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
February Brought Some Love
Dated: March 16 2024
Views: 1414
“Is February an anomaly or are we seeing a new trend play out as we enter 2024 across the Pikes Peak Region? We have seen a pre-spring surge in inventory that increased our inventory 9.9%. With new inventory hitting the market, it appears the buyers also stepped up and pushed median prices up 3.8% year over year across all properties. The interesting tidbit in this data is nationwide mortgage applications were at 30-year lows. But in our region, we were up 7% on sold properties in February. You may draw the conclusion that we are in for a busy summer. But let’s step back and see what else is out there to help us along our path.
“Buyers are going to continue to have it tough if this is the trajectory. The Federal Reserve has pulled back from talking about interest rate cuts to realizing inflation has not curbed and that rates are not likely coming down anytime soon. With the Fed rate staying higher for longer, once again, we are going to see consumer credit cards, car loans, and other short-term debt tied to it stay higher for longer. This is putting pressure on many consumers. Mortgage rates did pull back a bit during February, but a far cry from the lows we had gotten used to prior to this hiking cycle.
“Housing starts plummeted nationwide in February and building permits dropped 1.5% month over month, according to ZEROHEDGE. Multifamily permits also dropped back to their lowest number since October 2020. We can assume that builders and developers are being cautious as new home sales inventory remains elevated. Despite homes being built, buyers aren’t showing up.
“Housing locally and nationally is giving mixed singles. Are we booming, or busting? Is it a seller’s market, or a buyer’s market? Are rates going up, or going down? My guess is 2024 will be the year that we remember a decade from now. This could be the calm before the storm. We are just now getting to year two of the tightening cycle. In the past, this is when things got interesting,” 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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