Market Conditions

November sales jumped 25% over last year. But before we celebrate, last year was decelerating pretty rapidly at this time, 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 has dropped a little since last month, and is still up 30% over last year. The median price picked back up from last month by 4% over last year.

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 November data:

  • Sales up 25% at 894 units
  • Average price down .3% at $553,014
  • Median price up 4% at $485,000
  • Inventory of unsold homes up 30% at 3,113 homes, but lowest since July
  • Months supply of homes for sale 3.5 months (though under 3 months in El Paso County)
  • Pending Sales 1,086
  • Median Days on Market 34

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 11/30/24. 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 12/2/2024

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