Friday Update January 15, 2021
Yesterday was Friday, today is Saturday and I'm aware of that. Yesterday I went snowboarding as if it was Friday, as if I didn't have a job, and as if I didn't have shhhhh to do. That turned out to be a lie. It's July busy in January.
269 Single Family Homes on the market today in El Paso County. Desperately low inventory where recently an agent jokingly offered me her liver to get first dibs on one of our listings. I took the offer seriously and we're currently working out the logistics of reselling the liver. JK
MLS wide we have already closed out 329 sales year to date which means our inventory is like 10 days worth. Again about 6 months of inventory is considered a fairly balanced market. To start off our 2021 so far median sales price has spiked to $395,000. Will this hold? IDK about the short short term but for the long term almost certainly so.
Why? Because we have embraced printing money as a solution to all problems. This really started in earnest in 2008 and has not stopped since then. We had CARES act for 2.3 Trillion bucks, we had that whatever garbage package last month for another 900 Billion and now Biden announced the American Rescue Plan for another 1.9 Trillion. It's important to come up with fun names for the money printing in order to better market the self sabotage to the people. If you don't own a house right now you are getting crushed by these stimulus packages as they push the prices on rent up considerably.
This week we saw a little bit of weakness on Wall Street and the recent spike in interest rates has had the edge taken off it. Let's see what next week brings.
July busy in January? I personally have enough buyers right now to buy up almost 5% of the city's inventory. That's effed up guys.