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
Will Fall Bring Housing Changes?
Dated: September 16 2023
Views: 365
“The housing market along the Pikes Peak region continues to create frustration for many buyers and sellers. Despite having active listings fall 14% year over year for all properties, we have now seen the median sales price slip 2.1%. This may not seem like it is substantial, and maybe it isn’t, but the trend continues, and housing corrections take time, so it is worth noting. Average days on the market increased 70% on single-family/patio homes and was up 133% on townhomes. The total number of units sold saw a decrease of 22.7%.
“What we don’t see in these numbers are the homes not selling, owners who could not sell, or the buyers who could not buy. Weekly we receive 5-10 inquiries now for property management because a seller cannot sell. When we talk to them, 50% of those would-be landlords will be upside down on the rent plus costs vs their payment. So, despite the above numbers showing values dropping 2.1%, we have owners upside down on home mortgages and cannot sell. That is new, and something we have not seen for many years.
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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