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
More to the Market than Meets the Eye.
Dated: May 16 2024
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“The market is giving us mixed signals. On one hand, values went up 5.2% in April which might lead you to believe things are great in the Pikes Peak region. But we need to address the elephant in the room. What is selling is upper end homes. This gives an appearance of price increases despite the 6.6% drop-in units sold and a 23.5% increase in active listings. I believe this is beginning to signal a market shift. One that, in other areas of the country, is also beginning to show up. Properties coming to the market and yet, not selling. Buyer demand remains low. We are seeing 2012/2013 levels of sales, based on units sold. There is really a disconnect now and the numbers are not showing what is really going on.
“If you purchased a home in 2022 prior to rate hikes, your home likely has declined in value since that time. We are seeing homes sold that year hit the market under the price it sold for two years ago. Most areas are below our peaks locally. A new listing that hit the market this week at $399,900 actually sold for $430,000 in the first quarter of 2022. This is happening across the region. Rates are a driving force in this area, along with rental prices being far more aggressive than buying the same home. Rentals also are sitting longer, and rental prices are continuing to soften. If we were in October, we would write this off as seasonal. But we are in the springtime market, and this does not feel like a springtime market.
The national economy is not as strong as what we continue to hear. But, we are in an election year and we would expect the fluff. The job market is probably not as strong as the Federal Reserve says. Inflation and daily costs continue to burden the consumer. Loan delinquencies continue to rise on credit cards, car loans and even non-QM loans. The average person does not feel comfortable and consumer confidence at the grass-root level shows this. Buyers are nervous, which shows in the loan application rates sitting at 1995 levels. Read the headlines and you start to see that April posted falling numbers for full time jobs, again. It isn’t that homes are not available, they are not affordable. And that continues to be an issue locally. Until confidence and affordability come into the market, I expect that monthly we may see lower and lower sales and more housing inventory come into the market. Once something big goes wrong, the Fed will be lowering rates at breakneck speed. And if history rhymes, it will be too little too late,” 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....
1 comments in this topic
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Thank You for your honest update!
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