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
2025, A Repeat of 2024?
Dated: February 15 2025
Views: 213
Frustration in the housing market continues with no real winners. January had a mild win for sellers with total sold properties up 3.2%. But we stacked a lot of new inventory on the market, pushing the active listings up 34.6%. Buyers saw a loss with the median price pushing up 5.7%. And so, it appears that 2025 is going to be the same sludge in housing that we dealt with all through 2024. Mixed data depending on price, higher interest rates across the board, and the wins will be on a case-by-case basis depending on buyer Vs. seller motivation.
Nationally we saw the number of people receiving jobless benefits increase by 550,000 in the last 2.5 years. Continuing claims are running around 300,000 above 2019 levels. Hiring also fell to a low of 3.3%, pre-pandemic levels. These numbers would show that the labor market continues to struggle. But it has not affected housing.
Rates being higher for longer has not had the effect that most of us thought we would see by now. I fully expected housing to see some softening on prices. And we do see that in certain price points, but overall, that has not been the case. The industry is feeling it. REALTORS and lenders are open to say that this is a very hard market. And that is grass roots. But from a 30k view, housing remains resilient, and the stagnant market of 2024 will continue into 2025. I have mentally prepared for a very frustrating year, which probably coincides with many of my peers.
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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