“The obvious side effect of COVID was that people would keep properties off the market. In the Pikes Peak region we saw a decrease on active listings of 12.4 percent for single
June's C.A.R Report for May Stats-Colorado Springs
The spring was cool, as far as temperature goes, a welcome change in our state with rain, cooler temps, high snowpack and some great skiing. But the cooler temperatures did not cool off the housing market. Nothing has in the Pikes Peak Region. Not snow, wind, hail or anything Mother Nature could throw at us in the last year. Sold listings across all properties were down 1.8 percent and, as the sold properties saw a drop, we increased our median sales price 4.9 percent year-over-year. Total inventory pulled back again over last year, leaving buyers with fewer homes to pick from. We cannot seem to break this cycle. The only real change is that prices did not increase as fast as they have in years past. But relief for buyers does not seem to be anywhere in sight as we start to break into the summertime selling season.
“Overall, the actual economic climate is trending down. Numerous indicators show that the world economy and countries may be nearing recessions. Even in the United States, the FED was hinting, or all-out yelling, that they see it too. Last year we were sure to see numerous interest rate hikes, and now FED Chair Powell is not denying that interest rate drops are on the table. Sellers can make hay while the sun shines this summer. The only great news for local buyers is that interest rates are likely to stay steady or even pull back as we enter the second half of the year. And, as long government continues to keep rates down and money close to free, everyone seems to be happy. Time will tell if this long-term strategy is going to be successful or a detriment to the future economies,” said Colorado Springs-area REALTOR® 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....