Friday Update February 5, 2021

Short and sweet cause we're running June busy in the winter.

259 Single Family Homes for sale in El Paso County

January saw 780 sales locally with a median price point of $378,500 showing stable pricing, expect a jump in Spring.  Last year we sold 916 units in January for a median price of $337,000.  Low inventory like this makes it much harder to move volume!

If you're looking for a 3 bedroom plus, 2 bathroom plus house with a 2 car garage in the City of Colorado Springs and you'd like to spend $379,000 or less there are currently 43 options, most of if not all of those will be under contract by Monday.

Some new records set at our brokerage, one of our agents encountered a listing this week with 67 other offers on it.  

Interest rates slowly creeping up on the 10 year T notes, about .07% higher than last week.  A continuation of this trend will slow down sales and maybe help inventory levels but will not help affordability.  Keep in mind every 1% move in mortgage rates equals a 10% move in purchasing power.

Builders are mostly out of land, limiting sales and going to waiting lists.  No longer can you walk into a model and just pick a lot, today you may have to wait 10-16 months for a house and be part of a waiting list to even swing on it.   No joke.  How much will the house cost when the land becomes available?  More than today most likely but nobody knows.  It's nutty.

Turns out it wasn't just weed bringing people here after all.  Go figure.