GrokTheMarket: a blog about housing in Colorado Springs
Are houses selling above or below list price?
This question hit my inbox this morning. The answer is “mostly below on the average right now”. Here is a breakdown of the top 20 selling subareas in the region (as measured by their number of sales). Here’s how to read this: Banning Lewis Ranch is the number one selling subarea YTD and is closing […]
PPAR Region State of the Market
We are closing for the month of March 2023 at an average of 501K with 46.86 days on the market. Homes are closing on the average at 3.1% below original list price. Sales are down 29.2% from this time last year and we have 1.53 months worth of homes on the market. Data extrapolated from […]
A Decade of DOM
This morning’s graph is a representation of the average Days on Market (DOM) for closed homes by month over the last decade. As you can see below, we are back over over the last several months or so to around 2015 territory. Inventory in the area remains low (less than two months) which is helping […]
Fed raises rates by 1/4 point…why does this matter?
Why does this matter? When you take out a mortgage to buy a house, you are essentially borrowing a large sum of money from a bank or other financial institution, which you agree to pay back over a long period of time with interest. The interest rate on your mortgage is the cost of borrowing […]
March 2023 down 30.7% from March 2022
Running the numbers today…as of 21 March 2023, sales are at 69.3% of last year’s volume of sales. Stated another way, the number of sales is down 30.7% from last year. That puts us around a projected 2015 levels of sales for the month.
Has housing in Colorado Springs beat the historical 3% return?
Three percent is often cited as the historical annual appreciation of housing. Let’s take a look at the last seventeen years and how the Springs as a region measures against that percentage. What you see in the line chart below is that hypothetical / projected 3% since 2006 based on the average price of a […]
Want to know where home pricing is going? Follow the M2.
What you see here is a scatterplot mapping the average monthly closed price of a home in the Colorado Springs region alongside the M2 money supply. What is the M2? The M2 is a measure of how much money is available for people to spend and invest in an economy. It includes all the physical […]
4Q2022+ Types of Sales
Here is the distribution of types of sales from the 4th quarter of 2022 through this morning. These are pretty consistent with our market norms.
Feb 2023 sales numbers close out down 29.6% YOY
February 2023 closed down 29.6% from the previous year by number of sales. That is the second largest drop February to February as a percentage since at least 1996, eclipsed only by 2007-2008 which saw a 31.7% drop. Sales price was down app. $8,500 over last February. February 2011-2012 was the last time the average […]
17 years of home sales
Take a look at this chart. It’s seventeen years of homes sales in the region. There are a lot of takeaways here, from the seasonality of the number of sales to the impact of Coronavirus and then the interest rate adjustments. What else do you see?
What is the best month to sell a home in the COS region?
April and May according to the 10 year average closed to list price ratios. What you see below is the average of ten years of closed to original list price ratios by month. As you can see, April and May are the highest of the months at 100.1%. November, December and January are the lowest […]
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