COLORADO SPRINGS“The statistics do not tell the entire story. We may show only a 1.1% drop in the median sales price for all properties, and a slight uptick in active properties, but the real
The 4th and More
Dated: August 12 2021
Views: 229
While prepping for Independence Day, many REALTORS were also trying to predict what July’s real estate market would bring. Buyer fatigue was setting in, and REALTOR rigor mortis set in about 6 months earlier. There were discussions on social media asking about slowdowns, market conditions, and listing activity. But as the fireworks went up at the beginning of the month, we found out prices pushed up as well. Another staggering 19.2 percent in the medium price on all properties in one year.
Now, you may ask, how? Great question! We also got to witness a 38.6 percent drop in active properties. Anytime we cut the inventory down and demand stays high we push prices up! That’s Econ 101, my friends. Toss in some free money(thank you FED) and just like the fireworks, BOOM! To add to the madness days on market dropped 63.2 percent on single-family homes and 62.5 percent on townhomes/condos. Although we have heard nationwide that we have more inventory coming on the market, the front range is going to ignore that trend for now and hike this hill a little more.
Nationwide we have seen first-time unemployment claims still averaging 400k per week. We have NET LOSSES on jobs if we subtract the jobs added from the first-time unemployment claims. The moratorium was supposed to end in July, but the CDC decided the tyrannical approach to government was the way to go, and against the Supreme Court's ruling has now extended that day to September 30th. What will August bring us to report? Oh, man, I am giddy to see. Until next time my friends
Patrick Muldoon
I have many interests and hobbies to supplement my busy career in real estate. Although I enjoy my work I also enjoy finding free time to enjoy the most important things in life. This includes being w....
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