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
FED Rate Drop Nearing??
Dated: August 17 2024
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“It’s a unique time in real estate and the industry has a ton of changes on the way. The spring season was not nearly as busy as many would have liked. The summer went by quickly and now we look up and find ourselves in August and a time of year that activity really begins to slow down as vacations wrap up and schools start back up. While the July market felt slow, it was interesting to review the statistics and see that we were up on sold properties a hair, 3%. The median price of homes pushed up again, this time 5.4%. But inventory piled on to the market in July, increasing 35.5%. Quite a jump year after year and adding competition across the region.
“The Pikes Peak region is now sitting at inventory not seen since 2015/2016. Buyers have plenty of options now but are not eagerly taking advantage of the new opportunities. The economy is weak at best, and maybe we are in a recession already. Revisions and time will tell. The consumer knows this. Unemployment jumped once again to 4.3% and jobs created missed the mark. Layoffs continue to hit the news cycle along with store closures and a lackluster earnings season. The poor sentiment is real. The economy is front and center everywhere we go. From the barber shop to the restaurant owner, people are nervous.
“As I scan the MLS (multiple listing service) some things are very clear. Price drops are hitting, and many homes that close have sellers paying buyer concessions. The days of home buyers waiving home inspections are now traded for a laundry lists of wants and wishes. Appraisal waivers are being replaced by tide water, and the once forgotten term ‘short sale’ is slowly entering back into the vocabulary of agents. Agent sentiment has also changed. Social media is flooded with talk of slower markets, emotional clients, and much harder sales.
“The Federal Reserve is now talking about a rate cut at its September meeting. Many expect this to give housing the push it needs. But history shows us that once the Fed pivots, stocks rally before crashing. The market gets excited before the layoffs hit, and the Fed has yet to prove they can have a soft landing. Maybe this time is different, but I’m not so sure,” 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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