The Flying Horse Realty Report

Better than Stocks. Middle-income homeowners have seen their equity wealth appreciate by an average of $122,100 since 2012. Similarly, lowincome homeowners reported $98,900 in equity gains, and upper-income households accrued $150,800 in equity. (Nat’l Assn of Realtors)

No Big Surprise. The data shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. (KCM)

We’re “Trending”. It’s important to note that real estate trends vary by region. “I wouldn’t necessarily wait around and see if you can get the best possible deal, because timing the housing market is very difficult (Moody’s Analytics)

Where are the Listings? Builders, in a recent report, cited a lack of listings on the resale market, which gave them an unusually strong edge. New listings of existing homes have fallen about 25% compared with a year ago (NAHB/Wells Fargo)

Looks Like We’re History. Historically speaking, the economic impact from the Fed’s inflation fighting always hits housing first…with rising interest rates cooling demand and (in theory) helping to rein in inflation (Fortune)

Follow the Sun. Sunbelt markets (Florida, Southeast, Texas, and Southwest) experienced the strongest home price appreciation over the past three years, as many buyers fled highcost metros in search of affordability and more space (Fortune)

More Housing Now! Colorado’s proposed “More Housing Now” approach looks to provide the tools and incentives needed to create and implement more housing solutions for our residents and keep our economy thriving (Colo. Assn. of Realtors)

My Home’s Worth What? Property assessors for nine metro Denver area counties recently announced that property valuations saw double-digit increases in their biannual assessment. Douglas County saw the largest median increase at 47% (Denver Bus. Journal) An Aggressive Assumption. “We are assuming both job growth and the need for replacement workers for retirees will result in higher levels of net migration over the next five years as compared to the last few years in Colorado” (Colorado Dept of Labor)

Just Changing Zip Codes. Denver, Boulder, Jefferson and Arapahoe counties lost nearly 34,000 residents combined in domestic out-migration in the past two years, Over the same period, Weld, Douglas and Larimer counties saw net in-migration of 35,656 people. (U.S. Census Bureau)

A Change for Better Use. In Denver, Michael Hancock’s administration is emphasizing the conversion of “underused office buildings into apartments or condos” as an important way to address the city’s housing shortfall and revitalize the downtown area (Denver Post)

Colorado is Number One (Again). The top city in the country to experience the greatest increase in housing inventory during the past year was Aurora, Colorado (at 115.6%). Nine of the cities making the top ten list are in the West and Southwest (Forbes)

Interesting Stat. Apartments in Colorado Springs constructed during the past ten years average 953 sq ft…which is the 12th biggest gain in the country in apartment sizes…and makes the Springs average apartment size 103 sq ft larger than average Denver apartment (Rent Café)

And Another Record. Multi-family housing is booming in Colorado Springs. The Pikes Peak Regional Building Department issued 130 permits in 2022 for the addition of almost 5,000 new apartments — a record high for a single year (Gazette)

We’re an Active Market. When viewed month over month this past March, new listings in El Paso County increased 45.1% and sold properties increased 31.6%. Demand also picked up with average days on market landing at 45 days (PPAR)

First Quarter Stats. As of the end of the first quarter, 2023, average home prices in El Paso County were $300,000 lower than average home prices in Douglas County…and almost $310,000 less that the average price home sold in Denver County (Colo. Assn of Realtors)

We’re Still Popular Though. Colorado Springs homes are currently selling for about 98.7% of their list price, and it is taking longer for them to sell. Sellers may need to adjust their pricing strategies to remain competitive in the current market (Norada)

Like, Really Popular. Of 150 metro areas in the U.S. analyzed to find the best places to live, Colorado Springs came in #1 in the “Best Places to Live in Colorado” and #2 in overall “Best Places to Live in U.S.” (US World & News Report)