Hey Friends,
I have 5 fun facts to share with you today. I’ll start with 2 broad facts then I’ll zoom into my main area of focus, Colorado Springs. As always, my weekly quote to ponder awaits you below. I hope you have a great weekend!
Blessings,
Andrew
Fun Fact 1:
The Case-Shiller National Index hit another record high in March, up 6.5% over the past year. All 20 cities in the Case-Shiller 20-city index are showing higher prices than a year ago. (The combination of increased prices and increased mortgage rates have led to the least affordable housing market in history.)
Source: Charlie Bilello
Fun Fact 2:
Lack of affordability has led to a collapse in demand, however, prices are still going up! Supply has gone down even more, (hitting a record low in 2022) as many would-be sellers could not afford to move. Only recently has the inventory of existing homes started to trend higher, (see below) but not enough yet to bring prices down.
Source: Charlie Bilello
Fun Fact 3:
Now we zoom into Colorado Springs: Active listings are up 12.8% when compared to last month and jumped by 40.3% when compared to last year at this time. Last month saw 2,048 active listings.
Source: Land Title Guarantee Company, PPAR
Fun Fact 4:
May saw the inventory increase by 71.4% when compared to last year. The months supply of listings remains equal to what we saw last month at just under 2.5 months.
Source: Land Title Guarantee Company, PPAR
Fun Fact 5:
Sellers in May saw the percent-of-the-closed-price-to-list-price at 100%. This is on par with what saw last month and last year at this time. (If supply increases, this ‘might’ trend down over the coming months.)
Source: Land Title Guarantee Company, PPAR
Quote I’m pondering:
“Either you run the day or the day runs you.” — Jim Rohn
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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.
