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ERA Shields quarterly statistical report. Read more about the local Pikes Peak regional market and why now is a great time to buy and sell real estate.
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MONTHLY STAT PACK Data through June 30, 2014
QUARTERLY RESIDENTIAL REVIEW
Welcome to the ERA Shields Stat Pack. The intention for providing this infor-
mation to you is to educate you on the current local real estate market so you can
better make decisions for you and your family. Real estate markets vary from
city to city as well as neighborhood to neighborhood. When the national media
reports on how the real estate market is doing, it is reporting on national num-
bers and it is likely very different from how your neighborhood is performing.
You will find factual data within The Stat Pack from which you may draw your
own conclusions. On the last page you will find a brief summary.
QUICK FACTS ABOUT 2nd QUARTER The number of Active Listings for the quarter were up 9.5%
The number of Sales for the quarter were up 88 units (+2.9%)
Single Family Building Permits are down 170 units from last year (-10%)
The Average REAL Inventory Level for the Quarter is down to 5.1 months
The Average Sales Price and Median Sales Price both increased more than 4%
60% of sales in this quarter were under $250K
Foreclosure starts YTD are nearly even with 2013 at 1049
The data found within the ERA Shields Real Estate Stat Pack is based on information from the Pikes Peak REALTOR® Services Corporation (RSC) or its PPMLS. This content is deemed reliable; however RSC, PPMLS and ERA Shields Real Estate do not guarantee its accuracy. Data maintained by RSC does not reflect all real estate activity in the market. Additional sources include the Colorado Springs Regional Business Alliance, El Paso County Assessor, El Paso County Trustee, Colorado Springs HBA, PPAR, The Gazette, The CSBJ and NAR.
This graph compares the number of homes on the market (Active, Under
Contract & Pending) to the number of homes Sold. It
determines how many months it would take to sell through the current listing inventory. Most economists consider 6.0 months to be a
balanced market.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
20142013201220112010
Months of REAL Inventory Months
QUARTERLY PRICING TOOLS Determine how your neighborhood is performing
3-Month Area Comparisons for Single Family & Patio Homes This chart is ideal for helping you determine how your neighborhood is doing. If you are considering
selling your home, this information is just one tool you can reference to assist you with pricing your home strategically. Call me if you need assistance utilizing this graph.
*Inventory = The number of months it would take to sell through the current active listings at the current sales rate if no other homes came on the market.
**DOM = Days on Market for the homes which actually sold.
For April 1, 2014 through June 30, 2014
Area Listings Solds DOM Inventory Med List $ Med Sales $
Black Forest 152 53 87 8.6 $435,000 $375,000
Briargate 314 240 82 3.9 $295,000 $304,000
Calhan 22 9 130 7.3 $229,500 $98,001
Central 171 212 76 2.4 $171,250 $168,000
Drennan 12 5 93 7.2 $127,450 $160,000
East 170 211 52 2.4 $185,450 $176,500
Ellicott 24 17 156 4.2 $220,000 $175,000
Falcon 33 37 85 2.7 $189,900 $172,500
Falcon North 232 146 92 4.8 $269,900 $269,871
Fountain Valley 401 450 80 2.7 $175,000 $193,000
Manitou 47 20 130 7.1 $339,450 $330,500
Marksheffel 79 65 101 3.6 $228,000 $251,500
Midway 5 7 42 2.1 $132,000 $212,000
Northeast 242 256 66 2.8 $219,900 $210,775
Northgate 182 102 94 5.4 $340,000 $362,375
Northwest 199 135 88 4.4 $328,000 $310,000
Old Colo City 72 58 92 3.7 $214,900 $194,750
Peyton 21 16 91 3.9 $354,500 $319,950
Powers 251 335 69 2.2 $212,500 $218,000
Rock Creek 10 4 117 n/a $385,000 $283,500
Southeast 80 168 75 1.4 $130,000 $140,500
Southwest 337 163 80 6.2 $336,000 $300,000
Tri Lakes 296 187 91 4.7 $399,900 $387,000
Ute Pass 45 12 202 11.3 $275,000 $210,000
West 62 41 83 4.5 $239,900 $215,000
Divide 101 24 138 12.6 $229,900 $212,000
Woodland Park 156 66 132 7.1 $275,000 $268,500
QUARTERLY PRICING TOOLS Determine how your price range is performing
3-Month Price Range Comparisons for Single Family & Patio Homes This chart is ideal for helping you determine how your price range is doing. If you are considering
selling your home, this information is just one tool you can reference to assist you with pricing your home strategically. If you have questions on how to properly use this data, call me.
List Price Active Listings Solds Days on Market Inventory
Supply Demand Days to Sell Months
Under $75,000 67 59 79 3.4
$75,000 to $99,999 87 72 86 3.6
$100,000 to $124,999 178 133 72 4.0
$125,000 to $149,999 193 237 92 2.4
$150,000 to $174,999 359 331 74 3.3
$175,000 to $199,999 502 427 75 3.5
$200,000 to $224,999 463 335 90 4.1
$225,000 to $249,999 532 329 80 4.9
$250,000 to $274,999 440 239 97 5.5
$275,000 to $299,999 508 243 102 6.3
$300,000 to $324,999 327 128 109 7.7
$325,000 to $349,999 371 148 84 7.5
$350,000 to $374,999 250 103 106 7.3
$375,000 to $399,999 278 119 106 7.0
$400,000 to $424,999 146 57 107 7.7
$425,000 to $449,999 177 59 95 9.0
$450,000 to $474,999 109 34 106 9.6
$475,000 to $499,999 145 36 93 12.1
$500,000 to $549,999 150 43 95 10.5
$550,000 to $599,999 152 43 116 10.6
$600,000 to $649,999 89 22 108 12.1
$650,000 to $699,999 91 22 128 12.4
$700,000 to $749,999 47 9 125 15.7
$750,000 to $799,999 60 9 137 20.0
$800,000 to $849,999 26 2 20 39.0
$850,000 to $899,999 34 2 1074 51.0
$900,000 to $949,999 15 1 90 45.0
$950,000 to $999,999 32 2 159 48.0
$1 mil to $1.50 mil 104 7 213 44.6
$1.5 mil to $2.0 mil 38 0 N/A N/A
$2.0 mil & above 21 1 119 63.0
3-MONTHS OF DATA COMPARING DATA OVER THE PAST 10 YEARS
Average Active Listings for the Quarter when compared to the same period the previous 10 years.
This graph shows the total number of Solds for the past 3 months. Comparing 3-months of data over the past 10 years helps determine what trends are occurring.
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20142013201220112010200920082007200620052004
Active Listings
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20142013201220112010200920082007200620052004
Quarterly Sales
3-MONTHS OF DATA COMPARING DATA OVER THE PAST 10 YEARS
The Average & Median Sales Prices for the same quarter over the past 10 years.
The price range your home is within, dictates your odds of selling. Generally the lower your price, the more potential buyers.
$150,000
$170,000
$190,000
$210,000
$230,000
$250,000
$270,000
$290,000
20142013201220112010200920082007200620052004
Average
Median
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2nd Quarter Review 2014
The Colorado Springs Metro Area residential real estate market has become a tale of two
markets; the market under $300,000 and the market above $300,000.
Under $300,000 the inventory levels are very low mostly due to strong demand. In this
range if a home is priced well and in very good condition it often times will sell in less than a
week with more than one offer. The real trick in this range is getting the appraisal to come
in at the contract price.
In the market above $300,000 we are seeing many new listings come on the market while
the traditional summer influx of buyers has not been something to brag about. In this range
you might see a nice home, priced well sit on the market. The biggest concern for sellers in
this range is just getting showings. A year ago we were begging for more homes to come on
the market in this range to allow buyers some selection. Today the selection has improved
but the buyers are now scarce.
In our opinion, the reason for the two distinct markets is the lack of high paying primary
jobs in the area and the concern many DoD contractors have as to whether or not their
contract will be extended. Amazing what a difference a decade makes when in 2004
Colorado Springs was often referred to as Silicon Mountain due to all of the chip makers and
high tech companies flooding the area.
Many economists say the Colorado Springs market lags 6 months behind the Denver
market. We surely hope this to be the case again as the Denver market is exploding at this
time in all price ranges.
It will be interesting to see how the second half of the year unfolds. For Colorado Springs
to begin to reach its potential it will take a team approach, our City & County leaders must
lead us in creating new jobs while we the citizens do our part in supporting them. We also
expect mortgage rates will rise as the Fed pulls out of buying down these rates which will be
a real test of just how healthy our economy really is.