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Giving Thanks for November's Colorado Springs Real Estate Numbers

Friday, December 30, 2016

Giving Thanks for November's Colorado Springs Real Estate Numbers


Well, the good tidings of comfort and joy just keep rolling for the Colorado Springs real estate market. As we alluded to in our last post, home sales in our region have already surpassed last year’s total, making 2016 the second consecutive record-breaking year.

When last we looked, the Nov. 13 year-to-date home sales figure of 13,427 had passed 2015’s record total of 13,250 sales. And according to the most recent Pikes Peak Association of Realtors report, November finished stronger than strong with local home sales totaling 14,083 year to date. If you’re counting along at home, 2016 is the sixth straight year in which home sales have risen.

The recent rise in borrowing costs is expected to have little, if any, impact on our steamy-hot housing market. Colorado Springs’ economy is now enjoying “phase two of the recovery” thanks in large part to local job creation and growth at the University of Colorado at Colorado Springs. Our city boasts the second best job growth in the state, next to Fort Collins.

It may have felt like it took a while for the local Springs recovery to kick in and build momentum, but right now, our economy is generating new payroll jobs at a faster rate than the rest of the country for the first time since the recession began in 2008.

This irresistible community momentum is enticing more people to consider relocating to Colorado Springs, which is helping to keep the housing market strong. Factor in sky-high rents, a growing workforce population, an increasingly diverse industry mix that includes a high concentration of STEM jobs, and healthy growth in out-of-state tourism -- and you’ve got the perfect recipe for a thriving housing market.

More good news from the recent Realtors Association report on November’s numbers includes:

2238 listings were under contract in November, almost double the number we saw just three years ago with 2013’s 1257 listings.

Home sales totaled 1,196, a 46.7 percent increase over Nov. 2015. Sales have risen for 28 consecutive months on a year-over-year basis.

November’s median home price rose to $256,566, an 8 percent increase over November 2015. Prices have steadily climbed each month for two years as the demand increases.

If you listed your home last November, you could expect to wait an average of nearly two months for a sale. This year? Homes sold in November lingered on the market for just 39 days on average before purchase.

November’s supply of homes listed for sale totaled 1,942, with 992 of those new listings. This is 26.5 percent fewer single-family homes available than in November 2015. Although this has certainly helped to drive prices up – it’s also driving buyers a bit crazy.

The Realtors Association reminds us that although November 2016 saw a slow-down in sales from October, this is to be expected at this time of year. Holidays and cold weather are notorious for discouraging home purchases and major moves.
With so many promising indications that our region is on a real estate roll and enjoying a solid, sustained economic recovery, all of us at Turner Associates can’t wait to see what’s around the 2017 corner!

Source

http://www.crej.com/news/colorado-springs-western-slope-poised-growth/, http://ppar.com/StatsAndFacts.html#stats1, http://gazette.com/boom-time-in-colorado-springs-all-signs-point-to-a-buoyant-economy/article/1574286
 

Autumn Hasn't Cooled the Springs Housing Market

Tuesday, December 13, 2016

Colorado Springs Housing Market.Autumn Hasn't Cooled the Springs Housing Market


After a sizzling hot summer for home sales in Colorado Springs, the fall shows no signs of cooling down. October’s report from the Pikes Peak Association of Realtors showed a continuing increase in number of sales and closing prices. In fact, October is the 27th straight month in which year-over-year sales have increased.

The report showed:

  • Single-family home sales totaled 1,266 in October, a 14.4 percent increase over October 2015.

  • October’s median home price rose to $255,625, an 8.8 percent gain over October 2015.

  • Inventory continues to be very tight, with 2,222 properties listed for sale in October. That’s about a 25 percent decrease on a year-over-year basis.


At October’s end, sales totaled 12,890, or nearly 14 percent higher than the same period in 2015. The latest figures from Nov. 13 show year-to-date sales hitting 13,427, beating 2015’s record total of 13,250.

Perhaps not surprisingly, 279 of those sales occurred between Nov. 6 and 13. The Wall Street Journal reports that although the impact of the presidential election and consequent rise in interest rates on home buying may not be fully clear just yet, some buyers rushed to lock in terms before rates rose further: “In the week ended Nov. 18, applications for mortgages to purchase homes jumped 13 percent from a week earlier and were up 11 percent from a year ago, the MBA data showed.”

Although rates are still low by historical standards, MortgageNewsDaily.com reports that they are currently at the highest level since June 2015. But we suspect that come what may, real estate in Colorado Springs will continue to thrive.

Our Opinion is Admittedly Biased, but We Are Not Alone


Sure, we’ve got 300 days of glorious sunshine and topaz-blue skies to enjoy every year, mind-blowing scenery, and unlimited recreational activities. Our outstanding quality of life and thriving economy have garnered more national attention and accolades in 2016. Let’s review a few of our favorite:

  1. A study released in May conducted by Trulia said Colorado Springs ranks 7th in the top 10 "fastest-moving markets" in the country. The study examined the number of homes still on the market after 30 days in the 100 largest U.S. metropolitan areas. “In Colorado Springs, 53.3 percent of homes remained for sale over a one-month period in 2016, compared with 62 percent in 2015.”

  2. Money Magazine named Colorado Springs one of the six best big cities to live in for 2016, and the “Best in the Mountains”. The magazine cited our “high-speed economy, with employment increasing at the fastest clip since 2000, outpacing the rate of growth in the rest of Colorado—and in the rest of the country.”

  3. Men's Fitness named Colorado Springs the 13th Fittest City in America in its 25 Fittest Cities survey.

  4. Last March, U.S. News & World Report ranked Colorado Springs as No. 5 among best places to live in America. In addition to surveying thousands of people across the country to find out what makes a place desirable, the site used U.S. News rankings of the best high schools and best hospitals along with data from the United States Census Bureau, the FBI, and the Bureau of Labor Statistics.

  5. Forbes named Colorado Springs the 12th Best Place for Business and Careers.


Another factor driving home sales are the increasingly high rent prices that incentivize people to buy. A study released in May by Make Room, a national renter's advocacy group, revealed “that more than 370,000 workers in Colorado pay more than 30 percent of their pre-tax income toward rent and utility bills, a costly burden for households in the state.”

The Pikes Peak Association of Realtors website enthusiastically reports: “2015 saw the highest number of home sales in the past 30 years within the Pikes Peak region!” We here at Turner Associates Real Estate can hardly wait to see 2016’s numbers.

Source


http://www.krdo.com/news/local-news/colorado-springs-is-one-of-countrys-fastest-moving-housing-markets/35595150, http://ppar.com/, http://www.homescolorado.com/colorado-springs-real-estate-market-statistics.aspx, http://www.wsj.com/articles/mortgage-lenders-struggle-to-adapt-to-rapidly-rising-interest-rates-1479992403, http://gazette.com/forbes-ranks-colorado-springs-as-no.-12-in-the-nation-as-a-place-for-business-careers/article/1588192, http://gazette.com/more-of-the-same-for-colorado-springs-housing-market-prices-and-sales-both-rise/article/1589349, http://gazette.com/more-of-the-same-for-colorado-springs-housing-market-prices-and-sales-both-rise/article/1589349
 

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