QUARTERLY STAT PACK Data through 1st Quarter 2022
RESIDENTIAL REVIEW
El Paso County The data found within the ERA Shields Real Estate Stat Pack is based on information from the Pikes Peak REALTOR® Services Corporation (RSC) or its PPMLS. This content is deemed reliable; however RSC, PPMLS and ERA Shields Real Estate do not guarantee its accuracy. Data maintained by RSC does not reflect all real estate activity in the market. Additional sources include the Colorado Springs Business Alliance, El Paso County Assessor, El Paso County.
Welcome to the ERA Shields Stat Pack. The intent for providing information to you is to educate you on the current local real estate market so you can better make decisions for you and your family. Real estate markets vary from city to city as well as neighborhood to neighborhood. When the national media reports how the real estate market is doing, it is reporting on national numbers and it is likely very different from how your neighborhood is performing. You will find factual data within this document from which you may draw your own conclusions. We include a brief summary on the last page.
QUICK FACTS
New Listings Input for the Quarter were up 13 units from 2021 (3569 vs 3556) Sales for the Quarter were flat, up jut 75 units from 2021 (2778 vs 2703) Single Family Building Permits hit 1326 for the Quarter, down 228 units Median Price for the Quarter was up to $467,266 (17.1%) Average Price for the Quarter went up to $525,579 (14.8%) Just 12% of sales in the Quarter were under $300K 30-Year Fixed Rate Mortgages jumped to 4.67% (up from 3.18% 1st Quarter 2021)
This graph compares the number of homes on the market (Active) to the number of homes Sold. It determines how many months it would take to sell through the current listing inventory. Most economists consider 6.0 months to be a balanced market.
Price Range Comparisons Single Family & Patio Homes
PRICING TOOLS
This chart is ideal for helping you determine how your neighborhood is doing. If you are considering selling your home, this information is just one tool you can reference to assist you with pricing your home strategically. If you have questions on how to properly use this data, call me.
Determine how your price range is performing
Based on 1st Quarter Sales and Current Number of Actives
SINGLE FAMILY - ACTIVES INCLUDE UC & PENDING - EL PASO COUNTY ONLY List Price Actives Under Contract Solds Days on Market SP/LP Inventory Under $100,000
1
0
0
n/a
n/a
n/a
$100,000 to $199,999
1
3
12
12
92.8%
0.3
$200,000 to $299,999
7
26
61
5
100.0%
0.3
$300,000 to $399,999
29
290
494
4
102.7%
0.2
$400,000 to $499,999
99
570
1123
4
103.2%
0.3
$500,000 to $599,999
47
330
490
4
102.9%
0.3
$600,000 to $699,999
43
178
279
4
101.7%
0.5
$700,000 to $799,999
27
96
144
5
100.1%
0.6
$800,000 to $899,999
27
59
85
6
100.0%
1.0
$900,000 to $999,999
19
57
51
5
100.0%
1.1
$1 mil to $1.50 mil
51
62
58
7
100.0%
2.6
$1.5 mil to $2.0 mil
13
12
16
52
97.5%
2.4
$2.0 mil & above
22
9
10
105
91.7%
6.6
This graph shows the total number of new listings entered into the MLS during the Quarter. www.ERAShields.com
QUARTERLY DATA MONTHLY DATA Comparing data for the past 10 years Comparing data for the past 10 years
Average Monthly Active Listings for the Quarter shows the approximate number of homes on the market on any given day during the Quarter.
This graph shows the total number of Solds for the period. Comparing this data over the past 10 years helps determine what trends are occurring. www.ERAShields.com www.ERAShields.com/pages/MarketConditions
QUARTERLY DATA Comparing data for the past 10 years
The Average & Median Sales Prices for the same period over the past 10 years. This graph easily illustrates the current health of the local real estate market.
The price range your home is within dictates your odds of selling in the next 30 days. Generally the lower your price, the more potential buyers. www.ERAShields.com
SUMMARY The first quarter of 2022 is in the books and on most accounts it looks much like the beginning of last year—double digit price increases, days on market are still less than a week, very few active homes on the market and continued huge demand. However, there is one major difference—mortgage rates. Rates have jumped a pointand-half since last year (4.67% vs 3.18%). This means that if you were to buy a home at the median price of $467,000, your monthly payment now would be about $300 more. If you wanted to keep your monthly mortgage payment the same, you would need to buy a home at least $100,000 less. These higher rates will definitely take some buyers out of the market, but with the huge demand we continue to see, it looks like it will only cool things off just a touch. To give some perspective, a 4.67% mortgage rate is still historically low. In 1981, rates hit 18.44%, at the turn of the century they were at 8%, and in 2008 they were about 6.5%. No matter what is occurring in the real estate market, people still buy and sell homes for pleasure or to resolve pain. Despite these higher rates, we still expect our local market to see 10%+ price increases and near record total sales.
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