Hey Friends,
Just 5 fun facts to share with you today and my weekly quote to ponder. Have a great weekend!
Blessings,
Andrew
Fun Fact 1:
Active listings (Supply) were up 14.3% when compared to last month and increased by 28.7% when compared to last year at this time. Last month saw 1,740 active listings.
Source: PPAR, New American Title
Fun Fact 2:
New listings were up 23.6% when compared to last month and were up 10.4% when compared to last year. Last year at this time we saw 1,243 new listings.
Source: PPAR, New American Title
Fun Fact 3:
April saw inventory increase by 41.2% year-over-year. Months supply of inventory was equal to what we saw last month.
Source: PPAR, New American Title
Fun Fact 4:
Interestingly enough, the percent of closed price to original list price was only up 0.5% when compared to last month but was equal to what we saw last year at this time.
Source: PPAR, New American Title
Fun Fact 5:
Colorado Springs is expected to have a record year for new apartment supply and demand in 2024. Estimates show that builders will bring between 5,000 and 6,500 new units online in the next two years. Colorado Springs could potentially have the nation’s second highest ratio of new to existing apartment stock at 11.9%.
Multi-family operators and developers’ confidence is in several factors that they are predicting will continue to drive demand this year: The first is that the increased population growth over the last few years will continue into 2024 with a projected gain of 2.5%to 3.1% as compared to the 1.8% average from the last five years.
The second is that there is no indication of substantial decreases in mortgage rates or vast increase in available, starter single family homes, especially for family-aged millennials. This will push people to renew or rent apartments. (No graphic)
Source: El Paso County Assessor’s Office
Quote I’m pondering:
“Don’t wish that things are easier; wish that you were better.” Jim Rohn (via his mentor, Earl Shoaff)
Thanks again for reading. Subscribe HERE to get this delivered to your inbox so you never miss a read.
Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, an offer to buy or sell any security, or to buy or sell real estate property. Read our full disclosures HERE.
