“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
Season Shift, or Not?
The economic winds of change are not changing. September continued to be a record-setting month. We got to experience new listings dropping while pending sales increased. Not a good scenario if you are trying to buy. Which of course then lead to an increase in median price to 325,000 in the single-family home market and the townhome/condo market was up 7.9 percent. There is no need to dig deep when the stats make this so easy. Low inventory, high demand equals increased prices. It is like groundhog day every time we discuss this Front Range Market.
Let’s skip to something a little more interesting that could affect our local and national future. China and the U.S. continue to not come to an agreement on trade deals. This lead to choppy waters in the world economy and not something that should be overlooked. Farmers in the U.S. continue to get crushed because of this. Manufacturing retracted dropping to 2009 levels. The FED then got nervous and dropped interest rates again. Since the market is so good, not sure why they needed to do that(ENTER SARCASM HERE). Gold rallied and pulled back slightly and we got to witness another inverted yield curve. Oh, and then September posted huge declines in all auto sales and we got to enjoy 100+ point swings in the stock market as everyone continues to try to figure it all out.
What comes next is anyone’s guess. Rumor is de-valuation of the dollar, another interest rate drop by the FED, and central banks trying to stop a slowing World economy. Stay tuned because one of these days we may see a reverse here in housing. But until then, buyers are getting great interest rates and sellers are getting top dollar. I am not sure if that is a win/win, but its what we have at this time.
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....