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Market Update for September 2024

Interest rates are down

Interest rates are now in the low 6%’s for conforming loans and FHA and VA are under 6%. There are currently 3392 active single family listings on the market in the Pikes Peak region compared to 2484 last year at this time which is a 36.6% increase in active listings. New listings on the market were up 7.1% compared to last September. The average sales price was down 1.1% to $535,023 compared to September 2023 and was down 4.2% compared to last month, while sales were down 7.4%.

The below chart shows the average price and median price trends:

The median single family sales price was up 2.1% compared to September 2023 and was down 1%  from the previous month (same number of homes sold above as below) and is now $485,000. There is a 3.6 month supply of homes on the market. 

Cumulative year to date sales are down 7.1% and the average price up 2.2%. Cumulative YTD new listings on the market up 7.8%. Total volume is down 5%

The below chart shows number of sales YTD in comparison to the past 4 years:

 There are 627 condo/townhomes on the market compared to 366 last year at this time, a 71.3% increase. The average price for Condo/townhomes is up 4.4% and the median price is up 5.7%. The average condo price is up from last month by 5.7%. The median condo/townhome price is now $370,000. Condo Townhome sales are up 6.9%. New listings on the market are up 34.4%.

This chart shows the average days on market trends:

The average days on market is currently 44 days.

The below chart shows the number of new listings on the market by month in comparison to the last 4 years:

 The below chart shows number of homes under contract at the end of September each year which is an indicator of sales for next month:

The below chart shows listings on the market by month:

See how much your home could sell for by using your phone’s camera to scan the below QR code. You can also check the selling and buying temperatures of your own neighborhood.

  Many people are afraid to buy because they feel if they sell their home first, they won't find what they want. The market is shifting but there are ways to combat the higher interest rates with buydowns and other strategies. Many builders are offering HUGE incentives to buy their standing inventory (remember not to go into the builders model without me). Call me for a free consultation to learn more. 719-310-2404

Market Update for August 2024

Interest rates are down

Interest rates are again in the mid 6%’s for conforming loans and FHA and VA are under 6%. There are currently 3320 active single family listings on the market in the Pikes Peak region compared to 2420 last year at this time which is a 37.2% increase in active listings. New listings on the market were up 14% compared to last August. The average sales price was up .8% to $558,409 compared to last August 2023 and was down 2.2% compared to last month, while sales were down slightly .3%. 427 homes were taken off the market without selling in August which is about 13% of the total inventory. Many of those listing went back on the market or will go back on the market.

Million dollar plus homes are becoming more common in our area. One reason for a higher average price last month is the fact that 66 homes sold between 1 million and 2.85 million.

The below chart shows the average price and median price trends:

The median single family sales price was up 2.1% compared to August 2023 and was down 1.8%  from the previous month (same number of homes sold above as below) and is now $490,000. There is a 3.1 month supply of homes on the market. 

Cumulative year to date sales are down 7.1% and the average price up 2.6%. Cumulative YTD new listings on the market up 7.8%. Total volume is down 4.6%

The below chart shows number of sales YTD in comparison to the past 4 years:

 There are 597 condo/townhomes on the market compared to 352 last year at this time, a 69.6% increase. The average price for Condo/townhomes is up 1.1% and the median price is down .1%. The average condo price is down from last month by 2.2%. The median condo/townhome price is now $347,200. Condo Townhome sales are down 16.9%. New listings on the market are up 8.3%.

This chart shows the average days on market trends:

The average days on market is currently 38 days.

The below chart shows the number of new listings on the market by month in comparison to the last 4 years:

 The below chart shows number of homes under contract at the end of August each year which is an indicator of sales for next month:

The below chart shows listings on the market by month:

See how much your home could sell for by using your phone’s camera to scan the below QR code. You can also check the selling and buying temperatures of your own neighborhood.

 Many people are afraid to buy because they feel if they sell their home first, they won't find what they want. The market is shifting but there are ways to combat the higher interest rates with buydowns and other strategies. Many builders are offering HUGE incentives to buy their standing inventory (remember not to go into the builders model without me). Call me for a free consultation to learn more. 719-310-2404

Mortgage Rates Dropping 

Mortgage rates are continuing to improve, opening up home affordability. Some of the government loans for 30 year fixed rate mortgages are as low as 5.48% and 4.86% for a 15 year fixed mortgage. These rates should put more buyer's in the market which will also create opportunities for sellers wanting to put their homes on the market. If you have been waiting this is a great time to have that conversation. Contact me for a free NO pressure consultation!

Today's mortgage rates according to Yahoo Finance.

Here are the current mortgage rates, according to our latest Zillow data:

• 30-year fixed: 6.17%
• 20-year fixed: 5.71%
• 15-year fixed: 5.48%
• 5/1 ARM: 6.30%
• 7/1 ARM: 6.11%
• 5/1 FHA: 4.75%
• 30-year VA: 5.48%
• 15-year VA: 4.86%
• 5/1 VA: 5.76%

Remember that these are the national averages and rounded to the nearest hundredth.

Today's mortgage refinance rates

These are the current mortgage refinance rates, according to the latest Zillow data:

• 30-year fixed: 6.29%
• 20-year fixed: 5.72%
• 15-year fixed: 5.66%

Market Update for July 2024

Prices, inventories and sales are all up.

There are currently 3273 active single family listings on the market in the Pikes Peak region compared to 2254 last year at this time which is a 45.2% increase in active listings. New listings on the market were up 12% compared to last July. The average sales price was up 5.7% to $571,152 compared to last July 2023 and was up 1.2% compared to the previous month, while sales were up slightly at .7%. 345 homes were taken off the market without selling in July which is about 10% of the total inventory.

Million dollar plus homes are becoming more common in our area. One reason for a higher average price last month is the fact that 71 homes sold between 1 million and 2.8 million. 

The below chart shows the average price and median price trends:

The median single family sales price was up 5.7% compared to July 2023 and was on par from the previous month (same number of homes sold above as below) and is now $499,000. There is a 2.9 month supply of homes on the market. 

Cumulative year to date sales are down 8% and the average price up 2.9%. Cumulative YTD new listings on the market up 6.9%.

The below chart shows number of sales YTD in comparison to the past 4 years:

 There are 596 condo/townhomes on the market compared to 302 last year at this time, a 97.4% increase. The average price for Condo/townhomes is up 4.6% and the median price is up 3.6%. The median condo/townhome price is $381,437. Condo Townhome sales are down 9.4%. New listings on the market are up 9.8%.

This chart shows the average days on market trends:

The average days on market is currently 34 days.

The below chart shows the number of new listings on the market by month in comparison to the last 4 years:

 The below chart shows number of homes under contract at the end of July each year which is an indicator of sales for next month:

The below chart shows listings on the market by month:

See how much your home could sell for by using your phone’s camera to scan the below QR code. You can also check the selling and buying temperatures of your own neighborhood.

Many people are afraid to buy because they feel if they sell their home first, they won't find what they want. The market is shifting but there are ways to combat the higher interest rates with buydowns and other strategies. Many builders are offering HUGE incentives to buy their standing inventory (remember not to go into the builders model without me). Call me for a free consultation to learn more. 719-310-2404

Market Update for June 2024

Prices and inventories up, Sales Down

There are currently 2974 active single family listings on the market in the Pikes Peak region compared to 2059 last year at this time which is a 44.4% increase in active listings. New listings on the market were down 1.7% compared to last June. The average sales price was up 1.6% to $564,406 compared to last June 2023 and was up 1.3% compared to the previous month, while sales were down 13.3%. 

The below chart shows the average price and median price trends:

The median single family sales price was up 2.9% compared to June 2023 and was on par from the previous month (same number of homes sold above as below) and is now $499,000. There is a 2.7 month supply of homes on the market. 

Cumulative year to date sales are down 9.6% and the average price up 2.4%. Cumulative YTD new listings on the market up 6%.

The below chart shows number of sales YTD in comparison to the past 4 years:
  There are 574 condo/townhomes on the market compared to 285 last year at this time, a 101% increase. The average price for Condo/townhomes is down 4.2% and the median price is up 2.8%. The median condo/townhome price is $365,000. Condo Townhome sales are down 27.7%. New listings on the market are up 19.2%.

This chart shows the average days on market trends.

The average days on market is currently 32 days.

The below chart shows the number of new listings on the market by month in comparison to the last 4 years:

 The below chart shows number of homes under contract at the end of June each year which is an indicator of sales for next month:

 The below chart shows listings on the market by month:

See how much your home could sell for by using your phone’s camera to scan the below QR code. You can also check the selling and buying temperatures of your own neighborhood.

 Many people are afraid to buy because they feel if they sell their home first, they won't find what they want. The market is shifting but there are ways to combat the higher interest rates with buydowns and other strategies. Many builders are offering HUGE incentives to buy their standing inventory (remember not to go into the builders model without me). Call me for a free consultation to learn more. 719-310-2404

Market Update May 2024

Prices and inventories up, Sales Down

There are currently 2645 active single family listings on the market in the Pikes Peak region compared to 1750 last year at this time which is a 51.1% increase in active listings. New listings on the market were up 16.2% compared to last May. The average sales price was up 3.8% to $557,050 compared to last May 2023 and was down 1.4% compared to the previous month, while sales were down 8.1%. That's still 1142 single family homes that sold locally last month.

The below chart shows the average price and median price trends:

The median single family sales price was up 5.1% compared to May 2023 and was up 1.8% from the previous month (same number of homes sold above as below) and is now $499,000. There is a 2.3 month supply of homes on the market. 

Cumulative year to date sales are down 8.6% and the average price up 2.6%. Cumulative YTD new listings on the market up 8%.

The below chart shows number of sales YTD in comparison to the past 4 years:
 There are 492 condo/townhomes on the market compared to 263 last year at this time, an 87.1% increase. The average price for Condo/townhomes is up 2.1% and the median price is par, The median condo/townhome price is $335,000. Condo Townhome sales are down 1.6%. New listings on the market are up 24.8%.

This chart shows the average days on market trends. The average days on market is currently 36 days.

The below chart shows the number of new listings on the market by month in comparison to the last 4 years:

The below chart shows number of homes under contract at the end of May each year which is an indicator of sales for next month:

The below chart shows listings on the market by month:

See how much your home could sell for by using your phone’s camera to scan the below QR code. You can also check the selling and buying temperatures of your own neighborhood.

Many people are afraid to buy because they feel if they sell their home first, they won't find what they want. The market is shifting but there are ways to combat the higher interest rates with buydowns and other strategies. Many builders are offering HUGE incentives to buy their standing inventory (remember not to go into the builders model without me). Call me for a free consultation to learn more. 719-310-2404

Market update for April 2024 Statistics

Prices and inventories up, sales down but are the local real estate statistics just wrong somehow?

I have recently become a bit suspicious of the numbers that are put out by the Pikes Peak Association of Realtors MLS, so I did a little deeper research and discovered there are more and more listings being added to the local MLS that are out of the area which really skews our averages. Typically in the past, the Pikes Peak RSC (our MLS) only had listings for El Paso and Teller County. Because of the changes in MLS reciprocity there are now a lot of listings being added to our MLS that are in Denver counties and even Pueblo and thereby included in the total numbers tabulated by PPAR at the end of each month. In example last month 55 homes sold over $1,000,000 according to the MLS stats but if I split out El Paso and Teller counties 26 homes sold over $1,000,000 in our area. Gee do you think that could raise our averages? So, this month I will do my best to give a side by side comparison of the totals and the TRUE Pikes Peak region numbers added in italics and underlined.

There are currently 2139 active single family listings on the market in the local MLS compared to 1590 last year at this time which is a 34.5% increase in active listings. If we split out the Pikes Peak Region only, we have 1688 single family listings on the market. New listings on the market were up 11.4% compared to last April. The average sales price was up 6.1% to $564,715 compared to last April and was up 7% compared to the previous month, while sales were down 12%. That's still 959 single family homes that sold according to the MLS stats last month. If we split out listings for the Pikes Peak Region only, we find that 781 homes sold in April of this year and the average price is now $532,836 which is up from last April by 1.2%, while sales were down 16.5%.

The MLS would not let me create charts for just El Paso and Teller counties so the below charts have statistics for all listings loaded to the MLS which includes multiple counties as discussed.

The below chart shows the average price and median price trends for the entire MLS which includes multiple outlying counties:

The median single family sales price was up 6.8% compared to April 2023 and was up 4.3% from the previous month (same number of homes sold above as below) and is now $490,000. Splitting out the Pikes Peak region the median price was up 3.3% to $473,900.

There is a 2.2 month supply of homes on the market.

Cumulative year to date single family sales are down 8.7% and the average price up 2.2%. Cumulative YTD new listings on the market up 5.3%. Pikes Peak Region only sales, are down 8.6%. The cumulative YTD average price for our region was up 1.1% to $526,520.

The below chart shows number of sales YTD in comparison to the past 4 years for the entire MLS which includes outlying areas:

There are 416 condo/townhomes on the market compared to 241 last year at this time, a 72.6% increase. The average price for Condo/townhomes is up .2% and the median price is down 3.4% to $338,000. Condo Townhome sales are down 2.9%. New listings on the market for condo/townhomes are up 33.5%. Again splitting out just the Pikes Peak Region we find that the average price for condo/townhomes is up 4.3% and the median price is up 1.4% to $339,450 while sales are down 7%.

This chart shows the average days on market trends for the entire MLS which includes outlying areas. The average days on market is currently 40 days.

The below chart shows the number of new listings on the market by month in comparison to the last 4 years for the entire MLS which includes outlying areas:

The below chart shows number of homes under contract at the end of April each year for the entire MLS which includes outlying areas which is an indicator of sales for next month:

The below chart shows listings on the market by month for the entire MLS which includes outlying areas:

See how much your home could sell for by using your phone’s camera to scan the below QR code. You can also check the selling and buying temperatures of your own neighborhood.

 Many people are afraid to buy because they feel if they sell their home first, they won't find what they want. The market is shifting but there are ways to combat the higher interest rates with buydowns and other strategies. Many builders are offering HUGE incentives to buy their standing inventory (remember not to go into the builders model without me). Call me for a free consultation to learn more. 719-310-2404

 

Market update for March Stats 2024

Prices and inventories up, Sales Down

There are currently 1868 active single family listings on the market in the Pikes Peak region compared to 1480 last year at this time which is a 26.2% increase in active listings. New listings on the market were down 5.4% compared to last March. The average sales price was up .7% to $527,629 compared to last March 2023 and was up 3.2% compared to the previous month, while sales were down 12.5%. That's still 941 single family homes that sold locally last month.

The below chart shows the average price and median price trends:

The median single family sales price was up 2.2% compared to March 2023 and was up 3.1% from the previous month (same number of homes sold above as below) and is now $470,000. There is a 2 month supply of homes on the market. 

Cumulative year to date sales are down 7.4% and the average price up .6%. Cumulative YTD new listings on the market up 2.5%.

The below chart shows number of sales YTD in comparison to the past 4 years:

There are 364 condo/townhomes on the market compared to 236 last year at this time, a 54.2% increase. The average price for Condo/townhomes is up 2.8% and the median price is down 1.5% to $335,000. Condo Townhome sales are down 6.2%. New listings on the market are up 7.8%.

This chart shows the average days on market trends. The average days on market is currently 56 days.

The below chart shows the number of new listings on the market by month in comparison to the last 4 years:

The below chart shows number of homes under contract at the end of March each year which is an indicator of sales for next month:

The below chart shows listings on the market by month:

See how much your home could sell for by using your phone’s camera to scan the below QR code. You can also check the selling and buying temperatures of your own neighborhood.

Many people are afraid to buy because they feel if they sell their home first, they won't find what they want. The market is shifting but there are ways to combat the higher interest rates with buydowns and other strategies. Many builders are offering HUGE incentives to buy their standing inventory (remember not to go into the builders model without me). Call me for a free consultation to learn more. 719-310-2404

 

What is the NAR and Keller Williams Lawsuit settlement about?

The class-action lawsuit – Sitzer v. the National Association of Realtors – alleged that NAR, Keller Williams Realty, Anywhere Real Estate (formerly known as Realogy), RE/MAX and HomeServices of America (all major real estate brokerages), colluded to artificially inflate agent commissions. NAR et all lost the case and you have probably heard last week that the National Association of Realtors agreed to a settlement of $418,000,000. I have seen some crazy takes on what that means on the national news, and even misunderstanding from other agents about what the settlement means to include, it will ease house prices, it reduces commissions from the “standard” 6% commission and a seller no longer pays a buyer’s agent’s commission among other disinformation. First of all, to say there is as a standard commission is blatantly FALSE. There is not now, nor has there ever been a standard commission and for the media machine to say so is complete ignorance or disinformation. 

The NAR settlement agreement would end litigation of claims brought on behalf of home sellers related to broker commissions. The settlement is subject to court approval. The reason they decided to put forth a settlement is to avoid years of costly appeals. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned Multiple Listing Services (MLSs), and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. NAR still maintains they have not done anything wrong.

So let’s break down what this means. 

1st Commissions are negotiable and always have been. There is no “standard” commission. Period.

2nd There are all kinds of rumors about what this means including, buyers will have to pay their own commission. 

1. It would be the biggest conspiracy theory ever for all brokerages and NAR to have conspired to inflate commissions. I have been in real estate since 1990 and was taught from the beginning in NAR ethics classes which are required that commissions are negotiable.
2. Commissions are negotiable and are agreed to on the listing contract by the seller in writing with the split showing how much goes to the buyers agent. 
3. Technically the WHOLE commission is earned by the listing agent when a contract is agreed on and paid out at closing and that seller’s agent shares that commission with the buyer’s agent as offered in the local Multiple List service on that listing. There is one commission with offer of coop compensation to a buyers broker. 
4. Agents charge too much: I have a list of 179 things a Realtor does that I can share with anyone and if that’s not enough I have another list of 105 more things I can share. Not to mention the offers we write that don’t go through because of competitive bids Brokers are paid for their expertise, knowledge and time, etc…
5. A real estate transaction comes with risk; as well as, many details a buyer doesn’t understand, not to mention the transaction is stressful and emotional. Most buyers choose to work with a real estate broker for these reasons. 
6. In Colorado Springs especially there are lot of VA buyers because of all our military bases and services for retired military. The VA buyer CANNOT pay a commission. If forced to pay a commission it would disenfranchise the VA buyer and they wouldn’t be able to compete keeping them from even buying a home.
7. Imagine if a buyer has to save for their down payment and would then have to pay the commission, it will take even longer for a buyer to save to buy a house and this will stifle the already stressed real estate market.
8. Then the most obvious thing is when you bought your house the seller likely paid your buyer’s agents commission so it’s really nothing more than paying it forward. Oh and by the way if you are buying another house after selling yours your agent get’s paid by that sellers agent and so on. 
9. Also if the seller doesn't offer a cooperating commission the seller limits their field of buyers significantly that can't pay their own commission, so ultimately this hurts the seller and the home stays on the market longer and the seller may end up lowering the price making less money. 
10. So in reality nothing has changed except the lawsuit is supposed to make the public aware that commissions are negotiable and there is no “standard commission”. Instead the mass news media has misunderstood what the lawsuit is about, but that hasn’t stopped them from spreading disinformation. 

So what are the changes that NAR is making to ensure that consumers are protected and agents that don’t understand compensation rules make them clear to the public? I’m going to state them verbatim from the NAR website with my comments inserted:

New rule about written agreements from the NAR website:

• NAR has long encouraged its members to use written agreements because they help consumers understand exactly what services and value will be provided, and for how much.
• The settlement provides that MLS participants working with buyers must enter into written representation agreements with those buyers. (since buyer agency forms were created I have always had my buyer’s sign an agency agreement so there is no misunderstanding).
• This change will go into effect in mid-July 2024.
• After the new rule goes into effect:  MLS participants acting for buyers would be required to enter into written agreements with their buyers before touring a home. These agreements can help consumers understand exactly what services and value will be provided, and for how much.
• NAR has agreed to put in place a new rule prohibiting offers of compensation on the MLS. (NOT PROHIBITING OFFERS OF COMPENSATION. This may be where the confusion comes into play). The change will go into effect in mid-July 2024. (Buyer broker compensation can still be offered it just can’t be noted in the MLS like it is now, it will have to be done off the MLS).
• The types of compensation available for buyer brokers would continue to take multiple forms, depending on broker-consumer negotiations, including but not limited to:
• Fixed-fee commission paid directly by consumers.
• Concession from the seller.
• Portion of the listing broker’s compensation.
• “Compensation would continue to be negotiable and should always be negotiated between agents and the consumers they serve.” (These offers of compensation have always been available to consumers, at least here in Colorado).
• “After the new rule goes into effect, listing brokers and sellers could CONTINUE to offer compensation for buyer broker services, but such offers could not be communicated via the MLS.”
• “The settlement expressly provides that sellers may communicate seller concessions — such as buyer closing costs — via the MLS provided that such concessions are not conditioned on the use of or payment to a buyer broker.”

Contact me if you have any questions at 719-310-2404 or luther@lutherbenson.com

End of Article

Market update for February 2024.

Sales inventories and prices up last month.

There are currently 1830 active single family listings on the market in the Pikes Peak region compared to 1443 last year at this time which is a 26.8% increase in active listings. New listings on the market were up 17% compared to last February. The average sales price was up 2.2% to $511,272 compared to last February 2023 and was down 2.1% compared to the previous month, while sales increased 1.8%. That's 792 single family homes that sold locally last month.

The below chart shows the average price and median price trends:

 

The median single family sales price was up 3.6% compared to February 2023 and was up 1.3% from the previous month (same number of homes sold above as below) and is now $455,950.  

There is a 2.3 month supply of homes on the market. 216 single family listings expired, or were withdrawn from the market last month. Many of these homes will go, or have already gone back on the market.

Cumulative year to date sales are down 3.7% and the average price up .7%. Cumulative YTD new listings on the market up 8.6%.

 The below chart shows number of sales YTD in comparison to the past 4 years:

There are 351 condo/townhomes on the market compared to 225 last year at this time, a 56% increase. The average price for Condo/townhomes is up 1.8% and the median price is down .4% to $335,000. Condo Townhome sales are actually up 26%. New listings on the market are up 15.4%.

 This chart shows the average days on market trends. The average days on market is currently 53 days.

The below chart shows the number of new listings on the market by month in comparison to the last 4 years:

The below chart shows number of homes under contract at the end of February each year which is an indicator of sales for next month:

The below chart shows listings on the market by month:

See how much your home could sell for by using your phones camera to scan the below QR code. You can also check the selling and buying temperatures of your own neighborhood.

 Many people are afraid to buy because they feel if they sell their home first, they won't find what they want. The market is shifting but there are ways to combat the higher interest rates with buydowns and other strategies. Many builders are offering HUGE incentives to buy their standing inventory (remember not to go into the builders model without me). Call me for a free consultation to learn more. 719-310-2404

Market update for January 2024.

Sales are down but prices up slighty last month.

There are currently 1639 active single family listings on the market in the Pikes Peak region compared to 1749 last year at this time which is a 6.7% decrease in active listings. New listings on the market were down .2% compared to last January. The average sales price was down .5% to $522,379 compared to last January and was up .5% compared to the previous month, while sales were down 9.6%. That's still 739 single family homes that sold locally last month.

Interest rates have hit an 8 month low which is getting buyers that were holding off back in the market.

The below chart shows the average price and median price trends:

The median single family sales price was up 1.1% compared to January 2023 and was down 1.1% from the previous month (same number of homes sold above as below) and is now $450,000.  

There is a 2.2 month supply of homes on the market. 308 single family listings expired, or were withdrawn from the market last month. Many of these homes will go, or have already gone back on the market.

Cumulative year to date numbers match the above stats since we have only 1 month of stats this year so far.
The below chart shows number of sales YTD in comparison to the past 4 years:

There are 333 condo/townhomes on the market compared to 256 last year at this time, a 30.1% increase. The average price for Condo/townhomes is up 10.7% and the median price is up 6.7% to $360000. Condo Townhome sales are actually up 20%. New listings on the market are up 11.6%.

This chart shows the average days on market trends. The average days on market is currently 54 days.

The below chart shows the number of new listings on the market by month in comparison to the last 4 years:

The below chart shows number of homes under contract at the end of January each year which is an indicator of sales for next month:

The below chart shows listings on the market by month:

See how much your home could sell for by using your phones camera to scan the below QR code. You can also check the selling and buying temperatures of your own neighborhood.

Many people are afraid to buy because they feel if they sell their home first, they won't find what they want. The market is shifting but there are ways to combat the higher interest rates with buydowns and other strategies. Many builders are offering HUGE incentives to buy their standing inventory (remember not to go into the builders model without me). Call me for a free consultation to learn more. 719-310-2404