May 2012 Newsletter

The Trifecta of low interest rates, low prices, and low inventory is leading the Colorado Springs housing market into recovery, despite a local jobless rate that’s stuck at 9%. April home sales were up nearly 5% compared to the same month last year, for a total of 784. Prices are creeping higher, too, after spending more than a year in decline. The average sale price last month was up 2.63% to $221,125. The median home price (where 1/2 of the sales are higher, 1/2 lower) stands at $192,525 and that’s up just over 4% from April, 2011. Many properties are attracting multiple offers. But the flurry of activity is restricted for now to the $250,000 and below price range, where there’s a scanty 3-4 month supply. For home sellers in the $300,000 to $500,000 price range, homes are taking an average of 4 to 6 months to sell. Double that for a Old North End mansion or estate home on acreage in Black Forest. These owners should expect 9 to 12 months on market to sell a luxury property of $1M or more .

Inventory at 12 Year Low

In real estate, it’s all about supply and demand. And there are currently just 3,383 single family homes on the market. That’s the lowest number of available homes in April in 12 years, since April 2000. Distressed property sales are also declining. Just 15% of the properties that sold last month were short sales or foreclosures.

We’ve Got An App For That

Shopping for your dream home while on the go just got easier. RE/MAX has launched a mobile app for iPhone and Android smartphones, and it’s getting rave reviews. Use the app to shop for homes near your current location, including listing photos and directions. Email homes to friends or realtor, and use the mortgage calculator to estimate monthly payments. Download the app at www.remax.com/mobile.

Views, luxury and quality come together in our featured home, a custom 3 bedroom, 4 bath Arts & Crafts American Bungalow on 2 and a half spectacular acres just outside Manitou Springs. Special features include the drive-through portico, hand crafted woodwork, and stunning gourmet kitchen. Enjoy the true Colorado lifestyle …just minutes from the city! 8270 Aspenglow Lane, Cascade CO 80809 is available for $965,000. For your private showing, call Dana Smith!

Summer’s Comin’!

It’s our favorite season downtown, when a non-stop calendar of fun activities brings tourists and locals to our front door! The Farmer’s Market returns to Acacia Park every Monday starting June 4th. The Pikes Peak Hill Climb Fan Fest is July 7th, and on August 24th, join an estimated 250,000 bike racing fans for the 2012 Pro Cycling Challenge ! Click here to visit the Downtown Partnership website for a complete list of concerts, activities and events coming up in the downtown area.

Colorado Springs Real Estate News

Colorado Springs home prices increased 2.6% in March, reversing a 14 month downward trend.  The average sale price last month was $217,097.  The median home price (where 1/2 of the sales are higher, 1/2 lower) stands at $189,000 and that’s up 5% from last year. Most real estate professionals expect prices to continue to rise due to the scanty inventory of available homes.  Just 3,269 homes are on the market today.  That’s the lowest number of active listings in 10 years, since February of 2002.  There’s just a 4.5 month supply of available homes currently, creating a seller’s market in the $250,000 and below price range.  Colorado Springs home sales fell 6.7% in March compared to a year ago.  But last month’s total of 723 sales was way up over February’s total of 514. And there is a huge bulge of pending contract properties — 1700 — pointing toward continued strength in the housing market.

March New Home Sales Spike 25%

As predicted, the Colorado Springs new home market is also showing strong gains in 2012.  March was the best month for local homebuilding in almost four years.  A total of 172 single family home permits were issued last month in El Paso County, up 25% from March 2011.  So far this year, permits total 367—a 30% increase from first quarter 2011.   At the current pace of construction, we’ll see about 2,000 new homes built  in Colorado Springs this year.

Alley Concert Behind RE/MAX On June 2nd

The Downtown Summer Concert series kicks off June 2nd with a “battle of the bands”  in the alley behind our favorite real estate office!  The free concert begins at Acacia Park at 7 pm and then moves to the alley behind yours truly, RE/MAX Properties,  and also the Modbo,  just south of us,  with dueling musicians!  We had a great crowd last year kicking up their heels, so save the date, bring the kids, and join us!

Featured Home: Cheyenne Canyon Charmer

Our featured home is a 3 bedroom, 2 bath cottage with a superb location in Cheyenne Canyon, just blocks from the Stratton Open Space.  The south-facing 1,800 sq ft homehas an updated kitchen, abundant natural light and historic charm. We love the rock fireplace and gleaming hardwood floors!  For more details on 1518 W Cheyenne Rd, Colorado Springs, CO 80906,offered at $234,900,  call Barbara Stanley.

Chocoholics, Rejoice ! At last, a candy & ice cream shop to replace our beloved Michelle’s!!  Pikes Peak Chocolate and Ice Cream has just opened a downtown Colorado Springs store at 125 1/2 N Tejon Street, offering premium chocolates and truffles, candies from all over the world, and Josh n ’John’s ice cream.  This is an expansion for the local chocolatiers, who already have a successful location in Manitou Springs.

March Newsletter

The 2012 home buying and selling season is off to a brisk start, as a rush of prospective buyers are entering the Colorado Springs real estate market.  It’s March Madness  like we haven’t seen in years.  Our company showing activity for late February and early March has spiked to an 8-month high!    In other words, we have the same number of buyers viewing homes now as we did last JULY.

Click here for a link to the RE/MAX Properties Showing Analysis of the past 15 weeks.

But today’s home buyers may find slim pickin’s in many neighborhoods.  During the summer of 2011, we had an average of  about 4,700 single family homes on the market in the Colorado Springs area.  The inventory of available homes for February 2012 was 3,174.  That’s a nearly 27% drop from the same month last year. In  the midst of shrinking inventory, some home buyers in the lower price ranges are coming up short.  As in, a day late and a dollar short.  Some home sellers are enjoying competing offers and back-up contracts. It’s a welcome change of pace as the real estate market enters a balance between sellers and buyers.   Meanwhile, sales activity is picking up steam.

February Sales Up Nearly 15%

Home sales have grown for 8 straight months, as the Colorado Springs housing market gains strength.     A total of 514 single family homes sold last month, compared to 448 during February 2011.  That’s a spike of 15%.    Buyers are taking advantage of the perfect storm of low, low interest rates and bargain prices, due to the high number of foreclosures and short sales. But there’s evidence we are working our way through the inventory of distressed sales.  About one in 5 homes sold in February was a short sale or foreclosure.  That compares to about 25% a year ago.  The slowdown in foreclosures could result in higher prices later this year.  The average home sold in February for $212,551, a nearly 10% drop from last year.  But since the sale of a few very expensive homes can affect the average, a lot of market watchers look at the median price instead.  That’s the mid-point between the highest sale price and the lowest sale price.  The median last month?  $176,750.  That’s down just over 7% from last February.   And home sellers are averaging over 97% of asking price.

And while the housing market recovers, there are encouraging signs for the rest of the local economy.  Economist Fred Crowley of the Southern Colorado Economic Forum says the local economy is showing the best growth in two years.  His Business Conditions Index is showing improvements in new car sales, residential building permits, hiring, wages, and foreclosures.  The return of troops to Fort Carson in 2012 is expected to boost the economy further.

Stunning Stucco Rancher is Perfection

Our featured home  hits the bulls eye with an inviting ranch floor plan, maintenance-free stucco exterior, quality John Laing construction, and beautiful upgrades. The main level boasts a spacious  kitchen, and 3 bedrooms.  The finished basement has a bonus room with & guest suite.  Perfection!  Ask Barbara Stanley about 6965 Wood Lily Dr, Colorado Springs CO 80923.  Offered at $275,000.

Occupy Tejon Street: Leprachauns On The March

Put your green on and join us on Tejon Street on March 17th for the Annual St. Patrick’s Day Parade, 5K Race and the Leprechaun Fun Run.  The event is expected to draw a crowd of over 30,000 to our favorite downtown block.  Events start at 8:30 am  and include a Sports EXPO and 50K Bicycle Race for the non-runners. Bring the whole fam!

February 2012 Newsletter

The local real estate market is turning the corner.   January’s sales increased 3% over the same month last year, marking the 7th straight month of year over year sales increases.   And while sales are improving, home sellers are facing less competition.  The number of available homes—currently 3,156 listings– is down 27% from last January.   Less competition means better prices.  Sellers, on average, are getting 97% of asking price.   Market watchers think if this trend continues, it could mean some modest home price increases for the Pikes Peak region by the end of the year.   But for the time being, local home prices continue to show some weakness.   Last month’s median price (1/2 above, 1/2 below) of $172,500 was down 4.31% compared to January, 2011.  The average sale price was $204,814.

Nationwide, home prices dropped nearly 5% from 2010 to 2011, and according to CoreLogic, distressed sales are to blame.  The financial, property, and consumer information company says that if foreclosures are excluded, home prices have only dropped o.9%.  Click here to read the Feb. 2, 2012 report “Distressed Sales Undercut Home Prices in 2011″.

There’s no question that in the Springs, distressed sales are having a big impact on home prices.  Last month was a big month for bargain-hunters, who went on a buying spree and snapped up foreclosures.  Nearly 1 in 4 of the homes sold in January locally was a short sale or bank-owned property.

Home sellers, here’s the bottom line:  Home buyers these days are a cautious, careful bunch.  They’re taking more time to pick a property, and are making sure they stick to a budget they can afford.

Springs Jobless Rate Stuck at 9%

Home buyers have good reason to be cautious.   The local economy has a long way to go before most residents feel prosperous.  A Labor Department report released early this month shows that Colorado Springs-area unemployment remained at 9% in December, unchanged from November.Click here for the full story.

Pump Up Resale Value

Simple and affordable do-it-yourself projects can pump up resale value.   Here are 6 projects that average less than $500 apiece, but will increase your sales price by at least $1,500 , according to HomeGain’s annual survey of realtors™ .   1) Clean & declutter      2)Brighten with clean windows & new light fixtures     3) Stage by rearranging furniture & bringing in new accessories        4) Enhance landscape with a manicured lawn, new mulch & flowers        5) Repair electrical or plumbing    by fixing leaks, updating wiring, and replacing outlets that don’t work   6)  Replace or shampoo dirty carpets.

Sensational Pinon Valley Tri-Level

Curb appeal and smart-updates make our featured home a standout.     And it’s located in a great northwest foothills neighborhood near hiking trails, schools and shopping.   The 3 bedroom, 2 bath tri-level has warm decorator colors and too many upgrades to list.   We love the pride of ownership that is evident inside & out.

Skating Spotlight

Colorado Springs will be in the sports spotlight again this month, as the host of the 2012 ISU Four Continents Figure Skating Championships at the World Arena Feb. 9-12, 2012.   The world-known affair is an International Skating Union (ISU) sanctioned event that will feature 100 top figure skaters from North America, Asia, Australia and Africa.