August keeps the heat on with housing.

Dated: September 12 2021

Views: 102

“As kids returned to school, and families finished out their summer trips, we felt a slight lull. Social media in the REALTOR® world was discussing a possible stall. Are showings down? Could this be it? Did we finally hit the top? There were discussions back and forth on whether or not this happens every year, or is this different than every year?  And it is very much like working out. If you don’t have a gauge of where you started, then you cannot really recall where you ended up. So, when these numbers dropped in my lap to review for August it showed that the housing market is still as hot as the month itself. 

 

“How does that break down for the average consumer? Median price was up 18.4% to $450,000 for single-family homes. Days on market decreased, again. Overall, MLS price increase among all properties was just shy of 18%. It appears that maybe that feeling of a slowdown was just that, a feeling. Many are hoping, even praying for a slowdown so buyers can find homes. But, we do not really show that to be true. We saw sellers getting very strong offers and buyers having to compete. Adding to the buyer stress is a heavy play in investor and Ibuyers jumping in. So, not only are buyers competing against low inventory, but now against institutional buyers with cash. On one property I had listed, we received 9 offers, two from institutional investors. 

 

“What is the secret sauce? Try not to be a buyer. And, if you sell, you may need to leave the state to find a home – I partly kid. Or, sell here but understand that you are competing across the region with a lot of buyers, investors, and Ibuyers. I can say with certainty that the market has to shift, and it will. Regardless of how much free money is thrown at it, we have past experience that shows the market always finds its true values. But when, where, or what sets that off is beyond my pay grade. With foreclosure moratoriums still in place and evictions still on hold, it may be awhile before we can gauge any housing shifts,” said Colorado Springs-area REALTOR® Patrick Muldoon.

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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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