CSREJ - February

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Vol. 11 No.6

February 25, 2019

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Most markets across the country ago, NAR reports. Nationwide, 1.55 are still seeing home prices inch up, million existing homes were availalthough at a slower pace than in able for sale, 6.2 percent more than a previous quarters. The national me- year ago. dian single-family home price in the Many West Coast markets, howfourth quarter of 2018 was $257,600, ever, remain starved for inventory, up 4 percent from a year ago, the Na- Yun says. “The West region, where tional Association of REALTORS® home prices have nearly doubled in reported this month. six years, is undergoing the biggest Ninety-two percent of the 178 shift with the slowest price gain and metro markets measured saw an in- large buyer pullback,” Yun says. crease in single-family Housing affordabilNinety-two home prices. Fourity across the country will percent of the 178 teen metro areas saw be the key to sustained metro markets measured saw an double-digit increases, healthy growth in the increase in singledown from 18 in the housing market, Yun notes. family home prices. third quarter.

“That requires more “Home prices continued to rise homebuilding of moderately priced in the vast majority of markets, but homes,” Yun says. Housing starts with inventory steadily increas- have fallen short of historically noring, home prices are, on average, mal levels. About 9.6 million new rising at a slower and healthier housing units have been added in pace,” says Lawrence Yun, NAR’s the past decade—compared to the chief economist. projected 15 million to 16 million Existing-home sales—which in- that are needed to meet populaclude single-family homes and con- tion growth and 20 million new dos—fell to a seasonally adjusted an- job additions. nual rate of 5.18 million in the fourth quarter, down 7.4 percent from a year Home Prices Continues | Page 2

The National Association of Realtors® celebrates an exciting milestone this year: the 20th year of the Good Neighbor Awards. For two decades, this award has recognized Realtors® who make an exceptional impact as volunteers in their communities.

“For the past 20 years the Good Neighbor Awards have showcased extraordinary stories of Realtor® generosity and service. Good Neighbors reveal the heart of the real estate profession – a spirit of service and volunteerism that builds the communities we live and work in,” says Victoria Gillespie, NAR's chief marketing and communications officer. “Every month, nearly 70 percent of Realtors® volunteer in their communities and that makes an enormous impact.

I am looking forward to sharing the stories of this year's recipients of the Good Neighbor Award.”

Each year, five Good Neighbor Award winners receive $10,000 grants for their nonprofit, and five honorable mentions receive $2,500.

Good Neighbor stories and videos generate considerable local and national media attention, which benefits the cause with additional donations, volunteers and support.

“We are incredibly proud of the

Breakfast with the Builders

WCR February Luncheon

Jay Gupta's January Housing Stats

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Mobile Issue (Beta)

Home prices are still rising in most metros

cumulative impact that Good Neighbors have made in the U.S. and across the globe for two decades,” says NAR President John Smaby, a secondgeneration REALTOR® from Edina, Minnesota and broker at Edina Realty. “They are a small portion of the 'army' of Realtors® who give their time and talent in virtually every American town and city to help people have a better quality of life.”

“Without the Good Neighbor Award, we would still be packing boxes from our home,” says 2010 Good Neighbor Award Winner 20 Years Continues | Page 4

National News............ Page 2 Local News................ Page 6 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

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National News Home Prices from 1 Not affiliated with The Colorado Springs Business Journal

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Director of Advertising Rachelle Nardo

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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. ®

“Local zoning law changes, expanding construction worker training programs at trade schools and promoting the use of tax breaks for developers in the designated opportunity zones will all play an important role in assuring an adequate future supply of housing,” Yun says.

kets in the fourth quarter were: 1. San Jose-Sunnyvale-Santa Clara, Calif.: $1,250,000 (median existing single-family home price) 2. San Francisco-Oakland-Hayward, Calif.: $952,400 3. Urban Honolulu: $812,900 4. Anaheim-Santa Ana-Irvine, Calif.: $799,000 5. San Diego-Carlsbad: $626,000.

the fourth quarter were: 1. Decatur, Ill.: $89,300 (median existing single-family home price) 2. Youngstown-Warren-Boardman, Ohio: $97,200 3. Cumberland, Md.: $109,100 4. Elmira, N.Y.: $111,400 5. Erie, Pa.: $113,300.

Most Expensive Markets The most expensive housing mar-

Most Affordable Markets The five lowest-cost metro areas in

© Copyright National Association of Realtors.

Reprinted with permission.

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February 25, 2019

National News

Don’t underestimate the importance of the garage to buyers Luxuries like pools and lavish living spaces may not be as enticing to home buyers as a garage, finds a new poll by Zolo Realty, a Canadian online real estate marketplace. Zolo Realty surveyed more than 1,800 North American respondents to discover buyer behavior and desires.

Male and female home buyers gave the highest marks to properties with a garage; an en suite, mainfloor bathroom; or a newer furnace or A/C unit.

Fifty-one percent of women and 41 percent of men ranked a garage a must-have when buying a home.

“Buyers aren’t foolish,” says Mustafa Abbasi, president of Zolo Realty. “Updating a kitchen and removing walls is a lot of work, but these updates are not as hard or as costly as trying to carve out a bathroom for a master bedroom or building a garage from scratch.”

The ideal home to both men and women surveyed was: A 3-bedroom, 2-bathroom home with a master bedroom suite and a garage. © National Association of Realtors. Reprinted with permission.

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Wendy Rocca, broker with Keller Williams, Newton, Massachusetts, and founder of Operation American Soldier, which has shipped 35,000 care packages to American troops deployed overseas.

“The award helped us secure a location and receive donations from Realtors® and lenders around the country.

NAR's Good Neighbor Award was the catalyst for everything we have accomplished.”

Good Neighbor winners are outstanding volunteers by any measure. On average, they have led a nonprofit for more than a decade and have either founded a charitable organization to respond to a need or have made an exceptional impact as the leader of an existing nonprofit. Good Neighbor stories often capture national attention, appearing in such prominent media as CNN Heroes, 60 Minutes, NBC Making a Difference, People magazine, The Washington Post, and Fortune.

“We are more than Realtors® who simply sell houses and then go home. We invest in our communities, and because we work with all kinds of people we are at an advantage to see where the needs are,” says 2018 Good Neighbor Necia Freeman, Old Colony Realtors®, Huntington, West Virginia, who founded Backpacks & Brown Bags to reduce the pains of poverty and opioid addiction.

“The Good Neighbor Award encourages us to continue to make a difference where we live and work.”

The 2019 Good Neighbor Award Call for Entries is open now. Ten finalists will be announced in August and the public is invited to vote for their Web Choice Favorite, the winners of which will receive bonus grant money. In 2019, the five Good Neighbor Award winners will be honored in San Francisco, California, during NAR's annual Realtors® Conference & Expo. The entry deadline is May 10. Go to nar.realtor/gna and click "Nominate" for more information and the entry form.

The Good Neighbor Awards is funded by primary sponsor realtor.com® and Wells Fargo Home Lending. © Copyright National Association of Realtors. Reprinted with permission.

Colorado Springs Real Estate Journal

February 25, 2019

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Local News

WCR LUNCHEON

EXIT Realty Pikes Peak appoints two Success Engagement Leaders EXIT Realty Pikes Peak is pleased to announce the appointment of Lani Moore and Bonnie Kent as the newest Success Engagement Leaders. The Success Engagement Leader is responsible for building the company's culture of mentorship, by spreading the word about EXIT's cutting edge technology.

Engagement Leaders are also expected to teach fellow EXIT agents about this technology and how they can use it to grow their own business.

"Technical engagement is an essential factor for

February 14, 2019 @ The Warehouse

our Brokers to consider when striving to increase productivity, execute business strategies, improve performance in a Bonnie Kent Lani Moore smooth and efficient manner. By having point leaders trained to share our corporate technology, we can accomplish this seamlessly and successfully put it into use." -Sheryll White, Broker Owner of EXIT Realty DTC | Cherry Creek | Pikes Peak.

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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.

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Colorado Springs Real Estate Journal

February 25, 2019

Local News

The HBA of Colorado Springs holds its Annual Awards Dinner The Housing & Building Association recognized the 2018 members of the year during its Annual Awards Dinner Wednesday, Feb. 6th at the Cheyenne Mountain Resort. These awards recognize members for their distinguished service to the association, the building industry, and the community.

The reception was presided over by Todd Anderson, the 2019 President of the HBA, and included County Commissioners, City Council members, local officials, and more than 200 HBA Members.

Those honored were as follows: The Remodeler Member of the Year is Lain Chappell, owner of Solid Rock Custom Homes. hosted a special event at his Parade home that benefited HBA Cares and Partners in Housing and hosted 15 other builders Lain Chappell from around the country for his NAHB Builder 20 fall meeting; all while demonstrating a dedication and unwavering focus on our Colorado Springs’ Community.

The Associate Member of the Year is Ryan Klein, Partner at Sherman & Howard LLC. He holds various positions in HBA including general council, executive committee member, board member and public Ryan Klein policy council member. Apart from HBA, he is a Board of Governors Member as well as Government Affairs Committee member for the Colorado Springs Chamber and EDC. He is President of the National Contract Management Association, Pikes Peak Chapter and a Government Affairs Committee Member for Colorado Home Builders Association.

The Builder Member of the Year is Stella Hodgkins, Sustainability Specialist at G.E. Johnson Construction Company. She currently serves on the HBA’s Marketing Committee for Workforce Development and is a graduate Stella Hodgkins of the 2018 Emerging Leaders class. She currently serves on the Associated General Contractors of Colorado Board of Directors, Denver Office of Sustainability Advisory Council, Colorado Springs Leadership Institute and is active in the community.

The Industry Person of the Year is Mike Ruebenson, Chief Operating Officer at La Plata Communities. Mike is a Past President of the HBA and a founding member of the Careers in Construction program, servMike Ruebenson ing on the Workforce Development Finance subcommittee. He was also a member of the Plan COS Practitioners Working Group.

Since 2013, he’s been a board member of Care and Share Food Bank for Southern Colorado includ-

ing serving as Vice Governance Chair and Finance Committee Chair.

The Founders Award was presented to Ralph Braden, former Vice President at Nor’wood Development Group. He has dedicated his life’s work to creating a bright and robust community for citizens of Colorado Springs to Ralph Braden live in and enjoy. When it comes to housing and real estate development in the Pikes Peak region, Ralph Braden has seen it all over the last three-plus decades and is truly an expert.

Ralph started his law career in 1975 in Colorado Springs, specializing in real estate law. For years, he represented homebuilders and real estate developers, including when they sought land-use approvals before the City Council and El Paso County Commission during times of strong growth in the 1980s

and ‘90s. He developed a strong expertise in the land entitlement process and eventually decided to focus his knowledge and efforts on the development side. In 2000, Ralph joined Nor’wood Development Group, one of Colorado Springs’ biggest real estate companies, to head up its development of the 1,600-acre Wolf Ranch property, northeast of Powers Boulevard and Research Parkway.

Photos by Blu Owl Photography | Blu-Owl.com

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The Colorado Springs Chapter of NARPM Presents th

The 13 Annual Landlord Symposium

“Tools for the Modern PM”

Brian Birdy, RMP©, MPM©, CRMC© Past President NARPM

James Barrett Time Management

Vickie Gaskill, MPM©, RMP©, CPM© Supreme Teams

Dave Borden PMW, National Affiliate “Making the Most of Your Site”

Tuesday, March 12th, 2019 7:30 a.m. to 5:00 p.m.

Continental breakfast, lunch, afternoon snacks provided.

Hotel Eleganté South Colorado Springs 2886 S. Circle Drive Colorado Springs, CO 80906 719-576-5900 Elegante Special Rate for Overnight Stay: Mention “NARPM Symposium”

Colorado 4 hours CE, NARPM Ethics or Advanced Risk Mgmt Classes offered on 11th.

NARPM Designation at large credit ( 4 pts.)

*Continental Breakfast & check-­‐in starts at 7:15 with Vendors….

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Register at http://coloradosprings.narpm.org Questions… Please Contact: Robert Werthman RMP© Robert@callcornerstone.com

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Colorado Springs Real Estate Journal www.csrej.com

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On the Move Nathan Drury Berkshire Hathaway HomeServices Rocky Mountain My fiancée and I recently relocated to beautiful Colorado Springs from Missouri. We love to camp, hike, ski, and enjoy all of the wonderful amenities that this great area has to offer. I am an up and coming agent dedicated to building long-lasting relationships based on integrity, honesty, and tenacity for helping my clients/friends.

Davis, Munoz, Teixeira,

Hantschel, Gary, Hanson

Keller Williams Partners Juandriqua Davis is a long-time resident of Colorado Springs. She has two beautiful children; a daughter, 21 and son, 15; she has been a small business owner in the community for over 10 years. Ms. Davis holds a master’s degree in public administration from UCCS, Colorado Springs;

A bachelor’s degree in business administration from CSU Pueblo, and a Paralegal certificate from Pikes Peak Community College. She enjoys reading and hiking. Juandriqua has a passion for helping people solve problems and fulfill their goals, and she is excited to start her new career in real estate so that she can help others fulfil their dreams of homeownership.

Melissa Munoz is a Bilingual, Spanish, Real Estate Agent that serves the Colorado Springs, Pueblo and Denver areas. Melissa is a California native and with her family made Colorado her home in 2014. Her mission is to help families gain necessary knowledge and tools, while always having her client’s best interest at heart.

Rebekah Teixeira is excited to be joining KW Freedom on the Fabulous Homes Colorado Team. She plans on quickly receiving a Seniors Real Estate Specialist Designation as well as a Home Staging Certification in order to best serve her clients and community. She is a passionate individual with a genuine love for people. KWP looks forward to being able to use her enthusiasm, talents and knowledge to offer first class service to new clients!

Morgan Hantschel is a Colorado native who grew up in the Denver Metro area and graduated from Colorado State University with a BA in Communication Studies and a minor in Business. She serves clients in

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.

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

8

www.csrej.com

Fax: 877.239.2979

Website: legacytitle-llc.com

the Denver, Colorado Springs and Pueblo areas where her ultimate goal is to help you turn a house in a home.

Morgan epitomizes honesty, integrity and hard work with every transaction to ensure her clients have the best experience possible. She loves what she does, while striving to create meaningful and long lasting relationships with her clients she will provide exceptional service and care!

Trent Gary has been licensed since 2008 and has successfully navigated a variety of market conditions. He served on the Douglas Elbert and Denver Boards of REALTORS for a total of six years where he gained valuable knowledge about the inner workings of the Real Estate Industry. Trent is a strong advocate and supporter of the REALTOR Code of Ethics, making ethical behavior and practices a core foundation of his business. As a Military Relocation Professional (MRP) he loves to work with the vast military population in the Pikes Peak Region. With his GRI, ABR, BPOR, SFR, and MRP designations, his experience and education span across first time home buyers, relocations, buyers, sellers, investors, distressed properties, and those upsizing or downsizing as their family and life needs change.

Jason Hanson and his wife moved to CO three years ago and knew it was home. They frequently go hiking, snowboarding, and camping with their chocolate lab. Jason joined Keller Williams Partners because of the training and the culture. His mother and father-in-law have been in the real estate business for almost 50 years.

Williams, Morrow RE/MAX Advantage 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).

Colorado Springs Real Estate Journal

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!

Dilldine, Naber RE/MAX Properties Kat Dilldine has joined RE/MAX Properties, Inc. Kat chose RE/MAX Properties, Inc because of the company’s brand visibility and education options like the Agent Mastery Program. Kat has several years of customer service experience; with that, and her great attention to detail, she will help her clients with their real estate needs. RE/MAX Properties, Inc. is excited to see what the future has in store for Kat and warmly welcomes her to the team!

Terry Naber of RE/MAX Properties, Inc, has recently earned the nationally recognized designation: (SRES) Seniors Real Estate Specialist. She took the course from the Seniors Real Estate Specialist Council of the National Association of Realtors. A recent senior client said of Terry, "I am without words...you make a difference in people's lives and that is the most important difference." Terry stated, "Printed information has been replaced with online information, which limits many seniors' access to crucial information. By becoming an information source for older people, I can add valuable services to my repertoire that goes beyond the normal scope of real estate agents. I don't want to just sell houses, I want to make a true & lasting difference in my clients' lives."

Someone new in the office?

New certification?

Send a 150 word or less bio along with a photo to:

josh@csrej.com Space is limited and is first come, first serve. Exceptions and exclusions apply.

February 25, 2019

Overhead Door Company Colorado Springs, Inc. The of Genuine.

The Original.

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

January 2018 January 2019 1,163 1,250 1,236 1,616 938 902 938 902 75.9% 55.8% $312,198,292 $310,278,078 $312,198,292 $310,278,078 $295,000 $303,450 $332,834 $343,989 99.1% 99.0% 39 46 1.3 months 1.8 months 65.5% 13.9% 7.7% 3.6% 9.4%

Sales Analysis

55.1% 17.4% 11.1% 6.7% 9.8%

Change 7.5% 30.7% (3.8)% (3.8)% (20.1)% (0.6)% (0.6)% 2.9% 3.4% (0.1)% 17.9% 38.5% (10.4)% 3.5% 3.4% 3.1% 0.4%

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

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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

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11.6% 40.4% 25.1 % 11.9% 5.0% 4.1% 1.4% 0.5%

0.7 months 0.5 months 1.3 months 2.4 months 2.8 months 3.0 months 4.5 months 16.0 months

5.5% 42.5% 29.8 % 11.1% 5.4% 3.5% 1.1% 1.0%

0.0%

Infinite

0.0%

1.1 months 0.6 months 1.9 months 3.1 months 3.9 months 4.9 months 8.0 months 8.0 months

www.ohdcs.com www.ohdcs.com 596-2171 • 1205Ford Ford St. 596-2171 • 1205 St.• ovecs@aol.com • ovecs@aol.com

www.ohdcs.com 596-2171 • 1205 Ford St. • ovecs@aol.com

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

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 January 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.

Count on North American Title to protect you and your client throughout the real estate transaction process.

Jay Gupta’s Observations and Remarks January 2019 was indeed a good month for the Colorado Springs area housing market for single-family/patio homes, registering the third highest month of January ever in monthly sales, the second highest in monthly sales volume, and the highest in average and median sale prices.

The combination of steady increases in home prices and interest rates have drastically impacted the affordability for buying homes. During the past 5-years (since January 2014), average sales price of single-family/patio homes in Colorado Springs soared over 46% and the median sales price escalated over 43%. Additionally, interest rates increased over 1%. The affordability challenge is causing many potential buyers to postpone buying a home now, however, this will likely result in increased future sales due to pent up demand just like the previous cycle.

COLORADO SPRINGS – DOWNTOWN 102 N. Cascade Ave. | Suite 330 Colorado Springs, CO 80903 t: 719.578.4100

©2017 North American Title Group, LLC and its subsidiaries. All Rights Reserved. | CO 17-10536 R 05.03.17

COLORADO SPRINGS – NORTH 8610 Explorer Drive | Suite 105 Colorado Springs, CO 80920 t: 719.598.5355

Year-over-year in January 2019, active listings were up 31%, the months’ supply was up over 38%, and a significant number of active listings had price reductions. A word to prudent buyers, this is an opportune time to buy before the interest rates start climbing up again and before the pent up demand buyers create another buying frenzy resulting in multiple competing offers.

www.nat.com/CO

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

Jan 2019: Jan 2009: Jan 1999:

Active Listings 1,616 Sales Active Listings 4,925 Sales Active Listings 3,050 Sales

‘Price Segmented’ Supply and Demand Analysis • 88.9% of Single Family/Patio Homes Sold in Jan 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.

•

9.0% of Single Family/Patio Homes Sold in Jan 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.

•

2.1% of Single Family/Patio Homes Sold in Jan 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 Jan 2019 Sales Data with Previously High Record Setting Jan 2005 • Active Listings are down by (54.6)% • Months’ Supply is down at 1.8 from 5.2 months in 2005 • Monthly Sales are up by 31.5% • YTD Sales are up by 31.5% • Monthly Dollar Sales Volume is up by 92.0% • YTD Dollar Sales Volume is up by 92.0% • Average Sale Price is up by 46.1% • Median Sale Price is up by 57.6%

•

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 4.5% 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.

February 25, 2019

January 2019 Sales Analysis By MLS Areas

902 Listings Sold 55.8% Months’ Supply 1.8 413 Listings Sold 8.4% Months’ Supply 11.9 580 Listings Sold 19.0% Months’ Supply 5.3

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 43 16 2.7 10,310,000 112 59 1.9 24,939,467 58 46 1.3 12,347,345 34 53 0.6 13,595,899 161 154 1.0 42,002,139 11 3 3.7 1,574,500 95 36 2.6 12,335,977 51 53 1.0 16,681,200 113 43 2.6 21,463,154 34 28 1.2 10,867,195 35 17 2.1 6,124,750 95 78 1.2 23,568,664 16 38 0.4 9,063,700 98 29 3.4 11,308,443 98 37 2.6 19,527,354 20 11 1.8 3,912,500 46 11 4.2 5,352,897

Median Price $

Average Price $

SP to Avg. List DOM %

"Local" 590,475 399,000 248,500 260,000 264,950 473,500 338,190 298,900 475,000 365,150 315,000 300,000 232,750 269,999 465,000 269,000 443,000

644,375 422,702 268,420 256,526 272,741 524,833 342,666 314,739 499,143 388,114 360,279 302,162 238,518 389,946 527,766 355,681 486,627

96.1 99.3 99.5 99.6 99.9 96.0 98.7 99.5 98.8 98.2 98.5 99.4 99.9 98.7 99.2 98.8 98.3

65 65 16 31 30 14 110 32 76 30 16 36 29 70 51 32 94

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 January 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

9

Local Expert The Good Old Days

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

Empire Title of Canon City

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

www.empirecanon.com

Ahhh … the good old days. I look back upon those times with such fondness. And they’re still so vivid in my memory – I guess because it was just 12 months ago.

A year ago we embarked upon one of the greatest eras of real estate strength in our community’s history – at least it By Michael Podoyak Manager started out that way. In those days, when the Pikes Peak re- Executive Empire Title — gion was nearly identical to what it is now, the real estate market was incredible for everyone, except buyers perhaps. It seemed sellers could charge almost anything for their home, still receive multiple offers over the asking price, and have the house sold in 2019 YTD vs. 2018 YTD the first weekend. Real Estate Agents • Average Price 3.4% hardly had to do any marketing on a 2.9% property, and Title Reps had all kinds • Median Price • Residential Units Sold 3.8% of time on their hands. Boy, those were • Inventory Levels 37.4% the days! I wonder if we’ll ever see the • Number of Listings 30.7% likes of them again?

• Foreclosures 1 19.8% Just for fun, let’s go all the way back • Average Days on Market: 46 to January 2018 to compare the start • Interest rates 4.51% of last year to the start of this one. Last month there were 1,616 active listings on the market through the Pikes Peak Multiple Listing Service (PPMLS), an increase of almost 31% from a year before when there were 1,236. The 902 properties sold last month was only .04% fewer than the 938 sold one year before.

Everything else is on the upswing year over year, and that’s good and bad.

Median price started this year at $303,450 compared to $295,000 at the start of 2018, while average price was $343,989 compared to $323,834 one year before.

Mortgage rates have gone up, too - more than one-half percent over the last 12 months, from 4% to 4.51%. Those factors increase the challenges even further for new homebuyers to find something they can afford.

Alissa Edmondson Business Development Colorado Springs

Freddie Mac 30 Yr. Fixed Rate Mortgage 20.0%

18.0%

16.0%

14.0%

719-209-2635 alissa@etcos.com

12.0%

10.0%

8.0%

4.51%

6.0%

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.

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!

4.0%

2.0% January - 1971

January 2019

However, the months of inventory has grown in that time from less than one month to about five weeks; and, the days on market that a listing sits has increased one week, from 39 days to 46. This indicates that there might be more inventory to choose from. So, even though Sales as a Percent of Active Listings has dropped significantly over the last 12 months, we still began this year with over half of the homes selling that were listed on the PPMLS. Sales as a % of Active Listings 100.0%

58.82%

90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0%

Doreen Hussmann 719-499-6301

Brian Miller 719-440-2942

Laura Petrosky 719-640-1185

20.0% 10.0%

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

0.0%

Who knows: maybe the Good Old Days from a year ago are back again? And even if they don’t end up as good as before, they are still very good overall – and it would appear they will stay pretty good for a while yet. Maybe these are the Good New Days?!

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!

10

www.csrej.com



Send us your event photos

Colorado Springs Real Estate Journal

josh@csrej.com February 25, 2019

Around the Corner

Wednesday, February 27 2019 Contracts Class 9a-12p @ Legacy Title asalladay@legacytitle-llc.com Thursday, February 28 FIRPTA 10a-11a @ VIP Mortgage • 8005 S. Chester St #150 Centennial, CO RSVP@UnifiedTitle.com or 719-955-7094 Wednesday, March 6 Role of Hazard & Flood Ins. in Home Purchase 9a-12p @ Empire Title rsvp@etcos.com 719-884-5300

Wednesday, March 13 PPAR New Member Orientation 8:30a-12:30p @ PPAR www.ppar.com

Wednesday, March 22 NAR Code of Ethics Training 8:30a-12:30p @ PPAR www.ppwcr.org

*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.

Thursday, March 14 Farm and Land 8:30a @ The Egg and I - Chapel Hills Charlie Triplett: 719-896-1777

Tuesday, March 26 2019 Real Estate Contract 1p-5p @ Empire Title rsvp@etcos.com 719-884-5300

UPCOMING DEADLINES

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

Wednesday, March 27 2019 Contract Class 9a-12p @ Legacy Title asalladay@legacytitle-llc.com

WCR Network Luncheon 11a-1p @ The Warehouse www.ppwcr.org eContracts – Intermediate 10a-12p @ Empire Title rsvp@etcos.com 719-884-5300

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

2019 Real Estate Contract 1p-5p @ Empire Title Woodland Park lori@empirewp.com 719-686-9888

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

Friday, March 15 VA Home Loan Benefit Lunch & Learn 11a-1p @ Empire Title rsvp@etcos.com 719-884-5300

Introduction to PPMLS Matrix 1p-4p @ PPAR www.ppar.com Thursday, March 7 WCR Board Meeting 2p-4p @ PPAR www.ppwcr.org Annual Commission Update 9a-1p @ Empire Title rsvp@etcos.com 719-884-5300 2019 Annual Commission Update 9a-1p @ Legacy Title asalladay@legacytitle-llc.com Monday, March 11 Increase Buying Power – Understand Credit Scores 9a-11a @ Advantage Credit asalladay@legacytitle-llc.com Contacts and Auto Email 2p-4p @ PPAR www.ppar.com Tuesday, March 12 NARPM Landlord Symposium 7:30a-5p @ Hotel Elegante coloradosprings.narpm.org Instanet Basic Concepts 2p-4p @ PPAR www.ppar.com

February 25, 2019

Send us your event info! josh@csrej.com

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Your website a click (or tap) away.

Your ad appears in print and online.

All for one low price.

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Vol. 9 No. 5

January 30, 2017

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Builders pick up the pace this winter Housing production nationwide edged up 11.3 percent on a seasonally adjusted basis in December due to a surge in multifamily construction, the Commerce Department reported this week. Multifamily production – often viewed as volatile month-to-month – surged 57 percent to 431,000 units in December.

Single-family starts, on the other hand, fell 4 percent to a seasonally adjusted annual rate of 795,000 units. But builder sentiment remains high for the single-family market’s outlook.

“Despite the slight dip in singlefamily production, December’s rate

HBA Home Show (thru Sunday) Friday: 3p - 7p Saturday: 10a - 6p Sunday 11a - 5p @ Chapel Hills Mall Event Center www.cshba.com Annual Commission Update 8:30a-12:30p @ PPAR www.ppar.com

Deadline

is still the fourth highest single-family pace since the Great Recession, and single-family starts also posted solid gains for the year,” says Granger MacDonald, chairman of the National Association of Home Builders. “Builders remain confident and we expect further growth in the single-family market in the year ahead.”

Across the country, combined single and multifamily housing production increased 31.2 percent in the Midwest; 23.5 percent in the West; and 18.5 percent in the Northeast.

The South was the only major region to post a loss, dipping 1.4 percent last month.

"This report represents firm growth for housing in 2016, as single-family starts rose 9 percent and multifamily production was down slightly," says Robert Dietz, NAHB’s chief economist. "We expect that 2017 will be another year of gradual, steady improvement in the housing market.

Multifamily starts have been volatile in recent months, but should level off as supply meets demand. Meanwhile, single-family production continues to gain momentum but is limited by supply-side headwinds."

Single-family permits – a gauge of future construction – increased 4.7 percent to 817,000 units in De-

America’s 10 healthiest housing markets What makes a healthy housing market? According to SmartAsset, it is one that shows stability, affordability, and in which homeowners are able to easily sell their homes with a low risk of losing money over the long run.

The healthiest housing market in the country: Edgewood, Ky., a suburb of Cincinnati. Homes in Edgewood

Call Rachelle // 719.439.0773 rachelle@csrej.com

spent an average of 56.3 days on the market, significantly less than the national average of 169.6 days.

Indeed, seven of the top 10 markets in the U.S. are located in towns within the Midwest region, including three markets that are in Michigan.

To determine the healthiest housing markets in the country, SmartAsset took into account factors like

the percentage of homeowners with negative equity; the average time a for-sale home spends on the market; affordability as the monthly cost of owning a home (and as a percentage of household income in each county and city); among other factors.

HBA Board Installation

HBA Holiday Party

Jay Gupta's November Housing Stats

PAGE 2

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Honest & Ethical Service from People You Know.

5333 North Union Blvd. Suite 100, Colorado Springs, CO 80918

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

Regulated by the Colorado Division of Real Estate, Corp NMLS #3113.

Chad Denny

cember. That is the highest level in 2016. Multifamily permits, however, dropped 9 percent to 393,000 units, the Commerce Department reports. © Copyright National Association of Realtors.

Reprinted with permission.

Trump puts a halt to FHA mortgage cuts Just hours after being sworn in, President Donald Trump moved to suspend a plan to reduce the Federal Housing NAR officials Administra“disappointed” tion’s mortgage insurance premiums that was set to go into effect on Jan. 27. The plan had been announced just a few days ago by the outgoing Obama administration and Housing and Urban Development head Julian Castro.

The reduction in premiums by 25 basis points, or a quarter percentage point, “has been suspended indefinitely,” according to an FHA news release.

See FHA | 5

See Healthiest Markets | 5

Festival of Lights

National News ........... Page 2 Local News ............... Page 7 On the Move ............. Page 13 Local Expert ............. Page 14 Around the Corner ...... Page 15

Sharon Ballinger

Will Michaloski

Marianne Elep Turner

(719) 331-2750 chad.denny@academy.cc

(719) 380-1778 debbie.havens@academy.cc

(719) 491-2500 sharon.ballinger@academy.cc

(719) 232-7553 will.michaloski@academy.cc

(719) 264-1952 marianne.elepturner@academy.cc

NMLS #665068 State Lic #100037389

NMLS #653845 State Lic #100018256

NMLS #347297 State Lic #100019804

NMLS #1058945 State Lic #100044854

NMLS #231308 State Lic #100029888

Branch Manager

Debbie Havens

Mobile Issue (Beta)

Tuesday, February 25 Fraud 12p-1p@ KW • 10375 Park Meadows Dr #100 Littleton, CO RSVP@UnifiedTitle.com or 719-955-7094

Sales Manager

Sr. Loan Officer

Loan Officer

Loan Officer

Monday, March 18 Introduction to PPMLS Matrix 1p-4p @ PPAR www.ppar.com Wednesday, March 20 WCR: 2019 Contracts Class 9:30a-12:30p @ Library C21 www.ppwcr.org Annual Commission Update 9a-1p @ Empire Title rsvp@etcos.com 719-884-5300 Thursday, March 21 2019 Real Estate Contract 9a-1p @ Empire Title rsvp@etcos.com 719-884-5300 Facebook Ads 10a-11a @ Legacy Title asalladay@legacytitle-llc.com

Colorado Springs Real Estate Journal www.csrej.com

11

Thank you all for your hard work and dedication in 2018. We look forward to celebrating your successes again next year!

Kevin Basinger • Patricia Beck • Brian Boals • Derek Ghee • Jermaine Butler • Tim Coen Thua Dai • Stan Dalton • Art DeBrito • Jean Ebmeyer • Lisa Fisk • Jay Gupta Michelle Hindman • Angela Hunter • Joshua Jeffords • Tyler Knight • Banu Lamb • Tom Laskey Susan McDonald • Colleen Meier • Ethan Panariso • Leighanne Potts • Michael Quintana Nathan Rains • Val Ross-Coy • Mark Salas • Bethanie Smith • Brianna Tennant • Peggy Ulmer Brandon Williams • Luz Manriquez • Greg Luczak • Jerry Sanden • Walter Williams Dan Counter • Janet McMonigal • Shawnda Wood • Lisa Reyes