Market Conditions

September sales continued to languish, down 7.4% from last year. The inventory of unsold homes remained almost flat, resulting the months supply of homes for sale increasing to 3.6, which is getting close to the border of a buyers market. Rates have begun to fall, with the national average just over 6%, but many programs and buyers are now starting to get into the 5’s. If rates drop WELL below 6, it is entirely possible that things will get kind of crazy again, so this is a good time for buyers to take advantage of the better selection while it lasts.

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 August data:

  • Sales down 7.4% at 933 units
  • Average price down 1.3% at $533,783
  • Median price up 2.1% at $485,000
  • Inventory of unsold homes up 35% at 3,391 homes (9 year high)
  • Months supply of homes for sale 3.6 months
  • Pending Sales 1,344
  • Median Days on Market 28

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 9/30/24. 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 10/2/2024

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