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
Groundhog Day 2.0
Dated: October 14 2024
Views: 198
“It looks like it’s groundhog month once again in Colorado Springs as we wake up at the beginning of each month to find statistics that make the numbers appear better than the market really is. Median pricing is up, again. Inventory is up, again. Units sold are down, again. This is all year-over-year data and what we have been watching occur for many months. And yet, median price is up, again. We could stop there, but I think it is important to touch on data that may paint a different picture.
“We have not seen this much inventory since 2014-2015. Price reductions are up. It is common to check our MLS and see that we have 450-plus price improvements in the last seven days. When jumping into specific neighborhoods, we will likely find 50% or more of the homes have seen price improvements. Withdrawn/cancelled homes are up. These are the homes that could not sell and then were pulled from the market. Which means our onboarding of rentals is also up. Would-be sellers are now forced to be landlords. A common theme in our market. Multi-family apartment vacancies are up along with units that are finishing. Rental applications are down. Many property managers state that rents are now dropping and days-to-rent are increasing. Mortgage rates are up. Adding to the real estate madness as everyone in the industry seemed to think the Federal Reserve rate cuts would lead to a buyer frenzy that fizzled as the 10-year rocketed up with a better-than-expected job report. It is impossible to read through this information and feel positive, despite what appears to be positive statistics.
“The meat and potatoes of the national market is this: 47% of U.S. consumers think rates need to be between 5-5.49% for them to buy. Fifty-seven percent of Americans would consider getting a mortgage if rates fall below 5%, as reported by The Kobeissi Letter. The market is pricing in a 75-basis point Fed rate drop between now and the end of the year. This shows weakness in the economy and that weakness does not imply a better housing market in front of us. Despite the industry trying to stay optimistic, the average REALTOR® is now coming to the realization that the housing market is tough and is not likely going to get easier. The light at the end of the tunnel seems too distant to see currently and the industry is beginning to realize that. Will this mean that at some point we see a report where the median price drops in our region year over year? I can’t predict the future, but I feel that may be the case,” 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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