think the only complaint I have is not enough time off!   What a shame, huh?

 

 

 

      

 

 

Home Sellers Have the Advantage

It can happen anywhere, at the grocery store, at parties or while I’m out showing homes to buyers. People always ask…”how’s the market?” Well, here is my answer today: IT’S A SELLERS MARKET! Today, there are 25% less homes for sale than there were a year ago. Buyers have less to choose from, and sellers know it. As a result, homes are selling much faster and at higher prices. The average price for a single family home today is up 9.5% from last year at this time. I recently worked with some buyers looking for a new, bigger home for their growing family. They were looking slightly over the average price, in the $280,000-$290,000 range. I must have shown them over 20 houses total. What we kept finding was the cute stuff which was priced well would sell so fast, and would usually have multiple offers. The first house they loved was a cute remodel located in the Northeast area of town. It had all the bells and whistles, granite counters, hardwood floors, new paint and carpet, pretty light fixtures. After only 2 days on the market, they put an offer on that one. Their offer was full price but they did ask the seller to concede $5,000 for closing costs. The seller countered the offer and only agreed to pay $2,500 in closing costs. My buyers ended up losing that house to another buyer, one who was willing to pay a higher price. The next house they loved was another cute remodel located in the Northeast area of town. This one also had a remodeled kitchen, hardwood floors, new paint and carpet, and it had a wet bar in the basement. The house had only been on the market for 1 day and already had many showings (meaning other buyers looking at it). My buyers didn’t mess around with this one. They put in an offer immediately. Again, they offered full price and asked the seller for $5,000 in closing costs. The seller countered their offer with ZERO concessions, full price, take it or leave it! By this time my buyers had learned their lesson. They were either going to accept this counter or lose the house to another able buyer. They accepted the counter and are now under contract, closing soon. The moral of the story is, it’s a SELLERS MARKET right now! Cute houses which are priced well are selling fast and at top dollar. Sellers may not even agree to any concessions, knowing that if you don’t buy the house there is another buyer in line who will!

February Home Sales Going Strong

2015 is off to a great start in our local housing market. Here is how we did last month: Sales of Single Family Homes= UP 15.8% from last year Average Sales Price of a S/F Home = UP 9.7% from last year Sales of Condos/Townhomes= Up 40.1% from last year Average Sales Price of a Townhome= Down 5.8% from last year Inventory (meaning total homes for sale) is way down, off about 20% from last year In summary, buyers are buying, but there is much less for them to choose from.Prices have risen. Interest rates are still at record lows. The market is good, folks!

2014 Market at a Glance

Colorado Springs home prices rose in August 2014 with a month to month decrease of 3.26%, and a year to year increase of 1.53%, making the average sale price $258,398 and the median price $230,000. The number of Colorado Springs homes sold compared to August 2013 has increased 0.54%, with 7,546 units sold year to date. The number of Colorado Springs homes for sale compared to August 2013 has decreased 3.18% with 4,111 units active.  With decreasing inventory (meaning homes for sale), sellers should see a faster home sale!

 

Single Family/Patio

 

 

YTD 2013

 

 

YTD 2014

 

 

+ / –

 

 

 Closed Sales

 

 

7,641

 

 

7,546

 

 

-1.24%

 

 

 Median Sales Price

 

 

$220,000

 

 

$230,000

 

 

+4.55%

 

 

 Months Supply of Inventory

 

 

3.84

 

 

3.70

 

 

-3.70%

 

 

 

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