As we transition into the fall season, the Colorado Springs housing market continues to evolve, presenting a complex landscape for buyers, sellers, and investors. Understanding the current state of the market is crucial for making informed real estate decisions. In this September 2024 Colorado Springs housing market update, real estate expert Barb Schlinker provides an in-depth analysis of key housing statistics for the Colorado Springs area.
Key Takeaways:
- The median sales price for single-family homes in Colorado Springs increased to $485,000 in September 2024, up 1% from August.
- New listings for single-family homes have increased by 7.1% compared to September 2023, offering more options for buyers.
- The average sales price for single-family homes is $535,023, showing a 1.2% decrease from the previous year.
- Inventory levels have surged, with a 36.6% increase in active listings compared to September 2023, indicating a shift towards a more balanced market.
- The months of supply has increased to 3.6, up from 2.5 in September 2023, suggesting improved conditions for buyers.
Colorado Springs Housing Market Overview:
As of September 2024, the Colorado Springs real estate market is showing signs of increased balance between buyers and sellers. While prices remain relatively stable, the significant increase in inventory and slower price growth indicate a market that’s adapting to changing economic conditions and buyer preferences.
Colorado Springs Key Housing Statistics:
New Listings
In September 2024, the Colorado Springs area saw 1,331 new single-family home listings enter the market. This represents a 7.1% increase compared to September 2023, when 1,243 new listings were recorded. However, it’s a 17.1% decrease from August 2024. The year-over-year increase in new listings provides more choices for buyers and could potentially lead to a more competitive market for sellers.
Sales Activity
The number of single-family home sales in September 2024 was 933, showing a 12.3% decrease from August 2024 and a 7.4% decrease from September 2023. This dip in sales activity, coupled with the increase in new listings, suggests a market that’s finding a new equilibrium.
Average and Median Sales Prices
The average sales price for single-family homes in Colorado Springs as of September 2024 stands at $535,023. This figure represents a 1.2% decrease from September 2023 and a 4.2% decrease from August 2024. The median sales price is $485,000, showing a 1% increase from August 2024 but a 1% decrease from September 2023. These figures indicate a market where prices are stabilizing after periods of growth.
Inventory Levels
September 2024 saw a significant increase in available homes for sale in the Colorado Springs area, with 3,392 active listings for single-family homes. This represents a substantial 36.6% increase from September 2023 and a 2.2% increase from August 2024. The rise in inventory is a positive development for buyers, offering more choices and potentially easing some of the competitive pressure that has characterized the market in recent years.
Months of Supply
The months of supply for single-family homes increased to 3.6 in September 2024, up from 2.5 in September 2023. This metric indicates how long it would take to sell all current listings at the current sales pace if no new homes came on the market. The increase suggests a move towards a more balanced market, although still favoring sellers as a six-month supply is typically considered a balanced market.
What Are the Trends?
- Stabilizing Prices: While prices have shown a slight decrease year-over-year, the month-over-month increase in median sales price indicates a market that’s finding its footing.
- Increasing Inventory: The significant year-over-year increase in available homes suggests a market that is becoming more balanced, potentially easing some of the intense competition among buyers.
- Slowing Sales: The decrease in sales activity could indicate buyer hesitation or increased selectivity in a market with more options.
- Longer Selling Times: The increase in months of supply indicates that homes are staying on the market longer, giving buyers more time to make decisions.
Factors Influencing the Market
Several factors are contributing to the current state of the Colorado Springs housing market:
- Economic Conditions: Local job market strength and overall economic health continue to influence housing demand.
- Interest Rates: National trends in interest rates play a significant role in buyer decision-making and affordability.
- Seasonal Shifts: The transition from summer to fall typically sees changes in market activity, which is reflected in the September data.
- Increased Construction: The rise in new listings suggests that new construction and development projects in the area are contributing to the housing supply.
Tips for Home Buyers and Sellers in this Market
For Buyers:
- Leverage Increased Inventory: With more homes on the market, take the time to explore various options to find the right property that meets your needs and budget.
- Be Prepared to Act: While the market is becoming more balanced, desirable properties may still attract attention. Have your financing in order and be ready to make decisive offers.
- Negotiate Wisely: With more inventory and longer selling times, there may be more room for negotiation. Work with an experienced real estate agent to craft competitive offers.
For Sellers:
- Price Strategically: With more homes on the market and stabilizing prices, accurate and competitive pricing is crucial to attract buyers and sell in a timely manner.
- Enhance Property Appeal: Make your property stand out among the increased competition by ensuring it shows well and addressing any necessary repairs or upgrades.
- Be Patient and Flexible: Homes may take longer to sell in this market. Be prepared for a potentially longer selling process and be open to negotiations.
Colorado Springs real estate expert Barb Schlinker comments on the current market conditions:
“The September 2024 housing market in Colorado Springs is showing clear signs of increased balance, creating a more nuanced landscape for both buyers and sellers. With inventory up significantly from last year, buyers have more options, but this also means sellers need to be more strategic in their approach. In this evolving market, working with an experienced real estate professional is more important than ever to navigate pricing strategies, negotiations, and market trends. Whether you’re looking to buy or sell, being well-informed and prepared is key to achieving your real estate goals in today’s market.”
Colorado Springs Area Housing Market Final Thoughts…
The September 2024 Colorado Springs housing market presents a picture of a market in transition, moving towards greater balance while maintaining overall stability. With stabilizing prices, increased inventory, and a cooling in sales activity, the market offers opportunities for both buyers and sellers.
As we move further into the fall season, it will be important to watch how these trends develop. The increased inventory and stabilizing prices could lead to a more sustainable market in the long term, benefiting both buyers and sellers. However, economic factors such as interest rates and local job market conditions will continue to play crucial roles in shaping the market’s direction.
For those considering entering the Colorado Springs real estate market, whether as a buyer or seller, staying informed about these trends is essential. However, it’s equally important to consider your personal circumstances, long-term goals, and the specific characteristics of the neighborhoods you’re interested in.
Call Colorado Springs Real Estate Expert Barb Schlinker To Buy or Sell Your House
When it comes to navigating the complex and ever-changing Colorado Springs real estate market, there’s no better guide than Barb Schlinker. With years of experience and a deep understanding of the local market dynamics, Barb has consistently proven herself as a top-performing realtor in the area. Her expertise extends beyond just buying and selling; Barb provides invaluable insights into neighborhood trends, property values, and investment potential.
Don’t leave your real estate decisions to chance. Contact Barb Schlinker today at 719-301-1802 and experience the difference that working with a true Colorado Springs real estate expert can make. Whether buying or selling, in any market condition, Barb is your trusted partner for all your real estate needs in the Colorado Springs area.
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!
Frequently Asked Question About Colorado Springs Housing Market
The significant increase in inventory in September 2024, with active listings up 36.6% compared to September 2023, has several positive implications for home buyers in Colorado Springs:
More Options: Buyers have a wider selection of homes to choose from, increasing the likelihood of finding a property that meets their specific needs and preferences.
Reduced Competition: With more homes available, there’s less competition among buyers for each property, potentially reducing the frequency of bidding wars and allowing for more thoughtful decision-making.
Negotiation Power: As homes stay on the market longer (indicated by the increased months of supply), buyers may have more room to negotiate on price and terms.
Market Balance: The shift towards a more balanced market means buyers may face less pressure to make rushed decisions, allowing for more thorough property evaluations and due diligence.
Price Stabilization: The increased supply is contributing to price stabilization, which can improve affordability for some buyers.
However, it’s important to note that while conditions are improving for buyers, working with an experienced real estate professional like Barb Schlinker is still crucial. They can help buyers navigate this changing market, identify the best opportunities, and make informed decisions based on current trends and individual circumstances.
