Friday Update September 4, 2020
Hey yo it's Friday and for all of you waiting for the market to crash it still hasn't! You know what did crash on this day in 476 AD? The Western Roman Empire. Fun fact, check it out.
We just had a baby therefore this update will be briefer, more brief, not as detailed as usual.
652 Existing Single Family Homes in county, slightly less than last week and a lot less than enough. Sellers market through and through do not get that twisted.
Stock market volatility is back in the mix as investors cash in on the massive gains of the last few months. Seems like a healthy small correction to a raging bull market. Unemployment numbers came in a little better than expected which kind of cancelled out the stock market's minor fall and interest rates remain steady. Official unemployment rate came in at 8.4% but who really knows right?
Lumber futures pricing is coming down off a peak but lumber prices are still highly elevated. This is due to the forced closures of mills due to Covid, the forced closure of mills due to forest fires, and the self inflicted tariffs. Houses are mostly made of wood so this is important. Wood. I don't like to go into politics in my posts but if you think its the other guy and not you that pays the tariffs you're super dumb. I'd like to sell you a bridge in Brooklyn...
We finished August strong with over 1400 sales MLS wide. Keep in mind that's with an inventory of less than that so pretty much anything that gets listed sells. Median price point for the month finished at another record of $380,000.
No weakness in our real estate market. Not in rentals, not in sales, not in construction, not in short term, not in anything.
According to my AirBnb host side app we have 45% more people booking in our market than a year ago. Wrap your mind around that. People are traveling from across the country to Colorado Springs and are spending their money here. Shut off the news and go enjoy life because it's really pretty good.
Going into the 4th quarter expect to see even lower inventory with massive pent up demand. I would honestly not be the least bit surprised if our median price point shatters the $400,000 within the next 6 months. Denver's average price point, which isn't the same as median, just broke $600,000 for the first time ever. Our friends to the north saw their biggest price spikes about 2 years before we did and despite a bit of a calm down their market is still healthy and appreciating. As is ours.
You guys stay healthy and well and enjoy the last bit of summer, I heard Tuesday we're getting our first frost. Hoodie weather is my favorite season to hustle real estate, holler at me!