CSREJ - August

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Vol. 11 No.12

August 26, 2019

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Builders are lowering prices: Will it be enough?

Home builders are starting to lower their prices to better reach out to the growing demand for smaller, more affordable homes. Sales prices of new homes dropped 0.5% in the second quarter of this year from 2018 levels.

Prices for new homes reached a median of $372,900 in the second quarter, while the median sales price of existing homes was $309,700.

Builders appear to be shifting their focus to less expensive homes. “While this change was a clear and long-needed response to homebuyer demand and tastes amid an affordability crisis and a softening market, it also means that

builders are now focused on homes that are less profitable for them,” says Daryl Fairweather, Redfin’s chief economist.

“As builders continue to adjust to a less favorable market, along with rising tariffs for building materials and a labor shortage, I expect to see new-home inventory stay low overall. But low mortgage rates and more affordable new homes mean sales could strengthen a bit in the coming months.”

Sales of new homes so far this year have only inched up 0.8% in the second quarter year over year.

New Homes Continues | Page 2

The cheapest and priciest places to live in the U.S.A Colorado Springs places 26 in this move.org study The cheapest places to live in the U.S. are El Paso, Texas, and Lincoln, Neb., according to a new study by Move.org that ranks cities based on cost of living. In El Paso, the average cost of living is $1,182.96 per month and, in Lincoln, it’s $1,291.50. On the opposite end of the spectrum, San Francisco (at a $4,210.60 average cost of living per month) and New York (at $3,956.11) have the

highest costs of living in the nation.

Move.org analyzed the living costs in 75 of the largest U.S. cities and ranked them based on affordability. In evaluating cost of living, they factored in rent for a onebedroom apartment, average utility and internet costs, fuel prices, and food. © Copyright National Association of Realtors.

Reprinted with permission.

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Below is the data collected for Colorado Springs. Lower utilities costs helped the city rank 26. Only three cities in the top 25 had lower utilities costs than Colorado Springs.

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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.

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.

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Agent Parodies Garth Brooks' ‘Friends in Low Places’

New Homes from 1

Real estate pro working in real estate, he worked in Sean Cochran is the mortgage industry. “That wasn’t grabbing attenthe place to make crazy songs and tion online with videos,” he says. In his promotional real estate, howev“I’ve got friends in low places, video that paroer, he says he sees dies Garth Brooks’ where the whiskey drowns and the an opportunity. beer chases my blues away.”

1990s hit “Friends Cochran got his Cochran changes it to: in Low Places.” The real estate license “My inspector goes eXp Realty agent last October. to low places, where from Chicago, clad Cochran is planin a suit, cowboy ning to spoof more the radon glows, and hat, and boots, the mold chases most songs. Up next: produced a music The 1979 hit song agents away.” video for his song, from Kenny Rogwhich uses his own ers, “The Gambler.” humorous lyrics over the original The outfit that song's music.

Cochran’ sports in He already has 579,000 views his Garth Brooks since uploading his musical video video has now beon July 11. “I was hoping we’d get come his trademark wardrobe for 5,000 views,” Cochran told Crain’s his job--boots, hat, and suit. “I’m a Chicago Business. black man in boots and hat in the Cochran tweaks the lyrics in his suburbs,” Cochran told Crain’s Chiversion of Brooks’ song to relate to cago Business. “That’s branding. his real estate career. For example, Real estate is part show business.”

Garth Brooks once crooned: “I’ve © NAR. Reprinted with permission. got friends in low places, where the whiskey drowns and the beer chases my blues away.” Cochran changes it to: “My inspector goes to low places, where the radon glows, and the mold chases most agents away.”

Cochran has been writing parody songs most of his life. But before

Meanwhile, new-home supply has decreased by 1%, which is one of the largest annual declines since the first quarter of 2013, according to data from Redfin.

The small price decline in the newhome market, along with a 0.7% annual decrease in new listings and a 3.4% drop in building permits, has made the new-home market softer in the second quarter, according to Redfin researchers.

Still, builders are hopeful. Builder confidence within the single-family new-home market rose slightly in August, according to the National Association of Home Builders/Wells Fargo Housing Market Index, released Thursday. Lower mortgage rates may help lure more buyers, but economic uncertainty may also limit growth too, says Robert Dietz, the NAHB’s chief economist. Still, “demand is good and growing at lower price points and for smaller homes,” he notes.

While demand is increasing for single-family homes, builders continue to struggle with rising construction costs from “excessive regulations, a chronic shortage of workers, and a lack of buildable lots,” says Greg Ugalde, the NAHB’s chairman. © Copyright National Association of Realtors.

Reprinted with permission.

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Local News Pikes Peak Association of REALTORS® hosting Casino Night fundraiser for Sarah’s Home The Pikes Peak Association of REALTORS® (PPAR) is proud to host a Casino Night fundraiser on Friday, September 6th at the Norris Penrose Event Center from 7pm-10pm. The proceeds of this community fundraising event will benefit Sarah’s Home.

Sarah’s Home is a local organization dedicated to providing girls (ages 12-18) rescued from sex trafficking a safe haven where they can take the time to heal and reintegrate back into society, equipping them with the skills they need to not just survive, but thrive.

“People tend to think that sex trafficking only hap-

pens in Eastern Europe or third world countries,” said Patrick Muldoon, Chair of the PPAR Community Relations Committee. “But statistics show that in the United States, 1 in 3 runaways are approached by a pimp or sex trafficker within 48 hours of leaving home. It has been estimated that 100,000-300,000 minors are trafficked in the US annually.”

PPAR partners with local non-profit organizations that are committed to helping those in need and working towards a better quality of life within the community. “REALTORS® not only work in our

Promotions, new hires inject new era of management at Campbell Homes

THE EXPERIENCE YOU WANT,

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WE'RE GROWING OUR SALES TEAM! CONGRATULATIONS to Ryan Strubel, our new Regional Sales Manager for Stewart Title's southern division! Ryan has been with Stewart for 17 years.

Welcome Rob and Oscar our new Business Development Officers!

Rob Schindehette Colorado Spings

Oscar Perales Pueblo

COLORADO SPRINGS 2060 Briargate Pkwy, Suite 170 Colorado Springs, CO 80111 Phone: 719-531-0222

111 S. Tejon Street , Suite 111 Colorado Springs, CO 80903 Phone: 719-578-1100

PUEBLO 1307 Fortino, STE C Pueblo, CO 81008 Phone: 719-544-2323

Your website a click (or tap) away.

Stewart Title has 22 locations throughout the state of Colorado.

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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

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 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

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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

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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

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Branch Manager

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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

Tickets for the PPAR Casino Night can be purchased online at http://tiny.cc/PPARCasino and is open to the public. Tickets are $60 per person through September 4th and $70 per person starting September 5th and at the door. Ticket price includes: entrance, heavy hors d'oeuvres, 2 drink tickets, and $100 in casino cash.

THE CUSTOMER SERVICE YOU NEED.

With the ever-evolving new home construction market in Colorado Springs comes changes in roles and new faces. Campbell Homes is pleased to announce new additions to their team as well as a well-deserved promotion.

Sherry Britton recently joined the Campbell Homes team as Staff Accountant. She brings with her a wellrounded background in the Colorado Springs home building as well as expertise in accounting with her to Campbell Homes. Sherry is responsible for office operations, human resources, general accounting, and many other tasks and is a welcomed addition to the team.

Andrea Connolly recently relocated to Colorado Springs from South Florida to join the new home building industry. With a background in commercial real estate, events, graphic design and management, it was an easy decision to add Andrea to the team.

Andrea has taken on the role of Marketing Manager and oversees all events, graphic design, branding, social media and general marketing responsibilities for Campbell Homes and its communities.

Lastly, Patrick Little, was just promoted from the position of Customer Care Specialist to Customer Care Manager. Patrick has been with Campbell Homes for over two years and has served as a Customer Care Specialist in seven Campbell Homes communities. Prior to joining Campbell Homes Patrick was in the new home construction industry in Seattle, WA. Under the new title of Customer Care Manager, Patrick will provide customer care to homeowners, manage the timeliness of warranty claims repairs.

Patrick is excited to continue to improve upon warranty processes and provide exceptional service to Campbell Homes homeowners.

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local community but they also live and play here,” said Amy Reid, CEO of the Pikes Peak Association of REALTORS®. “REALTORS® understand that it’s important to give back to their community, and they strive to strengthen and support their local neighborhoods through volunteering and charitable work.”

Sales Manager

Sr. Loan Officer

Loan Officer

Loan Officer

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Local Stats COLORADO SPRINGS AREA

Office: 719.442.1900

Colorado Springs AreaSales Analysis Housing Stats Dashboard and

SOUTH OFFICE 1365 Garden of the Gods Rd, Suite 200

Housing Stats Dashboard and Sales Analysis

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COMPILED AND ANALYZED BY:

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

www.legacytitle-llc.com

Juli Forde

Housing Stats Dashboard

Single Family/Patio Homes Sold Through Pikes Peak MLS 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

Devin Glidden

Devin@legacytitle-llc.com

Sold: January to July

Under $300,000 … $300,000 to $400,000 … $400,000 to $500,000 … $500,000 to $600,000 … $600,000 to $1,000,000 … Over $1,000,000

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

Sales Volume $

All Real Estate Market Activity is 79 25 3.2 14,269,925 183 110 1.7 49,335,330 84 88 1.0 27,377,856 70 83 0.8 25,697,630 134 276 0.5 82,062,804 31 5 6.2 2,775,400 53 59 0.9 21,627,571 87 104 0.8 35,610,744 136 70 1.9 37,274,650 56 48 1.2 19,883,760 34 34 1.0 11,453,342 97 180 0.5 56,665,800 31 82 0.4 21,316,802 142 65 2.2 37,168,625 194 69 2.8 39,567,084 38 19 2.0 9,475,699 69 34 2.0 14,122,886

Median Price $

Average Price $

SP to List %

www.csrej.com

3,466 3,248 1,285 646 526 73

Change%

(19.2)% 21.4% 4.2% 26.2% 0.0% 23.7%

Jay Gupta’s Observations and Remarks In stark contrast to some areas in the country and our state, the month of July 2019 was a record setting month for the Colorado Springs area housing market for single-family/patio homes. Even with the lowest level of active listings, July 2019 recorded the highest number of monthly home sales, monthly sales volume, year-to-date sales volume, average sales price, and median sales price compared to any month of July on record. A comparison of the 2019 with 2018 single-family/patio homes sales, from January through July, showed that there was a 19 percent drop in the number of sales of properties priced under $300,000 (likely due to the inventory shortage and soaring prices), a nice 21 percent increase in $300,000 to $400,000 price range, a modest 4 percent increase in $400,000 to $500,000 price range, a huge 26 percent increase in $500,000 to $600,000 price range, absolutely no change in $600,000 to $1,000,000 price range, and a whopping 24 percent increase in home sales priced over $1,000,000. The most restrictive aspect of the Colorado Springs area housing market remains the low inventory and affordability challenges due to ever-soaring prices.

July 2019: Active Listings 2,199 July 2009: Active Listings 5,135 July 1999: Active Listings 3,579

Sales 1,662 Listings Sold 75.6% Months’ Supply 1.3 Sales 946 Listings Sold 18.4% Months’ Supply 5.4 Sales 989 Listings Sold 27.6% Months’ Supply 3.6

"Local" 550,100 436,000 291,100 296,000 296,500 472,200 350,000 325,360 491,904 425,000 344,000 315,950 257,250 439,900 550,000 368,000 402,200

570,797 448,503 311,112 309,610 297,329 555,080 366,569 342,411 532,495 414,245 336,863 314,810 259,961 571,825 573,436 498,721 415,379

99.2 100.2 100.1 101.5 100.7 98.8 99.7 100.4 99.7 99.9 99.9 100.4 101.5 99.2 99.1 98.8 99.4

Avg. DOM

•

11,2% of Single Family/Patio Homes Sold in July 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 better supply and demand situation.

31 29 20 10 15 12 33 13 38 21 29 19 7 31 33 49 23

•

2.6% of Single Family/Patio Homes Sold in July 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.

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 July 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.

8

Sales Analysis

Homes Sold 2019

‘Price Segmented’ Supply and Demand Analysis • 86.2% of Single Family/Patio Homes Sold in July 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.

Compiled by Jay Gupta

MLS Area

4,290 2,675 1,233 512 526 59

Change (1.7)% (7.8)% 4.4% (0.5)% 8.8% 11.8% 4.4% 7.1% 7.2% 0% 4.5%

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 July 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.

• • •

July 2019 Sales Analysis By MLS Areas Single Family/ Patio Homes

Homes Sold 2018

July 2019 1,852 2,199 1,662 9,245 75.6% $618,758,867 $3,371,901,115 $332,000 $372,607 100.0% 23

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

in most cases

# of Months' # of Sold Supply Active Listings Listings

July 2018 1,884 2,385 1,592 9,296 66.8% $553,248,361 $3,231,103,680 $310,000 $347,517 100.0% 22

Single Family/Patio Homes Sold Through Pikes Peak MLS July 2018 July 2019 % of Total Months % of Total Months Price Range Monthly Supply Monthly Supply Sales Sales Under $199,999 5.5% 1.2 months 3.7% 1.0 months $200,000 to $299,999 39.2% 0.7 months 30.2% 0.5 months $300,000 to $399,999 31.3 % 1.4 months 37.7 % 0.9 months $400,000 to $499,999 13.5% 2.0 months 14.5% 1.8 months $500,000 to $599,999 5.3% 2.6 months 7.3% 2.4 months $600,000 to $799,999 3.5% 3.7 months 3.9% 4.7 months $800,000 to $999,999 0.9% 8.1 months 1.7% 5.4 months $1,000,000 to 0.6% 12.2 months 0.8% 9.0 months $1,999,999 Over $2 million 0.1% 37.0 months 0.1% 22.0 months

• Prospecting letters • Listing/buyer presentations • Team branding

• Door hangers • Open house resources • Promotional brochure for teams

CAR Research Committee Southeast Region Spokesperson

2008 PPAR Chairman and 2010 REALTOR® of the Year With over 2-BillionSoutheast in personalRegion and managed sales CAR Research Committee Spokesperson Berkshire Hathaway Home and Services Rockysales Mountain, REALTORS® With over 2-Billion in personal managed 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

WELCOME JULI & DEVIN TO THE LEGACY TITLE TEAM!

JForde@legacytitle-llc.com

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

A Comparison of July 2019 Sales Data with Previously High Record Setting July 2005 • Active Listings are down by (50%) • Months’ Supply is down at 1.3 from 3.3 months in 2005 • Monthly Sales are up by 25% • YTD Sales are up by 24% • Monthly Dollar Sales Volume is up by 86% • YTD Dollar Sales Volume is up by 87% • Average Sale Price is up by 49% • Median Sale Price is up by 56% •

Historically Low-Interest Rates: 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: In July 2019, in the PPMLS over 41% active listings in the El Paso County and 50% in the Teller County had price reductions. It is a fact 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.

Colorado Springs Real Estate Journal

August 26, 2019

On the Move

Gascon, Allen, Power RE/MAX Properties Tess Gascon has joined the Wheaton Team at RE/MAX Properties, Inc. She prides herself on being an all-inclusive real estate resource for her valued clients. She handles everything from traditional residential sales to commercial and investment transactions. She offers free consultations for buyers that need information about purchasing and the buying process, as well as free comparative market analysis of homes and properties for sellers. Tess is also a certified military housing specialist. She offers military rebates to active duty, reserve, guard members, and veterans. Her preferred lenders specialize in VA loans and are reliable and local.

Johnny Allen has joined the Treasure Davis Team. Johnny recently moved to Colorado Springs from California and loves it here. He has been visiting family and friends here for over 15 years. He has been in sales the past 6 years and is excited to start his new career in real estate with the Treasure Davis Team.

Derek Power purchased his first home last year with a RE/MAX Properties, Inc. agent and the experience he had was a major part of his decision to become a REALTOR®. He also chose RE/MAX Properties, Inc. because of the training and support programs the company provides its agents.

second-generation native who was born and raised in the Colorado Springs area. She understands why people desire to live in the shadow of Pike’s Peak and take advantage of the amenities the area has to offer. Angela has experience working in support of military personnel and contractors at one of the local military installations for 10+ years. She and her husband of 24 years are proud parents of two wonderful boys and 2 “fur babies!”

Angela loves to walk, hike, read, cook and hang with her family in her spare time. Angela takes pride in everything she does and believes that if you do something, you should do it to the best of your ability.

Sarah McKinney is a Colorado Springs native and is a third generation Colorado Springs Realtor. With extensive experience in the construction industry coupled with her love and knowledge of the area, she knew she was destined to become a real es-

tate professional. Sarah recently experienced first-hand the new home construction process, and understands the excitement and stress that goes along with it. As a wife and mother of three, Sarah understands the importance of finding a home that meets the needs of the entire family. When Sarah is not working on building her skillset, you can find her exploring the city for the best coffee spot, playing with her daughters, or watching her son wrestle for the same high school she went to.

just continues to grow! Exit Realty is helping me to flourish as an Agent with their weekly updated training and technology classes... and that just makes me a better Agent for you!

Randy Remmer has been a Realtor® for six years and is proud to call Colorado home! He is a devoted father to his two sons and enjoys spending his leisure time golfing, hiking, and spending quality time with his boys every moment he gets. His passion for Real Estate stems from the satisfaction he sees on his clients faces when they sell their home or fall in love with their forever home. He enjoys seeing his clients dreams realized and does everything in his power to ensure they reach their Real Estate goals.

Dickerson-Meeks, Remmer EXIT Realty Pikes Peak Connie Dickerson-Meeks, I have been in Real Estate for the past 20 years and my passion for the industry

Someone new?

Send a short bio and headshot to news@csrej.com. Space is limited.

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Colorado Springs Real Estate Journal www.csrej.com

9

Local Expert

Up, Up and Away There’s something going up in Colorado Springs besides hot air balloons Labor Day weekend. Active Listings, Home Sales, Sales Prices and Months of Inventory are all on the rise in the Pikes Peak region. About the only thing on a downward trend are Interest Rates, Foreclosures and sand bags.

Number of Sales Per Month 2,000

By Michael Podoyak Executive Manager Empire Title — 1662

1,800 1,600 1,400

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

1,200 1,000 800 600 400

0

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

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

Empire Title of Woodland Park

200

The number of sales last month through the Pikes Peak Multiple Listing Service (PPMLS) saw its sixth consecutive increase, hitting 1,662 properties sold.

It was the third greatest number of sales since we began tracking that statistic 16 years ago – and possibly ever. It was the eighth time sales eclipsed 1,600 units, all occurring since June 2016; and, it was the eighteenth time sales broke 1,400 units, all since June 2015.

Median Sales Price $350,000

$ 332,000 $330,000 $310,000 $290,000 $270,000

Empire Title is old enough to drive … your business to a smooth and successful closing!

$250,000 $230,000 $210,000

Permit us to work with your next Client so you can experience how an established, responsible and speedy title company became #1 throughout our teen years.

$190,000 $170,000 $150,000

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

Empire Title just turned 16 years old on August 11th, but we’ve had our (title) license in hand from when we started with 3 employees to now where we’ve grown to over 60 dedicated and valued associates serving the extended Pikes Peak Area in three offices in Colorado Springs, Woodland Park and Canon City.

Sales Price Previous 12 Month Median $330,000

$ 315,275

$310,000

We are grateful and honored for each one of the wonderful friendships we’ve developed over the years! Thank you!

$290,000 $270,000 $250,000 $230,000 $210,000 $190,000 $170,000

Bill & Ronda McAfee, Owners

Please think of Empire Title as your primary resource for all of your Escrow, Title, Short Sale and Marketing Needs.

WE DON’T SUCCEED UNLESS YOU DO!

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

$150,000

July also marked the fourth straight record-setting month for Median Sales Price in the PPMLS, hitting its all-time peak of $332,000. The last significant lows in Median Sales Price occurred at the start of the Great Recession ($173,000 in January 2009) and toward the end of it ($172,250 in January 2012). In the six-and-one-half years since then, Median Sales Price has nearly doubled, growing $159,750 or 92.7%. In the six-and-one-half years before then, Median Sales Price hovered between the $172,250 and $227,000 – a range of $54,750.

When Median Sales Prices are viewed with each month averaged from the previous twelve months, the growth is even more dramatic. July represented another record of $315,275 when averaged over the previous 12-months, compared to $184,679 from the last low in February 2012. The last peak of $217,538 occurred in July 2007 and was surpassed in September 2014 at $218,250. Prices have continued to soar ever since, and it certainly would appear that the sky’s the limit. For Buyers and Sellers active in today’s real estate market, every month brings a new Altitude Adjustment – and that’s not just a lot of hot air.

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Colorado Springs Real Estate Journal

August 26, 2019

Around the Corner Wednesday, August 28 Advanced Contracts 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

Wednesday, September 25 NAR Code of Ethics 8:30a-12:30p @ PPAR www.ppar.com

Parade of Homes Awards Banquet 5p-8p @ Colorado Springs Marriott www.cshba.com

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

Thursday, September 5 Short Sale & Foreclosure 9a-11a @ Empire Title Training Center rsvp@etcos.com 719-884-5300

Gaining the Competitive Advantage: Reverse Mortgages for Purchase 9a-10a @ Empire Title Training Center rsvp@etcos.com 719-884-5300

Friday, September 27 73.5 Ways To Improve Writing a Residential Contract 8:30a-12:30p @ PPAR www.ppar.com

Friday, September 6 PPAR Casino Night 7p-10p @ Norris Penrose Event Center www.ppar.com

1031 Essentials 1p-3p @ Legacy Title asalladay@legacytitle-llc.com

Annual Commission Update 8:30a-12:30p @ PPAR www.ppar.com Monday, September 9 Improve your CMAs 8:30a-12:30p @ PPAR www.ppar.com Tuesday, September 10 Legacy Title Networking Group Meeting 10:30a-12:30p @ Legacy Title asalladay@legacytitle-llc.com Contacts and Auto Email 2p-4p @ PPAR www.ppar.com Wednesday, September 11 eContracts – Intermediate 10a-12p @ Empire Title Training Center rsvp@etcos.com 719-884-5300

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

Thursday, September 12 Farm and Land 8:30a @ Perkins (Platte and Chelton) Laurie Klipfel: 719-661-5353

UPCOMING DEADLINES Deadline

Monday, September 30 RENE - Real Estate Negotiation Expert 8:30a-4:30p @ PPAR www.ppar.com

Sep 19, 2019

Sep 30, 2019

Oct 17, 2019

Oct 28, 2019

Nov 14, 2019

Nov 25, 2019

Dec 16, 2019

Dec 30, 2019

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Probate 101 11a-1p @ Legacy Title asalladay@legacytitle-llc.com Tuesday, September 17 NARPM Luncheon 11a-1p @ Hotel Elegante coloradosprings.narpm.org Wednesday, September 18 Annual Commission Update 9a-1p @ Empire Title Training Center rsvp@etcos.com 719-884-5300

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

Thursday, September 19 Revised 2019 Contract 9a-1p @ Empire Title Training Center rsvp@etcos.com 719-884-5300

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

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3rd ANNUAL PPAR CASINO NIGHT Friday, September 6, 2019 Penrose Norris Event Center 1045 Lower Camp Road 7:00 p.m. - 10:00 p.m. $60 per �cket before Sept 4

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Friday, September 13 HBA All Members Cup 8a-3p @ Pine Creek Golf Club www.cshba.com

Mortgage Loan Officer Update Course 8a-5p @ Legacy Title asalladay@legacytitle-llc.com

Intro to PPMLS Matrix 1p-4p @ PPAR www.ppar.com

*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.

©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

PROCEEDS GO TO SARAH’S HOME Sarah’s Home is on the front range of Colorado - providing a home for girls - ages 12-18 - who have been rescued from sex trafficking.

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Colorado Springs Real Estate Journal www.csrej.com

11

CITY WIDE INVENTORY

Check out our selection of year-end specs homes below!

PAINT BRUSH HILLS

Kristine Royer, Alan Levy, & Bethany Adcock (719) 896-4381 Address:

9880 Jaggar Address:

9928 Beckham Address:

10182 Moorcroft Address:

9814 Henman Address:

10045 Exeter Address:

10025 Exeter Address:

10005 Exeter Address:

Bed & Bath:

4 bed / 2.5 bath Bed & Bath:

4 bed / 2.5 bath Bed & Bath:

5 bed / 3 bath Bed & Bath:

4 bed / 2.5 bath Bed & Bath:

5 bed / 3 bath Bed & Bath:

4 bed / 2.5 bath Bed & Bath:

5 bed / 3 bath Bed & Bath:

Sq Ft:

Floor Plan:

Sq Ft:

Floor Plan:

Sq Ft:

Floor Plan:

Sq Ft:

Floor Plan:

2,358 2,606 3,056 2,358 Sq Ft:

Zuma

Owens

Jackson Zuma

Floor Plan:

3,161

Monterey

Sq Ft:

Floor Plan:

2,358 Sq Ft:

Zuma

Floor Plan:

3,047

Huntington

Price:

$398,545 Price:

$385,295 Price:

$388,795 Price:

$415,995 Price:

$390,995 Price:

$398,745 Price:

$392,945

10307 Moorcroft

4 bed / 2.5 bath

2,689

Sq Ft:

Floor Plan:

Redondo

$401,745

Address:

Bed & Bath:

Sq Ft:

Floor Plan:

Price:

10289 Moorcroft

5 bed / 3 bath

3,161

Monterey

Address:

Bed & Bath:

Sq Ft:

Floor Plan:

10271 Moorcroft Address:

5 bed / 3 bath Bed & Bath:

1,605

Jackson

Price:

$403,745 Price:

$396,795 Price:

SHILOH MESA

Kyle O’Leary & Ed Hafferkamp (719) 327-0228

Address:

8137 Sandsmere Address:

8154 Sandsmere Address:

8230 Moorebank Address:

8214 Moorebank Address:

8166 Moorebank Address:

8150 Moorebank Address:

8143 Callendale Address:

8118 Moorebank

2,606

Sq Ft:

Floor Plan:

Owens

$378,295

Address:

Bed & Bath:

Sq Ft:

Floor Plan:

Price:

1528 Grand Overlook

Address:

10163 Moorcroft

3 bed / 2.5 bath

2,015

Sunset

$350,245

Address:

Bed & Bath:

Sq Ft:

Floor Plan:

Price:

1611 Grand Overlook

Address:

10181 Moorcroft

4 bed / 2.5 bath

2,289

Malibu

$357,745

Address:

Bed & Bath:

Sq Ft:

Floor Plan:

Venice

Price:

$340,995

1576 Grand Overlook

Price:

1570 Grand Overlook

Address:

10217 Moorcroft

4 bed / 2.5 bath

1,990

Address:

Bed & Bath:

Sq Ft:

Floor Plan:

Zuma

$412,245

Floor Plan:

Price:

1552 Grand Overlook 1653 Grand Overlook

2,358

Address:

Bed & Bath:

Sq Ft:

10046 Henman

5 bed / 3 bath

3,047

Huntington

$396,245

Address:

Bed & Bath:

Sq Ft:

Floor Plan:

Price:

9873 Devoncove

4 bed / 2.5 bath

2,289

Malibu

$370,745

THE GLEN Address:

7366 Bigtooth

Address: Address: Address: Address:

1647 Grand Overlook Address:

Eric Lipstein & Casey Feuerstein (719) 313-9413 Bed & Bath:

4 bed / 3 bath

Sq Ft:

2,594

Floor Plan:

Coronado

1641 Grand Overlook Price:

$364,495

COURTYARDS AT WOODMEN HILLS

Address:

1629 Grand Overlook Address:

1635 Grand Overlook

Bethany Adcock (719) 358-7583

Address:

Bed & Bath:

11382 Method Point 3 bed / 3.5 bath

Sq Ft:

1,971

Floor Plan:

Casitas

Bed & Bath:

4 bed / 2.5 bath Bed & Bath:

5 bed / 3 bath Bed & Bath:

3 bed / 2.5 bath Bed & Bath:

4 bed / 3 bath Bed & Bath:

3 bed / 2.5 bath Bed & Bath:

4 bed / 2.5 bath

Floor Plan: Zuma

$387,995

Sq Ft:

Floor Plan: Imperial

$380,995

Sq Ft:

Floor Plan: Malibu

$380,060

Sq Ft:

Floor Plan: Huntington

$400,245

Sq Ft:

Floor Plan: Laguna

$352,995

Sq Ft:

Floor Plan: Jackson

$395,995

Sq Ft:

Floor Plan: Sunset

$351,995

Sq Ft:

Floor Plan: Malibu

$382,995

2,384 2,289 3,047 2,013 1,697 2,015 2,289

Price

Price

Price

Price

Price

Price

Price

Allison Wilcox & Philip Farmer (719) 375-3187

4 bed / 2.5 bath

4 bed / 2.5 bath

Bed & Bath:

3 bed / 2.5 bath

Price

Sq Ft:

2,358

BROADMOOR VIEW

10253 Moorcroft

10038 Henman

Bed & Bath:

4 bed / 2.5 bath

Price:

$309,420

yourviewhome.com

Bed & Bath:

5 bed / 3 bath Bed & Bath:

5 bed / 3 bath Bed & Bath:

4 bed / 3 bath Bed & Bath:

3 bed / 2.5 bath Bed & Bath:

5 bed / 3 bath Bed & Bath:

3 bed / 2.5 bath Bed & Bath:

5 bed / 3 bath Bed & Bath:

3 bed / 2.5 bath Bed & Bath:

3 bed / 2.5 bath Bed & Bath:

4 bed / 3 bath

Sq Ft:

Floor Plan:

Sq Ft:

Floor Plan:

Sq Ft:

Floor Plan:

Sq Ft:

Floor Plan:

Sq Ft:

Floor Plan:

2,799 1,611 1,697 2,200 2,799 Sq Ft:

Monroe Monroe

Jackson De Niro Monroe

Floor Plan:

1,854

Washington

Sq Ft:

Floor Plan:

2,799 Sq Ft:

1,854 Sq Ft:

Monroe

Floor Plan:

Washington Floor Plan:

1,854

Washington

Sq Ft:

Floor Plan:

1,697

Jackson

Price:

$360,995 Price:

$346,995 Price:

$362,995 Price:

$350,995 Price:

$359,995 Price:

$328,995 Price:

$346,995 Price:

$328,995 Price:

$328,995 Price:

$362,995