Hector Hernandez
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Hector Hernandez
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February Housing Update (February Stats)
For the most part the start of 2024 picked up where the end of 2023 left off. YoY sales were down 10% despite a 7% increase in inventory. This was the first time we have seen an increase in inventory since June 2023. The negative YoY sales marked the 20th consecutive month we have seen a negative YoY number. The average price was down for the first time in five months and sits at $522,379, while the Median price finished at $450,000. This is the lowest we have seen the Median price since February 2023.
Most of the sales prices across the price spectrum saw negative YoY numbers. Three homes sold under $199,999, compared to 4 January 2023. There were 24 home sales priced between $200,000 - $299,999 compared to 23 units sold in 2023. In the $300,000 - $399,999 price range there were 121 units sold compared to 169 in 2023. In the $400,000 - $499,999, there were 189 units sold compared to 185 in 2023. The $500,000 - $599,999 price range delivered 85 units sold compared to 89 in 2023. The $600,000 - $799,999 price range had 64 units sold compared to 91 in 2023. There were 29 units sold in the $800,000 - $999,999 price range compared to 25 in 2023. There were 18 units sold between $1MM & $1.9MM, compared to 29 in 2023. Three homes sold over $2MM, which was the same amount sold this time last year.
Demand letters are increasing as expected now that the holiday season is behind us. There are currently 19 homes set to go to Auction in February. I expect some of these will get withdrawn, and others will get sold.
The national interest rate average is 7.29%. I expect to see interest rates hover between the upper 6’s and the lower 7’s in the first quarter of 2024. Home prices are beginning to drop as expected. The days of home sellers placing a sign on the yard and having multiple offers are long gone, and the days of sellers putting in an effort to prepare their home for sale are now the norm.
Remember, if you are in the market to sell or buy a home, make sure you work with a professional who has the knowledge and experience of navigating the type of real estate market we are seeing today. The difference between a professional Realtor and someone who sells real estate could be tens of thousands of dollars.
Contact Hector at 719-599-8134 for more information including a micro-analysis of your situation. Be sure to visit InsideEdgeRealEstate.com to search for your next home and to get the latest Pikes Peak Region Housing News.
January 2023 | January 2024 | +/- | |
New Listings | 965 | 963 | - .2% |
Homes Sold | 739 | 668 | - 9.6% |
Average Sales Price | $525,254 | $522,379 | - .5% |
Median Sales Price | $445,000 | $450,000 | + 1.1% |
Average Days on Market | 50 | 51 | + 2.0% |
Percent (%) of Sold Price vs List Price | 98.4% | 99.3% | + 0.9% |
Single Family-Patio | December | January | +/- |
New Listings | 577 | 963 | + 66.9% |
Sold Listings | 777 | 668 | - 14.0% |
Total Active | 1,891 | 1,749 | - 7.5% |
Months Supply of Inventory | 2.4 | 2.6 | + 0.5% |
Townhouse-Condo | December | January | +/- |
New Listings | 117 | 202 | + 72.6% |
Sold Listings | 114 | 108 | - 5.3% |
Total Active | 309 | 333 | + 7.8% |
Months Supply of Inventory | 2.7 | 3.1 | - 1.5% |
Up to $199,999 | 3 | - 1 |
$200,000 - $299,999 | 24 | + 1 |
$300,000 - $399,999 | 121 | - 48 |
$400,000 - $499,999 | 189 | + 4 |
$500,000 - $599,999 | 85 | - 4 |
$600,000 - $799,999 | 64 | - 27 |
$800,000 - $999,999 | 29 | + 4 |
$1,000,000 - $1,999,999 | 18 | - 11 |
Over $2,000,000 | 3 | +/- 3 |
Hector Hernandez | 719-599-8134 | Contact Me
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Information last updated on 2024-03-18 17:30:04.