CSREJ - April by Colorado Springs Real Estate Journal

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Vol. 11 No.8

April 29, 2019

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Will leadership change prompt Fannie Mae and Freddie Mac overhaul? As 2019 progresses, the chatter on reforming Fannie Mae and Freddie Mac is getting louder. Together, Government Spon- By Jon Paukovich sored Enterprises (GSEs) Fan- Chief Lending Officer Ent Credit Union nie Mae and Freddie Mac fund a — majority of U.S. home mortgages. As the two major players, they also exert significant influence on mortgage credit availability — despite being under government conservatorship for more than a decade. As you may recall, Fannie and Freddie were put under government control during the financial crisis. There they have remained for more than a decade despite several reform proposals — none of which succeeded. That may finally change. In an effort to bypass the longstanding partyline split over GSE reform, President Trump has nominated and the Senate has approved Mark Calabria as director of the Federal Housing Finance Agency (FHFA). Calabria is now in a strong position to achieve administratively what Congress has been unable to achieve legislatively: reform Fannie and Freddie. A longtime GSE critic, Calabria has advocated the reduction of their influence in housing finance and an end to their conservatorship. He and President Trump would prefer to have more private capital in the housing market. There is speculation that as FHFA director, Calabria could stop the transfer of funds the GSEs now contribute to the Treasury (and go toward the national Housing Trust Fund and Capital Magnet Fund). By allowing Fannie and Freddie to retain all of their profits and build up their capital, he could release these two GSEs back into the private sector.

Study: Same-sex couples face harder time obtaining mortgages

“

to pay more in inter...same-sex applicants were est and fees, averag73 percent more likely to ing about 0.5 perbe denied a mortgage than cent more, the study heterosexual couples. found. However, the researchers say tion.” The Fair Housing Act they found no evidence that and Equal Credit Opportunity same-sex couples had a higher Act prohibit discrimination default risk. based on a borrower’s race, “Lenders can justify higher gender, marital status, or relifees, if there is a greater risk,” says gion. It does not specifically list Lei Gao, co-author and assistant sexual orientation. professor of finance at Iowa State The researchers said that their University. “We found nothing findings should raise enough to indicate that’s the case.” Gao concern to warrant further insays their findings even suggest vestigation. The study was rethat same-sex borrowers may cently published in the Proceedperform better. ings of the National Academy Mortgage applicants are not of Sciences. required to disclose their sexual orientation. But researchers © National Association of Realtors. Reprinted with permission. say perception is “just as damaging in terms of discrimina-

”

RE/MAX Properties Annual Awards

Oakwood Homes Open House

Jay Gupta's April Housing Stats

PAGE 5

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Fannie/Freddie Continues | Page 4

Mobile Issue (Beta)

Lenders have been much less likely to approve same-sex couples for a mortgage than heterosexual couples, according to a new study released by Iowa State University’s Ivy College of Business. Researchers analyzed national mortgage data from 1990 to 2015 and found the approval rate for same-sex couples was 3 to 8 percent lower. Researchers also factored in details about applicants’ work history and creditworthiness to see if the denial rates still remained higher for same-sex couples. They found that, over the 25-year period, same-sex applicants were 73 percent more likely to be denied a mortgage than heterosexual couples. The same-sex couples who were approved tended to have

National News............ Page 2 Local News................ Page 5 On the Move.............. Page 8 Local Expert.............. Page 10 Around the Corner....... Page 11

Honest & Ethical Service from People You Know. Debbie Havens

Joe Drew

(719) 264-1967

(719) 266-6155

Loan Officer Assistant

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

HELPFUL TIP: Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website. Corp NMLS #3113

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National News Energy efficiency brings buyers, more agents say Not affiliated with The Colorado Springs Business Journal

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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.

A majority of real estate professionals—69 percent--said that promoting homes’ energy efficiency features in listings is very or somewhat valuable, according to the newly released REALTORS® & Sustainability Report. The National Association of REALTORS® surveyed about 6,000 real estate professionals to learn about their clients’ perceptions over sustainability in real estate. Agents need to be ready to answer questions on the topic, the study found. Thirty-four percent of agents say that over the last year, they’ve

been directly involved with a property that had green features, either on the buyer or seller side. However, 36 percent of agents say they are not sure how comfortable they are answering clients’ questions about home performance; 20 percent said they were “uncomfortable”; and 6 percent said they were “extremely uncomfortable.” Still, over half of agents and brokers say that consumers are interested in sustainability. Some of the top issues agents say they’re fielding questions Efficiency Continues | Page 4

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.

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National News Efficiency from 2

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about are related to lending options for energy upgrades or solar installations and to improving the energy efficiency of existing housing stock. But many agents are still unclear about a lot of sustainability issues involving properties. For example, 50 percent of agents say they aren’t sure if homes with green certifications increase or decrease time on the market. Thirty-eight percent were not sure how to connect clients with lenders who could help them in financing sustainability improvements on their property. NAR offers the GREEN designation for real estate professionals to get advanced training in green building and sustainable business practices to help market properties with green features and respond to client questions. Also, NAR’s Sustainability Advisory Group is offering a chance for memFannie/Freddie from 1

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What would this mean to the housing industry? At this point, there are more questions than answers. If GSEs are scrapped, would current guarantees on government loans be cancelled? And would homeowners then be required to purchase mortgage insurance? While this step could insulate the government from potential

Colorado Springs Real Estate Journal

bers to get engaged in their communities around sustainability initiatives. Forty-one percent of agents said their MLS has fields for green data, and they typically use those fields when they can to promote green features and energy information, the survey found.

Green features clients care most about Overall, the home features that agents said are the most important to clients related to a comfortable living space, proximity to frequently visited places, and quality windows, doors, and siding. In general, the top neighborhood features that agents said their clients were most looking for were access to schools (80 percent), access to shopping (72 percent), and parks and outdoor recreation (59 percent), the survey showed. © National Association of Realtors. Reprinted with permission.

financial losses, the added cost could also put home ownership out of reach for some. Some experts also wonder what role, if any, the run-up to the 2020 presidential election could play in Calabria’s decision-making process. Considering the enormous influence they have on our industry, once again the fate of GSEs Fannie Mae and Freddie Mac bear close attention.

April 29, 2019

Local News RE/MAX Properties, Inc. congratulates its agents on another successful year On March 12, RE/MAX Properties, Inc. held its annual awards celebration at The Ent Center for the Arts in Colorado Springs. Nico Colucci and the Colorado Springs Conservatory band were the evening's entertainment after the ceremony. Awards and accolades were given out to associates, staff and assistants for company anniversaries, outstanding performance and service, and for their production in 2018. A few of the special awards that were presented are as follows: • Excellence in Client Service: Lana Rodriguez • Philanthropic Champion: Mark Jones • Outstanding Team Member of the Year: Rob Thompson, The Gold Medal Team • AMPed Agent of the Year (Agent Mastery Program): Lisa Pflugh • Creative Marketing: Treasure Davis • Newcomer of the Year: Brian Bridgeford • Unlicensed Assistant of the Year: Ruth Affeld, Assistant to the Pinnacle Team • Employee of the Year: Gabby Parish • Broker's Cup: Danny Reeves • John Arends Spirit Award: Brad Secundy

Lana Rodriguez - Excellence in Client Service

Rob Thompson - Team Member of the Year

THE EXPERIENCE YOU WANT,

THE CUSTOMER SERVICE YOU NEED.

Real partners. Real possibilities.™

RE/MAX Properties, Inc. has been the number one residential real estate brokerage in Colorado Springs since 1989. Being #1 speaks volumes. Especially in today’s market. With our local network, expertise and know-how, together, we can open the door to amazing possibilities for every client. Your business wasn’t built in a day. Neither was ours. For over 125 years we’ve been helping you grow your business by making things run smoothly for you and your clients. That’s what a good partner does. We have incredible support from our Corporate and Colorado associates. We are your partners. Have YOU scheduled your Open Houses for the Pikes Peak Open House Weekend being held on May 4 & 5? PPAR is advertsing this event on local tv and radio to the public! This is a GREAT opportunity for your clients to take advantage of this popular event. Go to PPAR.com for details and ﬁnd out how to enter to win great prizes!

We take pride in the strong position we hold in Colorado Springs and in working with you the way we’ve always done: efficiently, with integrity and discipline. That’s something you can always depend on when you partner with us – today, tomorrow, and for decades to come. We’re always here to help. Contact us today. 719-531-0222

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Local News For Immediate Release

8 Ent Mortgage Loan Officers Nationally Ranked

8 Ent mortgage loan officers nationally ranked Colorado Springs, Colo. (April 19, 2019) – Eight Ent Credit Union mortgage

loan officers were recently recognized in the National Mortgage News 2019 Top

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

Producers loan list. Eight Ent Credit Union mortgage officers were recently recognized in The annual list, compiled by the monthly mortgage industry publication, ranks the the National Mortgage News 2019 Top Producers list. nation’s top mortgage loan originators according to mortgage loan production volume in 2018. The annual list, compiled by the monthly mortgage industry publication, The Ent Credit Union mortgage loan officers included in the National Mortgage ranks the nation’s top mortgageNews loan list are:originators according to mortgage loan production volume in 2018. Rank Loan Volume Number of Loans The Ent Credit Union Stephanie Dombrowski 33 $112 million 366 Allman 110 $58 million 231 mortgage loan officers in- Gina Shirley Stange 127 $55 million 251 cluded in the National Tom Bechtel 130 $54 million 239 Mary Greenwood 199 $42 million 176 Mortgage News list are: Josh Callens 215 $40 million 117 “Having our mortgage Matt Davidson 230 $37 million 147 248 $35 million 191 loan officers nationally Suzi Gradisar ranked reflects the hard “Having our mortgage loan officers nationally ranked reflects the hard work, high level of work, high level of professionalism and focus on member service we’re known professionalism and focus on member service we’re known for,” said Darrell Noble, Ent Vice President of Mortgage Lending. “From application to closing, Ent members work for,” said Darrell Noble, Ent Vice President of Mortgage Lending. “From appliwith the same mortgage loan officer and their team. That continuity and commitment cation to closing, Ent members keeps work with the same mortgage loan officer and new members choosing Ent for the first time and existing members coming back.” their team. That continuity and commitment keeps new members choosing Ent for the first time and existing members coming back.”

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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 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.

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Colorado Springs Real Estate Journal

April 29, 2019

Congratulations to all of our top producers here at Sellstate Alliance Realty!

Jana Bingham

Tom Lazarro

Tiffany Bottinelli

Darren Bryce

Jennifer Dion

Carrie Lukins

Jenelle Meyer

AnnaMarie Mudd

April Falk

Krista Fowler

Robin Searle

Preston Smith

Need a change of scenery or just some guidance to help get your business started? We were named one of the Best Workplaces of 2018! What are you waiting for? Come Join our Family Today! Krista Fowler, REALTOR® With Sellstate Alliance since 2014 When I embarked on my career in Real Estate, I knew I wanted something different from the male-run, corporate world to which I had grown accustomed. Over the past 20-something years, I had always been in the employ of others – doing their bidding and helping their businesses prosper (and their bank accounts grow). It was time for me to work for me – but with support and guidance. I interviewed as many real estate brokerages, as I could, and found that Sellstate Alliance offered a culture that empowers you to succeed. There is no cut-throat ideology – no corporation asking you to do for them. Rather, SSA offers you all that you need to achieve your own victories – whatever they may be! From training and individualized goal-setting, to marketing materials (and ideas!), fantastic communication and one-on-one support. I have always felt at home, at Sellstate Alliance. With Carrie Lukins, as our fearless leader, I am excited to see what the future holds – and I am excited to be a part of it!

Robin Searle, REALTOR® With Sellstate Alliance since 2011 After my first year in real estate, I chose to move my license to Sellstate Alliance Realty and I've been there for over eight years now. It was a wonderful decision as I've been able to grow my business as Sellstate grew. The support and sharing that takes place among the agents is one of the key reasons I love Sellstate. I've been able to mentor new agents and serve on the board of advisers. All of us work hard to make Sellstate a welcoming place where agents can learn and grow to be the best at their profession.

Experience the Sellstate Alliance Difference! www.SellstateAlliance.com 719-358-8515 April 29, 2019

1155 Kelly Johnson Blvd. Suite #206 Colorado Springs, CO 80920

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On the Move

Guischard, Patton, Yuen RE/MAX Real Estate Group Jeanne Guischard joins forces with RE/MAX Real Estate Group. “We chose to move to better serve our clients,” said Guischard, Founder of the elite team. “After working at the same location for 18 years, it was time to make a change.” Guischard and her team chose RE/MAX Real Estate Group, located in the up and coming Northgate area, which has new and modern shopping, dining, and entertainment venues, plus easy access to I-25. “The office size better accommodates my team,” added Guischard. Jeanne has 18+ years of real estate experience in the Pikes Peak region and has extensive knowledge of the market. The elite team at RE/MAX Real Estate Group is committed to making the process of buying and/or selling your home a positive experience. Our team slogan is “When Service Matters,” and we make every effort to ad-

here to this slogan with each client. Nathan Patton joined Jeanne Guischard and The Elite Team in 2018 as their Buyer’s Specialist. After serving in the Air Force for 12 years, Nathan knows what it means to serve. “I have a passion for helping people and helping people find their perfect home.” said Nathan. “I really love helping first timer buyers and military members find a great home.” When asked about the move to RE/MAX Real Estate Group, Nathan said, “It was a no brainer. The RE/MAX brand is so strong, and RE/ MAX Real Estate Group is a great office. It is so fresh here and everyone here is so excited to do the job. We are so excited to see what the future holds here and we are so happy to be able to better serve our clients.” Caleb Paulsen: I have been a Colorado resident for over 17 years and have a strong passion for the communities in Colorado Springs and helping the people within them. After working as a business analyst for multiple Fortune 500 companies, I decided to use my skills and knowledge to help families accomplish their dreams of owning a home in the communities I’ve grown to love. I use my strong set of interpersonal communication skills and an analytical approach to ensure the best deals for all my clients. I promise honest dealing and professionalism to everyone I

work with. My goal is simply to help as many people as I can turn their dreams into reality, in a city worth calling home forever. Jill & Carl Yuen: We have been married for over 25 years and bring that strong partnership to our business on the Krakofsky Team at RE/ MAX Real Estate Group. We deliver more than 30 years of experience in customer service, sales, contract negotiations, and client care. Besides our experience in the Real Estate business, we have found that raising our family of 5, has given us a great appreciation for the different houses that are necessary for changing home lifestyles and also that a house should splendidly compliment that lifestyle. We have lived that principle. We understand it. And we have a passion to help others achieve that perfect partnership between house and home as well. So, whether folks are first time homebuyers, or are looking for a bigger...or smaller...nest - we have walked in those shoes and look forward to ensuring our clients find the perfect house for their home.

Van Ornum, Bossie, Chermack EXIT Realty Pikes Peak Jeni Van Ornum: EXIT Realty Pikes Peak is proud to announce their new Managing Broker Jeni Van Ornum. Jeni is a Colorado native, she has been a practicing real estate agent for over 20 years. Jeni is currently President Elect of the Women’s Council of Realtors® in Denver. When she isn’t helping agents in the office, Jeni is the Lead Instructor for Kaplan-Brightwood Real Estate School. All of the agents at EXIT Realty Pikes Peak are beyond thrilled to have Jeni leading the way! AdriAnn Bossie has been a Realtor in Colorado Springs & Monument for over 15 years! She enjoys spending her free time doing any-

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thing outdoors, especially hiking with her golden retriever, Bella. Alyce Chermack is an experienced Realtor in the Denver area as well as Colorado Springs. She loves boating and camping with her family when she’s not selling homes.

Clement, Sanson RE/MAX Properties Joe Clement 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). Karlie Sanson has joined The Gold Medal Team at RE/MAX Properties, Inc. Karlie comes from a background in interior design and plans to use those skills to help buyers envision the potential of a home and assist sellers to represent and show their home at its very best. Karlie joined the Gold Medal Team with Mark McWilliams because of Mark’s extensive knowledge in the real estate business and unparalleled devotion to his clients.

Bert Reid Ent Credit Union Ent Credit Union adds Bert Reid to thier mortgage management team. Reid has 20 years’ experience in the mortgage lending industry and was most recently Wells Fargo’s vice president, market growth development consultant, west division. A graduate of Grand View University with a bachelor’s degree in business administration, Reid has volunteered for the Galactosemia Foundation and Children’s Hospital Colorado.

April 29, 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

March 2018 1,758 1,371 1,231 3,114 89.8% $419,271,328 $1,044,557,046 $300,000 $340,594 100.1% 28 1.1 months

March 2019 1,525 1,461 1,224 3,048 83.8% $429,543,372 $1,062,861,984 $315,000 $350,934 99.6% 36 1.2 months

78.1% 8.0% 4.0% 3.2% 6.7%

68.3% 10.5% 7.3% 5.1% 8.7%

Sales Analysis

Change (13.3)% 6.6% (0.6)% (2.1)% (6.0)% 2.4% 1.8% 5.0% 3.0% (0.5)% 28.6% 9.1% (9.8)% 2.5% 3.3% 1.9% 2.0%

Single Family/Patio Homes Sold Through Pikes Peak MLS Month and Year March 2018 March 2019 Price Range 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

8.2% 41.8% 27.4 % 12.1% 4.8% 3.7% 1.3% 0.6%

0.6 months 0.3 months 1.0 months 1.9 months 3.1 months 3.1 months 5.2 months 11.4 months

4.8% 36.8% 33.0 % 14.1% 6.3 % 3.8% 0.7% 0.6%

0.8 months 0.4 months 0.9 months 1.7 months 2.4 months 4.0 months 10.8 months 10.9 months

0.1%

31.0 months

0.0%

Infinite

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 March 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 The Colorado Springs area housing market is still remarkably strong. The month of March 2019 had the highest year-to-date single-family/patio home sales volume, the second highest number of year-to-date sales, the third highest number of monthly sales (only 23 sales below the highest month of March in 2017), and the highest monthly average and median sales prices compared to any month of March, ever. Month-over-month, single-family/patio home sales were up 33 percent, new listings were up 26 percent, and a 34 percent increase in the sales of homes priced between $200,000 and $600,000. In the month of March, the days on the market were 36 days, the sales price to list price ratio was 99.6 percent, and the average sales price was $351,000 with a median sales price of $315,000. Pathetically low inventory – just 1.2 months’ supply – and ever-soaring prices continue to be the most challenging aspect of the Colorado Springs area housing market.

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NOTARY SEALS

Mar 2019: Mar 2009: Mar 1999:

Active Listings 1,461 Active Listings 5,075 Active Listings 3,362

Realtor Yard Signs Custom Banners Brochure Boxes In-Stock Riders

Sales 1,224 Listings Sold 83.8% Months’ Supply 1.2 Sales 566 Listings Sold 11.2% Months’ Supply 9.0 Sales 714 Listings Sold 21.2% Months’ Supply 4.7

10.0% of Single Family/Patio Homes Sold in Mar 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 good supply and demand situation.

•

1.4% of Single Family/Patio Homes Sold in Mar 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 Mar 2019 Sales Data with Previously High Record Setting Mar 2005 • Active Listings are down by (62.0)% • Months’ Supply is down at 1.2 from 3.8 months in 2005 • Monthly Sales are up by 22.0% • YTD Sales are up by 25.3% • Monthly Dollar Sales Volume is up by 86.0% • YTD Dollar Sales Volume is up by 88.8% • Average Sale Price is up by 53.0% • Median Sale Price is up by 63.3%

•

Historically Low-Interest Rates: During the 2005-2006 record-setting real estate market, the interest rates were hovering around 6%. The current historically low rates (in the low 4% range) 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.

•

Note: It is important to keep in mind that even in a hot real estate market with low inventory, not every property listed for sale will sell as buyers generally buy realistically priced properties offering competitive values. Last month, 22% active listings in El Paso County and 20 active listings in Teller County had price reductions.

April 29, 2019

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‘Price Segmented’ Supply and Demand Analysis • 88.6% of Single Family/Patio Homes Sold in Mar 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. •

INTERIOR SIGNS

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

CUSTOM RUBBER STAMPS

March 2019 Sales Analysis By MLS Areas 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 37 12 3.1 6,329,904 132 77 1.7 33,340,769 53 60 0.9 17,243,700 24 60 0.4 17,685,780 123 226 0.5 64,707,642 12 6 2.0 2,035,500 65 34 1.9 11,518,588 44 70 0.6 22,385,510 110 49 2.2 24,633,966 32 28 1.1 12,443,564 30 21 1.4 6,923,742 70 113 0.6 34,586,814 12 61 0.2 15,082,921 84 60 1.4 25,117,980 118 52 2.3 26,878,852 19 20 1.0 9,365,060 40 32 1.3 12,208,288

Median Price $

Average Price $

SP to List %

"Local" 479,450 430,000 272,938 289,450 280,000 299,750 314,500 302,000 460,000 429,950 301,200 305,000 243,000 374,500 521,200 352,500 342,450

527,492 432,997 287,395 294,763 286,317 339,250 338,782 319,793 502,734 444,413 329,702 306,078 247,261 418,633 516,901 468,253 381,509

99.4 99.9 99.0 100.0 100.5 94.5 98.5 100.8 99.5 99.2 98.8 100.2 101.3 98.8 99.0 100.4 97.9

Avg. DOM

49 40 25 14 27 57 57 32 59 31 44 23 13 34 54 76 44

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 March 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 Let the Good Times Roll

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

Of cars, that heading is the title for one of the biggest hits from The Cars, the power pop American rock band most famous in the late ’70s and ’80s, and inducted into the Rock and Roll Hall of Fame in April of last year. But it’s also an accurate depiction of our current real estate market, as are a number of By Michael Podoyak Executive Manager their other previous song titles. Empire Title — Let’s Go with two of the biggest factors that Drive the market: Active Listings and Number of Sales on a monthly basis. Last year at this time, those factors were Moving in Stereo. As the number of active listings steadily grew from historic lows at the start of the year, so did the number of sales – only at much greater speed.

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

1461

3,000

2,000

1,000

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

Number of Sales Per Month

2,000

1224

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

Bill McAfee Empire President & Course Instructor

Aimee Daugherty Administrative Assistant

Brenda Duzenack Customer Service Manager

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

This unprecedented turn of events automatically caused record highs in sales prices (Median Price of $324,750 and Average Price of $361,499 last June) and a record low in Days on Market (21 days on average, also in June). Now, You Might Think that would have everyone singing a happy tune. But while Sellers were saying, “this is Just What I Needed,” it left Buyers All Mixed Up. Such a high percentage of homes on the Pikes Peak Multiple Listing Service were selling (a record 89.8% in March last year) that potential Buyers became frustrated trying to find a home to purchase. “Since You’re Gone, so is my interest in buying right now.”

Sales as a % of Active Listings

100.0%

Empire Title with Pikes Peak School of Real Estate offers a tremendous variety of courses every month, brought to you by our stellar education team. Look for Empire’s classes on the page to the right, Butt don’t wait too long to sign up - our classes are a kick, and they fill up fast. Be sure to register soon … “Mule” be glad you did!

80.0% 70.0%

60.0% 50.0%

40.0% 30.0% 20.0% 10.0%

(just one-minute southwest of our current office)

WE DON’T SUCCEED UNLESS YOU DO!

Welcome Empire’s newest Associates: Colorado Springs Office ...

Alexandria “Alex” Ragen—Escrow Support Gabrielle “Gabby” Balmores—Customer Service Rachel Burham—Escrow Assistant Becky Zama—Escrow Support

www.csrej.com

0.0%

All classes are held in our new Training Center: 5555 Tech Center Drive, Suite #110

83.78%

90.0%

But like Magic, the real estate market appears ready again to Shake It Up this year. Days on Market has dropped from 46 in January to 36 in March. Sales prices have remained virtually unchanged over the last two months. The 30Year Fixed Rate Mortgage, at 4.8% in November 2018, has dropped to 4.1% in March. And while Active Listings fell 4% from 1,518 in February to 1,461 in March, the Number of Sales in that time surged upward 33% from 923 to 1,224 last month. This means that Sales as a Percentage of Listings has also increased again, from 60.8% in February to 83.8% in March. The market is starting to rock and roll again as we spring into summer. It’s All I Can Do to not get too revved up at the possibilities.



Send us your event photos

Colorado Springs Real Estate Journal

photos@csrej.com April 29, 2019

By including more service easier to quote settlemen

Around the Corner Wednesday, May 1 Real Estate - Your Way - On Purpose 1p-3p @ Legacy Title asalladay@legacytitle-llc.com

Thursday, May 9 Farm and Land 8:30a @ The Egg and I - Chapel Hills Charlie Triplett: 719-896-1777

Wednesday, May 15 Homeowners Ins. for Real Estate Agents 9a-11a @ Empire Title rsvp@etcos.com 719-884-5300

Thursday, May 2 WCR Board Meeting 2p-4p @ PPAR www.ppwcr.org

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

2019 Real Estate Contract Q&A Happy Hour 4p-5p @ Empire Title rsvp@etcos.com 719-884-5300

First American Title is

Intro to Property Management 8:30a-12:30p @ PPAR www.ppar.com

Escape with Women's Council 5:30p-8p @ Mystery Quests www.ppwcr.org

Escrow 101 9a-10a @ Legacy Title asalladay@legacytitle-llc.com

Sunday, May 5 4th Annual Food Truck Cook-Off 11a-4p @ World Arena pikespeaksbdc.org

CTM eContracts for Beginners 10a-12p @ Empire Title rsvp@etcos.com 719-884-5300

Thursday, May 16 Annual Commission Update 9a-1p @ Empire Title rsvp@etcos.com 719-884-5300

*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.

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082

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