“The housing market along the Pikes Peak region continues to create frustration for many buyers and sellers. Despite having active listings fall 14% year over year for all properties, we
Economic Disconnect 2020
Dated: August 14 2020
Views: 189
July featured hot weather and an even hotter housing market. We hit the summer run with a 14.4 percent increase in values in one year across all properties sold. As we continue to see low inventory in our area, the prices keep pushing double digits. We had a 37.6 percent drop in active listings and there is simply no good housing news for buyers related to selection and price. The one bright spot was lower interest rates however, prices quickly pushed up taking away that buying power.
“On the flip side, we are pacing at the highest unemployment numbers since the great depression. Since COVID-19 hit, we have seen massive unemployment claims every month across this great nation. At this time there is a total disconnect with half the economy being crushed and yet, housing has mostly shrugged it all off. Like the stock market, bad news is good news for both, it appears. The total number of business closings is catastrophic. It is estimated by many that a third of all restaurants are simply not coming back. Small business is getting blown out, people are not working, and yet housing continues to be unaffordable.
“A few things to watch as we move forward locally and in the nation include unemployment claims, business closures, interest rates, FED purchasing of all assets, gold and silver prices, and inflation. The FED has literally printed trillions of ‘dollars’ on a screen and gold and silver prices show that people are nervous. Gold pushed above $2000 per ounce and silver flirted with $30 per ounce. The 10-year yield continues to sit at record lows and low interest rates are starting to push prices up. Food prices are increasing at an alarming rate and we need to remember that everything that is inflating isn’t counted towards inflation, housing and food included.
“For sellers in our region, the story remains the same, it’s a great time to sell. There is very little competition and plenty of approved buyers. Buyers beware, and not for the normal reasons. There is going to be very little to pick from and you are likely going to compete many times before finding your home. Patience is key in our current market,” 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....
Latest Blog Posts
“One of the strangest markets I have seen in a long time, maybe ever. And that is because there is not a one size fits all going on right now. While we are 1.8% off our top median prices,
For the buyer waiting for prices to drop, it is going to take a little more patience in the Pikes Peak Region. Although overall sales ended up down 23.1% across all properties, we were only down 1%
COLORADO SPRINGS“What should have been a busy May just wasn’t. So now, what’s in store for the remainder of the year? Our total units sold remained significantly off last
The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange (IDX) program of METROLIST, INC., DBA RECOLORADO©. Real estate listings held by brokers other than Muldoon Associates, Inc.name are marked with the IDX Logo. This information is being provided for the consumers' personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified. October 3, 2023 6:51 PM UTCd
The real estate listing information and related content displayed on this site is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any offer of compensation is made only to Participants of the PPMLS. This information and related content is deemed reliable but is not guaranteed accurate by the Pikes Peak REALTOR® Services Corp.
Pueblo Association of REALTORS®, Inc. All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be
Information should be deemed reliable but not guaranteed, all representations are approximate, and individual verification is recommended. Copyright ©2023 All rights reserved.
