Category: State of the Market
Inventory in the top 20 Subareas & Banning Lewis Ranch
Bottom line: inventory in these subareas is lower than I expected to see, with the exception of Banning Lewis Ranch. The low inventory across the board seems to be helping holding pricing up.
Feb 2023 Closed Prices Down 6.18% from List
Here’s a quick rundown on the month to date. We are tracking 247 sales, down 44.12% from last year this time (through the 12th of Feb). We are closing at 6.18% down from the original list price on those sales. With a closed to current list price percentage down 1.82%, that means homes are dropping […]
February 2023 real estate in Colorado Springs
Let’s see where we stand for the last 30 days as we close in on the end of the first week of February. This snapshot of my custom analytics dashboard is PACKED full of information but here are a couple highlights: The average closed price is $509K w/50 days on the market. We are closing […]
January 2023 Sales Down 35% YOY
January 2023 sales numbers closed out down 35% vs. January 2022. This is about 5 to 8% better than I expected. It will be interesting to watch February to see if the upward trend (relative to the down months of last quarter) holds.
Is Cash King in Colorado Springs?
It’s often said “Cash is King”. What does this mean? It usually means two things. One, the belief that cash will usually win the offer. Two, cash tends to win at a discount due to its relative ease. What ease, you may ask? Cash purchases don’t require appraisals as a condition of financing, which reduces […]
PPAR regional sales down 56.8% year over year
Eleven days into the new year, the number of sales is at 43.2% of this time last year. Or, down 56.8%. Do what you do and do it well but it’s important to acknowledge the reality of the market, too. Sales are down.
December 2022 down 47.2% over 12/2021
We closed 70 homes regionally yesterday bringing the year end tally to 52.8% of last year’s sales numbers, or down 47.2%. What’s next? I expect based on the historical trend January to be significantly slower than December. February has typically picked up for sales numbers (see below). I suspect the trend will hold their, too, […]
12/30/22 – PPAR sales numbers down 47.1%
At the time of this writing, the regional sales volume is down 47.1% this year from the same timeframe last year. I expect we will see around 65 or 70 closings today. If we do, this will put us around 47.5% off of last December. What does this mean for sellers? Expect more days on […]
Sales numbers down 48.6% 12/2022
Month to date, the number of sales in the PPAR region is down 48.6% for the same time last year (month to date). Projecting an end of month slight surge, I expect we will close out around 45-46% down from last year.
M2 and Median Pricing PPAR Region
There is a .9 correlation between the M2 money supply and median pricing in the PPAR region over the last 26 years through October of this year. That is a high level of correlation, indicating a strong relationship between the two. By contrast, the R2 for interest rates to median pricing is .43. The R2 […]