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
A Break For Buyers
Dated: August 12 2022
Views: 195
“I have to admit, even I am a little shocked at how fast the market decided to change. It is like we had a really hot summer day and a few days later, a blizzard. One weekend we were watching buyers toss everything they could at a house just to have a chance. Four weeks later, sellers were still shell shocked they missed the top of the market. That was May, and then June hit and the trend continued. But July really puts into perspective how much of a change we are seeing. We start with a 23% drop in sold properties, year over year. That number by itself would make one sit back in their chair and ponder. But the follow up to that is a 91% increase in active listings and the final blow is a 19 percent drop in pending listings. We are playing a totally different real estate game.
“Inflation continues to be a pesky little fella. At 9.1%, many people are feeling that pressure. Throw in higher gas and food prices, and we watched consumer debt rise trying to cover it all. To try and slow inflation the Fed jumped in to save the day and chased up short-term rates over a couple months putting even more pressure on anyone who had any credit card debt while they were still trying to catch up from all their other costs going up. The story of transitory inflation soon turned to short-term inflation, and then that story turned into longer-term inflation. This is all beginning to put some pressure on what had been a very resilient housing market. Although homes continue to sell quickly, the change is here and I suspect we will continue to see days on market extend and price drops pick up speed.
“On the national scene, we can see that manufacturing is beginning to slow. A leading indicator of a slowing economy. We found out we had two-quarters of negative GDP showing we are in a recession, regardless of how politics tries to explain it away. Top that off with whispers of layoffs here and there and I suspect that the tight labor market will begin to see more layoffs and those, in turn, will start to show even more weakness in the economy. Unemployment hitting 6-7% would be a game changer. The FED has admitted stocks will fall, unemployment will rise and housing has to cool. I would say that takes a lot of guesswork out of what is in the future for the economy, and housing,” said Colorado Springs-area REALTOR® Patrick Muldoon.
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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