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
2024 Is Going To Be A Strange One
Dated: February 16 2024
Views: 1441
“We began the year with a marginal increase in values across all properties. Active listings dipped 2.2% and we were down 8.8% year over year in sold units. This inventory strangulation continues to keep prices elevated. Mortgage rates softened a bit in January, but then started to work themselves back up as we hit the end of the month and began February. You can feel the shift when rates begin up. It has an almost immediate effect on showings.
“One area of relief is the rental market. We are seeing more rentals staying on the market for longer amounts of time and tenants having a chance at softening rents. Locally, property managers are all talking about the softening of the rental market. Can home prices stay elevated in a market where rents are dropping and more inventory is coming online each day? I don’t believe so, and I think we will see home prices start to follow rents. I’m one of the few that believe that.
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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