“I have to admit, even I am a little shocked at how fast the market decided to change. It is like we had a really hot summer day and a few days later, a blizzard. One weekend we were
May C.A.R Report for April's Local Stats
Dated: May 24 2019
I wrote this for the Colorado Association of REALTORS. The current market report for our April in Colorado Springs. We are always looking backward with these. I hope you enjoy it!
“April’s snow showers have not produced early May flowers, at least not for prospective home buyers in the Pikes Peak Region. We watched our inventory of active listing drop while prices, once again, have risen. The needed snow and moisture may have given us some relief when it comes to our average days-on-market which increased approximately 25 percent for both single-family homes and townhome-condos. A small but potential small victory for buyers.
“For sellers, we’re likely to continue to see multiple, competitive offers as we get deeper into the May real estate season. And at this rate, both buyers and their REALTORS will be fatigued by mid-year at this rate as homes get gobbled up in a competitive environment.
“Many of us believe that we have to be topping out on home prices due to simple math as wages and buying power start to tap out. But we’ve believed that year-in and year-out only to find home values going higher still. National unemployment remains incredibly low and the FED has kept interest rates steady to keep the economy going. Some of the higher price points are starting to see some cooling but that is not translating into significantly lower prices for buyers,” 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....