CSREJ - March by Colorado Springs Real Estate Journal

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Vol. 11 No.7

March 25, 2019

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How well will the housing market fare this spring? Real estate pros often anxiously await for the spring selling season, a time known for an uptick in home sales. But will spring be as hot for the housing market this year as it has been in the past? Since the end of last year, home sales have slowed (a decline of 10 percent in December compared to a year prior), and properties have been sitting on the market for longer (46 days compared to 30 days a year ago). Nevertheless, Lawrence Yun, chief economist at the National Association of REALTORS®, says that “multiple data show definitively improving conditions” heading into the spring selling and buying season. Consumer sentiment about home buying is turning more upbeat, and there have been greater reports of foot traffic at open houses, according to recent NAR surveys. The number of openings of lock boxes—which real estate pros use to access a key

prior to unlocking a home for a showing—is “measurably higher” in January and February compared to the second half of 2018, according to NAR SentriLock data. Further, the number of consumers applying for a mortgage to purchase a home is on the rise. “After the weak conditions of late last year, mortgage applications have picked up notably in 2019 with more “Better times consumers are ahead for ev idently s e a r c h - home buyers.” ing for a home compared to one year ago,” Yun writes in his latest real estate column at Forbes.com. Also, contract signings to purchase a home rose 4.6 percent in January— another healthy sign about the market Yun points to.

With mortgage rates staying low, Yun expects more home buyers and sellers this spring. So far this year, the 30-year fixed-rate mortgage has fallen to under a 4.5 percent average. That means a typical home buyer could save nearly $100 per month due to the drop. In addition, wages are up 3.4 percent year-overyear on average, the hightest rate in a decade. “The slump is over” in the housing market, Yun notes. “Better times are ahead for home buyers.” © Copyright National Association of Realtors. Reprinted with permission.

America’s happiest cities in 2019 psychology to rate happiness, including the depression rate, income growth, average leisure time per day, life expectancy, job satisfaction, unemployment, commute time, divorce rate, and weather, among others. © NAR. Reprinted with permission.

The happiest U.S. cities in 2019, according to WalletHub, are:

1. Plano, Texas 2. Irvine, Calif. 3. Madison, Wis. 4. Fremont, Calif. 5. Huntington Beach, Calif. 6. Fargo, N.D. 7. Grand Prairie, Texas 8. San Jose, Calif. 9. Scottsdale, Ariz. 10. San Francisco

3rd Annual PPAR Winter Gala

HBA Home & Garden Show

Jay Gupta's February Housing Stats

PAGE 6,7

PAGE 9

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Mobile Issue (Beta)

What is the key to happiness? It may be living in a city known for having happier residents. WalletHub, a personal finance website, analyzed more than 180 of the largest U.S. cities to find the happiest cities of all. They examined 31 key indicators they culled from positive

Report: Agents say staging decreases market time, boosts sales price Home staging is key to attracting home shoppers, and maybe even more so in an era where consumers are used to watching TV home-makeover shows, according to the newly released 2019 Profile of Home Staging report from the National Association of REALTORS®. Eighty-three percent of buyers’ agents say that staging a home makes it easier for buyers to visualize a property as their future home. More than half of sellers’ agents say that staging a home decreases the amount of time it spends on the market. Staging may also offer a higher sales price too, according to the report, which is based on a survey of about 2,000 real estate pros. Forty-four percent of buyers’ agents say that staging a home increases its value. Twentyfive percent say staging can increase the home’s value by 1 to 5 percent, and 12 percent say it increases the value by 6 to 10 percent. Twentynine percent of buyers’ agent say that staging had no impact on the value of the home. Staging Continues | Page 4

National News............ Page 2 Local News................ Page 6 On the Move.............. Page 12 Local Expert.............. Page 14 Around the Corner....... Page 15

Honest & Ethical Service from People You Know. Debbie Havens

Joe Drew

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Branch Manager 1730 Chapel Hills Drive Suite 100, Colorado Springs, CO 80920

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Director of Publishing Josh Olson

josh@csrej.com Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colorado Springs, Colorado. CSREJ is published once a month and distributed through USPS, digitally, or by hand to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Building Association and many other industry-related professionals. CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content. Realtor® is a registered trademark. Sometimes the word Realtor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The registered trademark should be assumed if it is not present.

We welcome the submission of articles, photos and press releases. Email josh@csrej.com your submissions or questions.

Complaints about poor military housing worsen Complaints about the condition of homes on military bases, including lead poisoning, mold, and poor construction, have grown worse since the problems were first revealed in a Reuters investigation last August. NBC News did a follow-up piece Friday looking at whether there has been any improvement but found that the number of complaints by military families has increased, now getting the attention of lawmakers. In a survey conducted by the Military Family Advisory Network, 55

percent of 16,000 respondents reported a “negative” or “very negative” experience with privatized military housing. Respondents reported instances of black mold, lead paint, and asbestos, and some said they were facing “chronic illnesses,” such as respiratory ailments, due to housing conditions. A petition to draw attention to such complaints that circulated last October garnered more than 3,000 signatures. “We let down some of our residents,” said John Picerne, founder and

MORE WAYS

CEO of Corvias, a private company that runs military housing, at a U.S. Senate Armed Services Committee hearing last month. “I am sorry, and Military Housing Continues | Page 5

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National News Staging from 1

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Television shows about home buying may increasingly be influencing buyers’ expectations when it comes to the appearance of a home for sale. A median of twenty percent of buyers were disappointed by how homes they visit look compared with homes they see in television shows, according to the survey. Ten percent of real estate professionals surveyed said that their buyers felt homes should look the way they do on TV. “Buying a house is more than a financial decision; it is an emotional decision as well,” says NAR President John Smaby. “Buyers aren’t just making an investment in a property, they are purchasing a place to call home; to raise their children; to begin a new chapter; or to retire to a new season of life. While every REALTOR® doesn’t use staging in every situation, the potential value it brings is clear to both home buyers and sellers.” The real estate pros surveyed reported that the living room is the most important room in a home to stage (47 percent), followed by the master bedroom (42 percent), and then the kitchen (35 percent). Home sellers, however, agree those rooms are the most important to stage but in reverse order—citing kitchen, master bedroom, and living room for staging priorities.

Colorado Springs Real Estate Journal

...buyers felt homes should look the way they do on TV.

Twenty-eight percent of sellers’ agents surveyed say they stage all of their clients’ homes prior to listing them. Thirteen percent of agents say they only stage homes that are difficult to sell, 7 percent stage only the homes in the higher price brackets, while 45 percent of sellers’ agents say they do not stage homes prior to listing them, according to the survey. For those who do stage, who pays for it? The sellers’ agent most often does, according to the survey. Twenty-six percent of sellers’ agents say they pay the costs to stage a home; 18 percent of sellers will pay for staging themselves. Seventeen percent of agents say they offer home staging services themselves. © Copyright National Association of Realtors. Reprinted with permission.

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By including more service easier to quote settlemen

National News Military Housing from 2

countability of priva- 55% of 16,000 tized housing com- respondents had panies and give local “negative” or military leaders more “very negative” oversight authorexperience with ity. “We have been privatized military deeply troubled by the deficient hous- housing ing conditions,” Col. Kyle Reed said in a written statement to NBC News. “Corvias’ performance has been poor and

we are going to fix it.” He told NBC News that Corvias was working on a backlog of work orders and will improve its response time to service requests. The company also said it was hiring a consulting firm to review its mold and mildew procedures. The Senate is now introducing legislation to require tougher oversight of private landlords. The Department of Defense is proposing a new tenant bill of rights that is intended to increase the ac-

inadequate up to this point. However, we are seeing improvements daily.” The military began privatizing its housing in the 1990s. About 30 percent of military families live on military bases. The majority of housing located on bases—which serves about 700,000 ser- C O L O Effective De vice members and is their operated by Here anfamilies—is example of fees private contractors.

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Local News

Governor Polis signs the “Deeds to Convey Real Property” Bill into Law CAR is thrilled to announce that HB19-1098, Deeds to Convey Real Property, was signed by Governor Polis on March 6th. CAR Chair Justin Knoll, LPC Member and REALTOR® John Lucero, CAR CEO Tyrone Adams, CAR General Counsel Scott Petersen, and CAR’s VP of Government Affairs Elizabeth Peetz joined Governor Polis for the signing of this bill. CAR worked with multiple industry stakeholders to develop and champion this legislation. HB19-1098 is a common sense public policy solution that fixes a longstanding problem concerning the authority to draft deeds conveying real property in a real estate transaction. Under previous law, only a licensed real estate broker is authorized to prepare a deed; however, the broker could delegate this limited authority to prepare the form to a title company which then completed the deed under the direction and

review of the broker. This legislation will reduce confusion and lessen disputes by authorizing a title company to prepare a deed using the statutory deed. CAR will prepare information to share with members about the changes in statutory deed forms and the contract to buy and sell property in a later publication.

• Fairly and reasonably balances the risks between the seller, buyer, and title company © Colorado Association of Realtors. Reprinted with permission.

Common-sense solutions in this legislation will: • Reduce confusion and lessen disputes arising from the current contract form to transfer real property; • Ensure a clear public record of the real estate transaction • What the Bill Does: • Authorizes a title company to prepare a deed using one of the forms of statutory deed established by this legislation;

Third Annual PPAR Winter Gala brings in over $15K for Pikes Peak Habitat for Humanity Over 250 people participated in this year's Winter Gala that brought in $15,729.12 for the Pikes Peak Habitat for Humanity. “Each year it keeps getting bigger and bigger,” says Daniel Pitrone of Keller Williams Premier Realty and emcee of the Gala. “Money raised from the event helps kick off fundraising for the year on Habitat's Real Estate Build – a new house for an eligible family funded completely by real estate-related donors such as Realtors, landowners, property managers, title companies, builders, mortgage holders, and mortgage lenders.” To get involved with Pikes Peak Habitat's Real Estate Build, visit pikespeakhabitat.org/real-estateindustry-build for more information. The Winter Gala would like to thank its sponsors: Brandon Karns Integrity First Financial Inc.; Kirsten Kuhlman - Blue Ribbon Home Warranty; Tony D'Alessio - The D'Alessio Agency; Lakyn Erickson - Land Title Guarantee Company - El Paso County; Alex Yoder Dorman Real Estate Management; Amy L'Herault Reid - Pikes Peak Association of REALTORS; Maria Lubambo - Deep Water Restoration; Randi O'Neal - Aspen View Homes Colorado; Jackie Bonneville - Women's Council of Realtors Pikes Peak.

HBA Cares food drive Help HBA Cares to collect food for the Care and Share Food Bank of Southern Colorado! HBA Cares is teaming up with GE Johnson again this year to collect food for the April food drive. Last year HBA Cares collected over 87,000 pounds of food; this year, our goal is 100,000 pounds of food--and YOU can help us reach that goal! Drop off your nonperishable canned/boxed food items at one of the designated donation sites during business hours from April 8 through April 26. A list of designated donation sites will be published in late March. Contact Katherine at katherine@cshba.com or (719) 592-1800 x 116 with questions or if you'd like to get involved.

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Colorado Springs Real Estate Journal

March 25, 2019

3RD ANNUAL PPAR WINTER GALA January 19, 2019 @ The Antlers

Welcome Back Angela!

I am excited to announce that I’m back living in Colorado Springs and have rejoined the Legacy Title Team. After leaving in 2013 to support my husband’s military career we were

Gala photos by Blu Photography | See and learn more at facebook.com/TheWinterGalaFundraiser

fortunate enough to be stationed in Germany. Traveling Europe was absolutely amazing but receiving orders back to COS was Angela Stellebotte

just as rewarding. I am a mother to 3 amazing children and I’m

Angela@LegacyTitle-LLC.com 719.354.8798

originally from Louisiana. I’m eager to reunite with my real estate friends and can’t wait to develop new relationships across this growing and incredible city! I’m thrilled to be home and back with my work family at Legacy Title.

We’ve Moved! As of February 25, 3019

Our South Office (3630 Sinton Rd #300) will now be 1365 Garden of the Gods Road, Suite 200 Colorado Springs, CO 80907 We still have our great North location at 8605 Explorer Drive, Suite 250 Colorado Springs, CO 80920

Office: 719.442.1900 March 25, 2019

Fax: 877.239.2979

Website: legacytitle-llc.com

Colorado Springs Real Estate Journal www.csrej.com

S E L L M O R E . E A R N M O R E . I T ’ S T H AT S I M P L E !

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Colorado Springs Real Estate Journal

March 25, 2019

HBA HOME AND GARDEN SHOW

January 25, 2019 @ Chapel Hills Mall Event Center

Photos by Blu Owl Photography | Blu-Owl.com March 25, 2019

Colorado Springs Real Estate Journal www.csrej.com

JUNIOR ACHIEVEMENT ROCK AND BOWL FUNDRAISER February 22, 2019 @ The Summit

PPAR Community Relations made up teams to participate in the Junior Achievement Rock and Bowl fundraiser. It was held on February 22nd at the Summit. Participants dressed up as characters from Saturday Night Live. This was a fundraiser to help raise money to support JA's programs which provide education to students in grades K-12 about financial literacy, work readiness, and entrepreneurship through experiential, hands-on programs. One more example of how REALTORS® and others in the real estate industry help build a better community for everyone.

Local News

PPAR announces mayoral, city council candidate endorsements COLORADO SPRINGS CANDIDATE ENDORSEMENTS The Pikes Peak Association of REALTORS® RPAC announces its endorsements for Colorado Springs Mayor and for three At-Large Colorado Springs City Council seats. The all-mail election will be held on April 2nd and ballots will be mailed to voters on March 8th. Colorado Springs City Council The PPAR Political Committee recently interviewed 10 of 11 candidates for three At-Large City Council Seats. The extensive time spent to vet the candidates was greatly appreciated. After careful deliberation, the Political Committee voted unanimously to endorse the following candidates: • Tony Gioia • Tom Strand (incumbent) • Wayne Williams Colorado Springs Mayor The Political Committee also unanimously voted to endorse Mayor Suthers for a second term. • John Suthers (incumbent) ISSUE POSITIONS

Plant your seeds now and watch your business grow.

NO on Issue 1 Research shows that passing this Issue would be costly and unnecessary, potentially increasing the relatively low costof-living that Colorado Springs residents currently enjoy. Issue 1 proposes that each time the firefighters’ bargaining agent and city leaders don’t agree on labor terms, a special election to resolve the dispute would be required, at the cost of $500,000 (or more) to Colorado Springs’ taxpayers. We are proud of the Colorado Springs Fire Department, however, we believe that unionization among city employees will hurt our members’ businesses and make it more costly for our clients to live in Colorado Springs. Please join PPAR, the Chamber of Commerce, the HBA and many other local business leaders and vote NO on Issue 1.

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news@csrej.com March 25, 2019

Local News

ERA Shields Real Estate celebrates 65th 10K Award Program Drawing! ERA Shields Real Estate held their 65th 10K Drawing event at The Warehouse Tuesday night, March 12th, where one lucky Licensed Real Estate agent had a chance to win $10,000. When the realtors arrive, they get to pull a golf ball (some search for their lucky number). When the doors closed at 6 pm, 16 eligible participants did not show up (you must be present to win). This made the odds far greater for those that were in attendance, 1 in 34 as opposed to 1 in 50. ERA Shields owner, Cathi Sullivan, drew 5 of the golf balls. Of those 5, 1 was pulled and set aside. The four remaining were lucky recipients of 100 cash. The final ball drawn, lucky number 49, belonging to Lance Gordy with Premier R.E. Group was awarded the $10,000. The 10k drawing has been part of ERA Shields for 17 years, the first drawing held in 2002. “The 10k program has benefited the Pikes Peak Real Estate community for so long, that over $650,000 has been given back to local realtors”, stated Owner, Cathi Sullivan. We are looking forward to the 66th drawing, and the future of the local real estate market. What is a 10K Drawing event? Close an ERA Shields Real Estate 10K Listing, and have a 1 in 50 chance of winning $10,000.00 U.S. Dollars! Every Licensed Real Estate agent is eligible to participate in the ERA Shields 10K Award Program with the opportunity to win $10,000.00

Westapher receives Platinum Service recognition Vicki Westapher of RE/MAX Properties, Inc. in Colorado Springs, CO has repeated the previous year’s achievement of being granted the highest level of service achievement in the real estate industry, Quality Service Certified® Platinum. The award is in recognition of earning 100% client service satisfaction in 2018 as measured by Leading Research Corporation (LRC). A Quality Service Certified (QSC) award status is the only recognition in the real estate industry based on independently validated customer satisfaction survey results. After the conclusion of real estate transactions, clients of QSC agents receive a survey, asking them to rate the agent on various aspects of the service process. The surveys are administered and the results are received and compiled by LRC.

March 25, 2019

subject to the Rules and Regulations:

• Eligible Properties in the ERA 10K Award Program will be appropriately identified in the MLS. Those that are official 10K Award Program Homes will be indicated by “### 10K Listing ###” in the remarks section. • After fifty (50) ERA Shields 10K Award Homes have closed, a drawing from eligible official entries will take place to determine a 10K Winner. The drawing will take place at a party for all participants with location to be announced. (Agents MUST BE present to win)

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Colorado Springs Real Estate Journal www.csrej.com

On the Move

Richey, Wahdan RE/MAX Properties Cindy Richey has joined The H.O.M.E. Team with Michelle Fisher at RE/MAX Properties, Inc. Cindy has extensive experience in helping clients solve problems and has worked closely with a home inspector before becoming a real estate agent. She plans on using those skills to help her clients with their real estate needs. Reham Wahdan has joined RE/ MAX Properties, Inc. Reham has a college degree in business administration, a love for helping people, and a history with real estate success. She has been a top producer for the last 16 years of her real estate career and has earned an Award of Excellence and a Multi-Million Dollar Producer Award. Although she has sold so many homes, she truly believes that real estate isn’t only about how many homes sold but more about trust and being honest, treating others with respect and dignity, providing help and knowledge, not stress. Helping others making the right decision with the biggest investment in their life and she truly loves and enjoys what she does.

BA in psychology, AAS in aviation support, and his AA in general studies. Joseph also received his graduate certificate in real estate and construction management from University of Denver. Since becoming a realtor, he has become a Military Relocation Professional, Pricing Strategy Advisor, and a Graduate, Realtor Institute. He finds it very rewarding to advise investors, sellers, and buyers on some of their largest financial decisions. Besides real estate, he enjoys training martial arts, traveling, and hitting the blackjack table. Collette Ritums moved to Colorado Springs in 2015 to accept a position as a property manager with a small brokerage. During that time Collette managed over 260 doors, sold 24 homes, and became a Military Relocation Professional. Since her move to Colorado Springs, her main focus has been property management. She markets rentals, screens applicants, collects rent, handles maintenance and repair issues, responds to tenant complaints, conducts property evaluations, and even pursues evictions if necessary. Collette and her team have a network of contractors and investors that helps business to business growth. She is now an owner of Sellstate Elite Realty. Summer Bird is originally from Ventura, CA but was raised in the heart of Cajun Country Louisiana. After traveling the world extensively, she and her husband chose to live and raise their three children, here in Colorado Springs. She has worked in property management for over two years. She has expanded her education to offer a variety of services to help people find their dream home, retirement home, and/ or investment property.

The Genuine. The Original.

McNeal, Ritums, Bird Sellstate Elite Realty

Joseph McNeal got into real estate as an investor while he was still serving in the army. He decided to get out of the service to become a full-time Holly Gough real estate professional. Since getting Berkshire Hathaway out of the army, Joseph has become HomeServices a broker at Sellstate Elite Realty. He Rocky Mountain Genuine. runs their trainingThe operations and The Original. marketing operations. He is a lifelong Your proactive real estate profeslearner and has received his MBA in sional whether you are buying or sellmarketing, MS in exercise science, ing your home. A long-time resident

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of Colorado Springs who is familiar with our local market and have had continued dedication to helping home buyers and sellers thru a variety of real estate services for over 2 decades.

Williams Partners and can't wait to do some deals with some amazing people!

Williams, Morrow, Suess RE/MAX Advantage

Brown, Jennings, Torres, Simons-Clark, Garza Keller Williams Partners Kimberly Brown is a new broker who is ready to hit the ground running. She is excited to begin her career in real estate and has prior experience in education, sales and leadership. Kim is looking forward to helping families find their new homes in beautiful Colorado Springs and is excited to be a part of the Keller Williams Community. When she is not at work, she enjoys staying active outdoors with her husband and two dogs. Kim most enjoys dancing, skiing, hiking, fishing and reading. Christy Jennings grew up in Florida where she met her husband in the Air Force and then moved to Texas. She has three kids ages 15, 12, and 5. Her family is everything to her which is why she pursued a career in RE. Her family moved to Colorado Springs and she couldn’t be more excited to start a new journey here at KWP. Rachel Torres earned a BSBA in Hospitality Management. Her background in Event Management gives her unique insight into media marketing, finding the best deal, and negotiation. She spends her free time dancing, travelling, reading, hiking, and horseback riding in the mountains. Our KWP teams are ready to snatch her up. We are super excited to have her apart of our family. Shonna Simons-Clark is a Colorado Springs native. She has been in the real estate industry for over 3 years and during this time she has earned top producer for her team each year along with being a coach and mentor to members of her team. She is a 25year retired Air Force Officer and has lived in numerous states and countries throughout her military career. Her specialties are luxury homes and of course military relocations and veteran home purchases. Chris Garza was born and raised in Southern California and moved to the Colorado over 13 years ago. In his spare time his hobbies include rebuilding motorcycles, refurbishing retro arcade cabinets, and just being an all around super nerd. Chris is very excited to be working with Keller

Colorado Springs Real Estate Journal

Tamara Williams: Originally from Minnesota, Tamara has lived in the Springs for the past 25 years. She began her career in real estate in 1997 initially working as an assistant and then as a REALTOR. She then moved to the tech side of the industry and has worked for various vendors such as Homes.com, Fidelity, Prudential Real Estate Affiliates, and Realtors Property Resource (NAR). She holds a BA, MBA and a Project Management Certification. Working with brokers across the country had such a great impact she has chosen to escape the dark side and pursue the REALTOR life. Tamara has a passion for real estate data and she is excited to assist buyers and sellers again! For fun, she can be found at the baseball/ softball fields and skiing with her family. Tamara also loves to travel and has been to 48 states (Maine and Arkansas await). Cozette Morrow started in the real estate industry in 2013 by providing administrative support to fellow realtor & friend, Dianna Doyle. After gaining a better understanding of the backend of the business, she pursued her real estate license. Cozette became a licensed Realtor in the state of Colorado in 2015. She continues to demonstrate competency by successfully representing her clients with the utmost integrity & attention to detail. Her clients continually provide 5 star reviews, noting her professionalism, down-to-earth nature, attentiveness & ability to negotiate towards a win-win! Shea Suess: When I was laid off back in May I was forced to have to sit down and really think about what I wanted to be when I grow up! Whatever I was going to do, I knew that I wanted to help people, be my own boss, and make a difference in my community. As I began to pray about it, God put real estate on my heart. He has had his hand on me throughout this process and I couldn't be more excited. My wife and I have been married just over 14 years and have a 13 year old daughter, an 8 year old son, and 4 dogs. My previous experience includes being a licensed producer for Allstate as well as Progressive. I've also been in financial services at T. Rowe Price and most recently I worked in marketing at Compassion International.

March 25, 2019

Local Stats COLORADO SPRINGS AREA

Colorado Springs AreaSales Analysis Housing Stats Dashboard and COMPILED AND ANALYZED BY:

Housing Stats Dashboard and Sales Analysis

JayCompiled Gupta, BME MA MRE and analyzed by: CRS CMRS SRES CDPE

2008 ,PPAR 2010 REALTOR® of the Year Jay Gupta BMEChairman MA MREand CRS CMRS SRES CDPE

CARChairman Research Committee Southeast Region ® of theSpokesperson Year 2008 PPAR and 2010 REALTOR With over 2-BillionSoutheast in personalRegion and managed sales CAR Research Committee Spokesperson With over 2-Billion in personal managed Berkshire Hathaway Home and Services Rockysales Mountain, REALTORS® Berkshire Hathaway Home Services Rocky Mountain, REALTORS® For comments & questions, please contact: JayKGupta@gmail.com For comments & questions, please contact: JayKGupta@gmail.com www.ColoradoSpringsHomesAndStats.com www.ColoradoSpringsHomesAndStats.com

Housing Stats Dashboard

Single Family/Patio Homes Sold Through Pikes Peak MLS Month / Year / Change % New Listings Active Listings Monthly Sales YTD Sales % of Active Listings Sold Monthly Sold Volume YTD Sold Volume Median Price Average Price % of List Price Received Average Days on Market Months' Supply % of Sold Listings … Sold in 0 to 30 Days … Sold in 31 to 60 Days … Sold in 61 to 90 Days … Sold in 91 to 120 Days … Sold in 121+ Days

February 2018 February 2019 1,233 1,215 1,229 1,518 946 923 1,884 1,824 77.0% 60.8% $313,224,996 $323,729,356 $625,380,612 $633,300,096 $292,470 $315,000 $331,104 $350,736 99.6% 99.3% 40 43 1.3 months 1.6 months 67.3% 11.9% 6.8% 4.1% 9.8%

Sales Analysis

Change (1.5)% 23.5% (2.4)% (3.2)% (16.2)% 3.3% 1.3% 7.7% 5.9% (0.3)% 7.5% 23.1%

59.9% 15.5% 9.0% 7.0% 8.6%

1150 KELLY JOHNSON BLVD., SUITE 140 COLORADO SPRINGS, CO 80920 PH: 719.592.9933

90 S. CASCADE AVE., SUITE 950 COLORADO SPRINGS, CO 80903 PH: 719.639.7810

(7.4)% 3.6% 2.2% 2.9% (1.2)%

Single Family/Patio Homes Sold Through Pikes Peak MLS Month and Year February 2018 February 2019

SHELLY FARMER EILEEN WOLFF

Price Range

719.592.9933

Under $199,999 $200,000 to $299,999 $300,000 to $399,999 $400,000 to $499,999 $500,000 to $599,999 $600,000 to $799,999 $800,000 to $999,999 $1,000,000 to $1,999,999 Over $2 million

9.4% 44.0% 24.8 % 10.8% 5.1% 4.5% 0.7% 0.6%

0.7 months 0.4 months 1.2 months 2.6 months 3.1 months 2.9 months 9.0 months 14.8 months

6.0% 37.7% 31.4 % 13.7% 6.3% 3.1% 1.0% 0.9%

1.0 months 0.6 months 1.4 months 2.2 months 3.2 months 6.2 months 10.3 months 9.4 months

0.0%

Infinite

0.0%

Infinite

KERYN DERUBIS

719.963.5273

719.930.3447

Disclaimer: This representation is based in whole or in part on information from the Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS for the period of February 2018 and 2019. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR nor Jay Gupta guarantees or is in any way responsible for its accuracy. Data maintained by RSC does not reflect all real estate activity in the market. © Copyright Jay Gupta. All rights reserved. Unauthorized reproduction is prohibited.

Jay Gupta’s Observations and Remarks After the record-setting boom in 2005, the Colorado Springs housing market continued to decline from 2006 to 2011. Starting in 2012, the real estate market began to improve gradually. By the end of 2015, the market exploded and surpassed the 2005 year-to-date single family/patio home sales by 126 properties, and the whirlwind momentum continued setting new records month by month. Comparing 2017 with 2005, year-to-date single family/patio home sales were 25% higher, YTD sales volume 60% higher, average price 20% higher, and the median price 34% higher than 2005. Following this unprecedented period of record-breaking sales and sales volume, it has become challenging to continue to exceed them every month. In the long run, the current steadier pace is good for the market, since the pathetically low inventory and record high prices have been putting buyers on a pause. In the Colorado Springs area housing market, the year-over-year single-family/patio home sales activity in February 2019 saw a 24% increase in the active listings, a 23% increase in the months’ supply, a 6% increase in the average price, an 8% increase in the median price, and a 3% increase in monthly sales volume. The month of February 2019 had the highest single family/patio homes monthly and year-to-date sales volumes, the highest average and median prices, and the second highest monthly and year-to-date sales, compared to any other month of February ever.

February 2019 Sales Analysis By MLS Areas

Unprecedented Supply and Demand Imbalance (Single Family/Patio Homes) • • •

Feb 2019: Feb 2009: Feb 1999:

Active Listings 1,518 Sales Active Listings 5,060 Sales Active Listings 3,137 Sales

923 Listings Sold 60.8% Months’ Supply 1.6 504 Listings Sold 10.0% Months’ Supply 10.0 531 Listings Sold 16.9% Months’ Supply 5.9

‘Price Segmented’ Supply and Demand Analysis • 88.7% of Single Family/Patio Homes Sold in Feb 2019 were Priced Under $500,000: The exceptionally low inventory in this price range is providing an excellent opportunity to list and sell properties as there are plenty of buyers ready and willing to buy. •

9.4% of Single Family/Patio Homes Sold in Feb 2019 were Priced Between $500,000 and $800,000: There is a great opportunity for buyers and sellers to buy and sell in this price range with a great supply and demand situation.

•

1.8% of Single Family/Patio Homes Sold in Feb 2019 were Priced Over $800,000: It is an opportune time for buyers to buy in this price range as there is a wide selection of properties to choose from and there are motivated sellers.

•

A Comparison of Feb 2019 Sales Data with Previously High Record Setting Feb 2005 • Active Listings are down by (59.2)% • Months’ Supply is down at 1.6 from 5.0 months in 2005 • Monthly Sales are up by 24.2% • YTD Sales are up by 27.6% • Monthly Dollar Sales Volume is up by 89.3% • YTD Dollar Sales Volume is up by 90.4% • Average Sale Price is up by 52.4% • Median Sale Price is up by 67.6%

•

Historically Low-Interest Rates: The current historically low rates are providing financially qualified home buyers an incredible opportunity to stretch their buying power and lock-in the low rates for 30-years. It is important to keep in mind that every 1% increase in the interest rate reduces the borrowing power by 10% for the same amount of monthly payments.

March 25, 2019

Compiled by Jay Gupta Single Family/ Patio Homes

MLS Area Black Forest Briargate Central East Fountain Valley Manitou Springs Marksheffel Northeast Northgate Northwest Old Colorado City Powers Southeast Southwest Tri-Lakes West Woodland Park

# of Months' # of Sold Supply Active Listings Listings

Sales Volume $

All Real Estate Market Activity is 38 13 2.9 6,504,394 124 73 1.7 30,171,630 59 53 1.1 15,766,758 15 49 0.3 13,678,399 126 167 0.8 46,668,818 10 2 5.0 693,750 76 24 3.2 7,745,136 47 59 0.8 19,737,978 103 42 2.5 19,752,726 34 17 2.0 6,950,501 27 16 1.7 5,192,656 63 81 0.8 25,130,493 15 43 0.3 10,101,001 83 35 2.4 15,006,320 98 44 2.2 24,199,032 21 13 1.6 8,318,505 41 18 2.3 8,176,806

Median Price $

Average Price $

SP to Avg. List DOM %

"Local" 432,500 419,900 255,000 267,500 275,000 346,875 321,000 306,000 459,900 390,000 287,500 314,900 237,000 395,000 473,750 460,000 435,000

500,338 413,310 297,486 279,151 279,454 346,875 322,714 334,542 470,303 408,853 324,541 310,253 234,907 428,752 549,978 639,885 454,267

98.8 99.8 99.4 100.3 100.2 102.4 99.9 99.7 99.0 98.4 93.8 100.3 99.6 98.1 98.7 96.8 97.7

42 44 29 26 32 14 43 26 70 41 34 32 22 67 71 83 84

Disclaimer: This representation is based in whole or in part on information from the Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS for the period of February 2019. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR nor Jay Gupta guarantees or is in any way responsible for its accuracy. Data maintained by RSC does not reflect all real estate activity in the market. © Copyright Jay Gupta. All rights reserved. Unauthorized reproduction is prohibited.

Colorado Springs Real Estate Journal www.csrej.com

Local Expert Awaiting our MARCH(ing) Orders

Empire Title of Colorado Springs

5755 Mark Dabling Blvd., Ste 110, Colorado Springs, CO 80919 Phone: (719) 884-5300 - Fax: (719) 884-5304

www.etcos.com

Empire Title of Woodland Park 350 N. Pine St., Woodland Park, CO 80863 Phone: (719) 686-9888 - Fax: (719) 686-8208

www.empirewp.com

As real estate industry Soldiers of Fortune, we have been instructed through repetition to look to March as an indication of how our year might move forward. And rightly so, as March is traditionally when we find that first bump in listings By Michael Podoyak and the first jump in home sales each year. Manager LISTINGS: Last year March jump started an amazing, his- Executive Empire Title — torical year … at least for the first half of it. In February 2018, there were 1,229 listings on the Pikes Peak Multiple Listing Service (PPMLS) – the lowest number of listings in any month for well over two decades. March began a climb of seven straight months of increased listings, capping at 2,449 in September – the highest number of listings since 2,660 in August 2016. March was the first month of increased listings in each of the last five years.

Active Listings 8,000

7,000

6,000

5,000

Empire Title of Canon City

1220 Main St., Canon City, CO 81212 Phone: (719) 275-4900 - Fax: (719) 235-5029

www.empirecanon.com

4,000

1518

3,000

2,000

1,000

Alissa Edmondson Business Development Colorado Springs 719-209-2635 alissa@etcos.com

Oct-19 Jul-19 Apr-19 Jan-19 Oct-18 Jul-18 Apr-18 Jan-18 Oct-17 Jul-17 Apr-17 Jan-17 Oct-16 Jul-16 Apr-16 Jan-16 Oct-15 Jul-15 Apr-15 Jan-15 Oct-14 Jul-14 Apr-14 Jan-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-11 Oct-10 Jul-10 Apr-10 Jan-10 Oct-09 Jul-09 Apr-09 Jan-09 Oct-08 Jul-08 Apr-08 Jan-08 Oct-07 Jul-07 Apr-07 Jan-07 Oct-06 Jul-06 Apr-06 Jan-06 Oct-05 Jul-05 Apr-05 Jan-05 Oct-04 Jul-04 Apr-04 Jan-04 Oct-03 Jul-03

SALES: Last year 946 properties sold through the PPMLS in February compared to 923 last month. Then home sales jumped 30% to 1,231 last March and continued with three more monthly increases before capping at the second highest number of sales ever in the Pikes Peak region with 1,737 in June. Over the last nine years, March has shown the biggest jump to kick of those years’ heaviest real estate activity.

Number of Sales Per Month 2,000

923

1,800 1,600 1,400 1,200 1,000

With nearly five years of title experience, the last three focused in escrow, Alissa has joined the Empire Title team as our newest Sales Representative.

600 400 200 0

Nov-19 Aug-19 May-19 Feb-19 Nov-18 Aug-18 May-18 Feb-18 Nov-17 Aug-17 May-17 Feb-17 Nov-16 Aug-16 May-16 Feb-16 Nov-15 Aug-15 May-15 Feb-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Aug-11 May-11 Feb-11 Nov-10 Aug-10 May-10 Feb-10 Nov-09 Aug-09 May-09 Feb-09 Nov-08 Aug-08 May-08 Feb-08 Nov-07 Aug-07 May-07 Feb-07 Nov-06 Aug-06 May-06 Feb-06 Nov-05 Aug-05 May-05 Feb-05 Nov-04 Aug-04 May-04 Feb-04 Nov-03 Aug-03 May-03

We are excited and proud to introduce Alissa to you. Her energy, enthusiasm and knowledge has made a big impact in our business - it can do the same for yours!

800

PRICES: Last month saw an impressive jump in Median Sales Price, bringing it back to $315,000 and tying it for third highest in history for our area. Last year the Median Sales Price in March sat at $300,000 and climbed three straight months to hit the record of $324,750 in June.

Median Sales Price

$350,000

$ 315,000 $330,000 $310,000 $290,000 $270,000 $250,000 $230,000 $210,000

Doreen Hussmann 719-499-6301

Brian Miller 719-440-2942

Laura Petrosky 719-640-1185

$190,000 $170,000

Dec-19 Sep-19 Jun-19 Mar-19 Dec-18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Jun-17 Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Sep-13 Jun-13 Mar-13 Dec-12 Sep-12 Jun-12 Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Sep-10 Jun-10 Mar-10 Dec-09 Sep-09 Jun-09 Mar-09 Dec-08 Sep-08 Jun-08 Mar-08 Dec-07 Sep-07 Jun-07 Mar-07 Dec-06 Sep-06 Jun-06 Mar-06 Dec-05 Sep-05 Jun-05 Mar-05 Dec-04 Sep-04 Jun-04 Mar-04 Dec-03 Sep-03 Jun-03 Mar-03

$150,000

What type of year awaits us in 2019? It appears we’re Marching toward a similar year as last year … though it remains to be seen whether it will be more like the first half of 2018 or more like the second half. It will certainly help matters if we can get Buyers to march forth and … then we will all prosper. Wanda Abramson 719-822-3424

Lori Wollaston 719-686-9888 Woodland Park

Michael Podoyak 719-884-5333 Executive Manager

WE DON’T SUCCEED UNLESS YOU DO!

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Colorado Springs Real Estate Journal

photos@csrej.com March 25, 2019

Around the Corner Tuesday, March 26 2019 Real Estate Contract 1p-5p @ Empire Title rsvp@etcos.com 719-884-5300 Wednesday, March 27 2019 Contract Class 9a-12p @ Legacy Title asalladay@legacytitle-llc.com Wednesday, April 3 eContracts Advanced 2p-4p @ Empire Title rsvp@etcos.com 719-884-5300

Breakfast with Jake Jabs 8:30a-10a @ The Pinery at the Hill www.cshba.com Friday, April 12 Annual Commission Update 8:30a-12:30p @ PPAR www.ppar.com

Tuesday, April 16 NARPM Luncheon 11a-1p @ Hotel Elegante coloradosprings.narpm.org

Thursday, April 4 Athena Award Luncheon 11:30a-1:30p @ The Antlers coloradospringschamberedc.com

Wednesday, April 17 Annual Commission Update 1p-5p @ Empire Title Woodland Park lori@empirewp.com 719-686-9888

Tuesday, April 9 WCR: Thriving in a Changing Market 10a-11:30a @ Library C21 www.ppwcr.org

Estates, Trusts & Probate for REALTORS 8:30a-10:30a @ PPAR www.ppar.com

WCR: Shining Star Member Mixer 6p-9p @ The Warehouse www.ppwcr.org

Thursday, April 18 2019 Real Estate Contract 9a-1p @ Empire Title rsvp@etcos.com 719-884-5300

Instanet Basic Concepts 2p-4p @ PPAR www.ppar.com

Retargeting Your Database 10a-11a @ Legacy Title asalladay@legacytitle-llc.com

Wednesday, April 10 Reverse Mortgage for Home Purchase 9a-12p @ Empire Title rsvp@etcos.com 719-884-5300

Colorado Sales Contracts Line-by-Line 8:30a-12:30p @ PPAR www.ppar.com Chamber Connect 11:15a-1p @ Jack Quinn's coloradospringschamberedc.com

HBA Builder Product Expo 4p-7p @ The Pinery at the Hill www.cshba.com

Chamber of Commerce & EDC 2019 Business After Hours 5p-7p @ Synergy Realty Group coloradospringschamberedc.com

Thursday, April 11 Farm and Land 8:30a @ The Egg and I - Chapel Hills Charlie Triplett: 719-896-1777

Wednesday, April 24 NAR Code of Ethics 8:30a-12:30p @ PPAR www.ppar.com

YPN (Young Professionals Network of Realtors) 3p-4p Meeting @ PPAR (board room) 4p-6p Social @ Red Martini (downtown) 719-633-7718 | mvanmetre@ppar.org

Thursday, April 25 New Agent Breakfast Club 9a-10a @ Empire Title rsvp@etcos.com 719-884-5300

WCR Network Luncheon 11a-1p @ The Warehouse www.ppwcr.org

Tuesday, May 14 Get the Edge on the Housing Market (Metrostudy update) 7:30a-10a @ Colorado Springs Marriott www.cshba.com

Annual Commission Update 9a-1p @ Empire Title rsvp@etcos.com 719-884-5300

March 25, 2019

UPCOMING DEADLINES Deadline

Monday, April 15 Realtor Safety 10a-12p @ PPAR www.ppar.com

Real Estate - Your Way - On Purpose 9a-11a @ Legacy Title asalladay@legacytitle-llc.com

PPMLS Matrix Advanced Concepts 2p-4p @ PPAR www.ppar.com

Easter Sunday April 21

*EVENTS SUBJECT TO CHANGE Due to limited space, please check with event and class holders early for more detailed information on cost, CE credits, sponsors and registration dates.

Send us your event info! news@csrej.com

Distribution

Apr 18, 2019

Apr 29, 2019

May 16, 2019

May 28, 2019

Jun 13, 2019

Jun 24, 2019

Jul 18, 2019

Jul 29, 2019

Aug 15, 2019

Aug 26, 2019

Sep 19, 2019

Sep 30, 2019

Oct 17, 2019

Oct 28, 2019

Nov 14, 2019

Nov 25, 2019

Dec 16, 2019

Dec 30, 2019

FRAUD IN A REAL ESTATE TRANSACTION HAS THE POTENTIAL TO AFFECT EVERY PARTICIPANT. The best defense is vigilance and a determination to TRUST, BUT VERIFY when suspicions arise. At North American Title, we are committed to working closely with our real estate agent customers and their clients to raise awareness of fraud schemes that can wreak havoc on a real estate transaction. To learn more about how you can join us in our fight against fraud, visit www.nat.com/COPreventFraud Count on North American Title to protect you and your client throughout the real estate transaction process. COLORADO SPRINGS – DOWNTOWN 102 N. Cascade Ave. | Suite 330 Colorado Springs, CO 80903 t: 719.578.4100

COLORADO SPRINGS – NORTH 8610 Explorer Drive | Suite 105 Colorado Springs, CO 80920 t: 719.598.5355 www.nat.com/CO

Colorado Springs Real Estate Journal www.csrej.com

INTRODUCING REALTOR REWARDS We’re looking forward to paying you a pile of cash in 2019

1ST SALE ENTERED INTO PROGRAM 2nd Sale .................................................... $1,000 3rd Sale ..................................................... $1,000 4th Sale ..................................................... $1,000

5TH SALE.... $5,000 6th Sale ..................................................... $1,000 7th Sale ..................................................... $1,000 8th Sale ..................................................... $1,000 9th Sale ..................................................... $1,000

10TH SALE.... $10,000

Cannot be combined with any other bonus. Buyer must stay within standard incentive to qualify. Bonus program valid beginning Jan 1, 2019 - Dec 31, 2019. Contracts must be written between the dates of Jan 1, 2019 - Dec 31, 2019 to qualify for bonus program. Bonus paid at closing.

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