Market Conditions

October sales jumped 17.3% over last year. But before we celebrate, last year was decelerating pretty rapidly in October, so this jump is probably not as great as it sounds. We also saw a very temporary drop in interest rates that has now reversed itself, with rates back into the upper 6’s. The inventory of unsold homes remained flat, and with a little pickup in sales, resulted in the months supply dropping to 3.4. The median price dropped a little, by 2.1%, indicating some of our sellers may a little more motivated. This was the first drop in the median in a year to year comparison, since August of 2023.

Colorado Springs was recently ranked the #3 best place to live by US News and World report, a reminder that upward pressure may continue for some time on our market. Recent new job announcements in the area will also continue to add housing demand, as well as the recent announcement that Space Command Headquarters will be remaining here after all.

Here is a brief summary of some of the October data:

  • Sales up 17.3% at 998 units
  • Average price up .1% at $557,742
  • Median price down 2.1% at $475,000
  • Inventory of unsold homes up 35.4% at 3,391 homes (9 year high)
  • Months supply of homes for sale 3.4 months
  • Pending Sales 1,280
  • Median Days on Market 27

For more details, see the Colorado Springs Homes Sales Trend Data

“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/23 through 10/31/24. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.” Copyright © 2024 REALTOR® Services Corp. Questions about this data analysis should be directed to Rick Van Wieren, RE/MAX Properties, Inc, 1915 Democracy Pt, Colorado Springs, CO 80908 ph 719-331-7675 or email vanwierenrick@gmail.com

Updated as of 11/1/2024

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