Welcome to the February 2013 issue of Kim Klapac...Locals Know Newsletter. Thank you for taking the time to read through this month's edition and I hope you find it informative and interesting! For more information within each topic please feel free to click the underlined links.
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4th quarter 2012 showed marked improvement over previous 2012 quarters as well as 2011 4th quarter results. In the attached local market activity report by area you will see an upward positive trend that coincides with the general market 4th quarter 2012 activity.
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New Listings increased 6.4 percent to 2,813. Pending Sales were up 0.5 percent to 1,906. Inventory levels shrank 6.1 percent to 3,686 units. Prices rallied higher. The Median Sales Price increased 11.1 percent to $199,900. Days on Market was down 17.9 percent to 78 days. Absorption rates improved as Months Supply of Inventory was down 13.5 percent to 4.5 months.
Activity Snapshot:
+10.4% One year change in sold Listings
-6.1% One year change in active listings
11.1% One year change in Median Sale Price |
General Market Overview 4th Qtr Chart Link
What is months supply of inventory?
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A measure of how balanced the market is between buyers and sellers. It is expressed as the number of months it would hypothetically take to sell through all the available homes for sale, given current levels of home sales. A balanced market ranges from 4 to 7 months of supply. A buyer's market has a higher number, reflecting fewer buyers relative to homes for sale. A seller's market has a lower number, reflecting more buyers relative to homes for sale. |
*Colorado Association of REALTORS 10K Report |
Be an informed Home Owner
The 10% Energy efficiency tax credit, up to $500, for home owners who make energy efficiency improvements is extended through 2013 and made retroactive to cover 2012.
Home owners/tax filers making less than $110,000 who pay for mortgage insurance can deduct the cost of their premiums on their 2012 and 2103 tax returns.
Home owners that have mortgage debt forgiven by a lender in 2013 as a result of a modification, short sale, or foreclosure will not have to pay tax on the amount forgiven.
* Seek professional tax advice. |
Newsworthy Article of the Month
Will an increased downpayment requirement make homeownership harder?
What is the QRM Rule?
Under the proposed rule, borrowers who cannot afford a 20 percent down payment and who are unable to obtain financing through the FHA will be expected to pay a premium of two percentage points for a loan in the private market to offset the increased risk to lenders.
Last year, an average first-time home buyer financed 96 percent of a mortgage, according to the association's "Profile of Home Buyers and Sellers." The average repeat buyer financed 86 percent, and 14 percent of all buyers (first-time and repeat) took out a mortgage for the entire purchase price.*
* Michelle Singletary, The Washington Post
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Manitou Springs Mumbo Jumbo Cook-Off. 2 for $1.00. When: Saturday, February 9th; 9AM-1PM. Where: Soda Springs Park, Manitou Springs. Mumbo Jumbo Cook-Off.
8th Annual Big Horn Sheep Day. Family Fun! When: Saturday, February 16th; 10AM-3PM. Bring your binoculars! Where: Garden of the Gods Visitor Center.
When: Friday/Saturday, February 9th/10th & 16Th/17th; Where: Bennett Avenue, Cripple Creek. Ice Festival.
30th Annual Southern Colorado Handbell Festival. FREE! When: Saturday, February 16th, 7:30PM. Where: Colorado Springs City Auditorium.
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Public Free Day! Colorado Springs Fine Art Center - Downtown. When: Tuesday, February 19th; 10AM. Public Free Day at the FAC.
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