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 Bell Curve On Values, and Then Some.
Dated: January 16 2023
Views: 345
To say this was a strange year for housing would be the largest understatement I could say about housing. What started out as another year of record-breaking price increases and buyers getting slaughtered, ended as a year where sellers saw values flip, buyers began getting concessions, price drops, and double the inventory to choose from.
The FED said to stop the press with interest rate hikes. The economy, along with housing, listened. Days on market shot up 173.3 percent on single-family homes and the medium price dropped 2.2 percent. Gone are the days of monthly appreciation that have been known for over two years. In fact, sellers who waited to list watched appreciation and value begin to evaporate at breakneck speed as buyers opted out of house buying. And the buyers have not stepped back in. Even the buyers who were waiting for this exact turn now are waiting for the prices to correct more. And patience will pay off as prices continue to correct.
The housing shift was not just in the Pikes Peak Region. Nationwide, mortgage demand plummeted to 2008 levels. Builder sentiment dropped month after month. Economists went from bullish sentiment to a neutral sentiment only to have many say that the economy is not going to have a soft landing. A term the FED used earlier in the year. Hedge funds went from buying real estate to stopping investors from pulling out of their REITS. Layoffs began to hit the industry directly and then the broader market. And my guess is 2023 is in for more of the same. So, grab that popcorn, and your diet soda, and buckle up, because 2022 is just the beginning of what just may be the biggest unraveling of housing since 2008.
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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