The Colorado Springs real estate market continues to demonstrate interesting shifts as we move deeper into autumn, with notable changes in both inventory and pricing dynamics. Understanding these trends is crucial for anyone looking to make informed real estate decisions in the Pikes Peak region. In this October 2024 Colorado Springs housing market update, veteran Colorado Springs real estate expert Barb Schlinker breaks down the latest statistics and what they mean for buyers and sellers.
Key Takeaways:
- Single-family home median sales prices have adjusted to $475,000 in October 2024, showing a 2.1% decrease from September’s figures
- New listings have increased significantly, with 1,408 single-family homes entering the market – a robust 18.8% increase compared to October 2023
- Active inventory remains strong with 3,394 available properties, maintaining a 35.5% increase from the previous year
- The average sales price reached $557,741 for single-family homes, indicating a 4.2% increase from September
- Months of supply holds steady at 3.4 months, reflecting a market that continues to move toward balance
Current Market Dynamics
The October 2024 data reveals a market in transition, with various indicators pointing to increased opportunities for both buyers and sellers. The housing landscape in Colorado Springs demonstrates remarkable resilience while adapting to changing economic conditions and seasonal patterns.
October 2024 Market Statistics Analysis
Listing Activity and Inventory
October brought significant movement in new listings, with 1,408 single-family homes entering the market. This represents not only a 5.8% increase from September but also an impressive 18.8% year-over-year increase compared to October 2023. For existing homes specifically, 1,213 new listings maintained steady levels from September, showcasing a remarkable 21.9% increase from the previous year.
The total active inventory stands at 3,394 single-family homes, representing a marginal 0.1% increase from September but a substantial 35.5% increase compared to October 2023. This continued growth in available homes provides more choices for potential buyers while creating a more competitive environment for sellers.
Sales Performance
October saw 998 single-family home sales, reflecting a 7.0% increase from September’s figures and a 17.3% increase compared to October 2023. Looking specifically at existing homes, 890 sales were recorded, showing a 7.0% increase from September and an impressive 19.9% year-over-year growth. These numbers indicate healthy market activity despite seasonal transitions.
Price Trends and Market Values
The median sales price for single-family homes adjusted to $475,000 in October, representing a 2.1% decrease from both September 2024 and October 2023. For existing homes, the median price settled at $460,000, showing similar adjustment patterns. The average sales price reached $557,741 for all single-family homes, demonstrating a 4.2% increase from September.
Market Balance Indicators
The months of supply metric stands at 3.4 for single-family homes, holding relatively steady from September’s 3.6 figure while showing improvement from October 2023’s 2.9 months. This metric suggests a market that continues to move toward better balance, though still favoring sellers as a six-month supply is traditionally considered a fully balanced market.
Market Trends and Implications
What’s Driving These Changes?
Several key factors are influencing the current market conditions:
- Seasonal Adjustments: October’s figures reflect typical autumn market patterns while showing stronger year-over-year improvements
- Interest Rate Impact: Current mortgage rates continue to influence buyer behavior and overall market dynamics
- Local Economic Strength: Colorado Springs’ robust job market and continued population growth support sustained housing demand
- Inventory Growth: The significant year-over-year increase in available homes is creating more opportunities for buyers
Recommendations for Market Participants
For Buyers:
- Take advantage of increased inventory levels and potentially reduced competition
- Consider the wider selection of properties now available in various price ranges
- Work with an experienced agent to navigate price negotiations in this evolving market
- Stay informed about interest rate trends and their impact on purchasing power
For Sellers:
- Price properties strategically based on current market conditions and comparable sales
- Consider the increased competition from other available properties
- Focus on property presentation and marketing to stand out in a growing inventory environment
- Be prepared for potentially longer sales timelines compared to previous years
Expert Market Perspective
Barb Schlinker, Colorado Springs’ leading real estate expert, offers her insights on the current market:
“The October 2024 numbers tell an interesting story of a market that’s finding new equilibrium. While we’re seeing healthy increases in both inventory and sales activity, the slight adjustments in pricing suggest a market that’s becoming more nuanced. This environment creates opportunities for both buyers and sellers, but success requires careful strategy and expert guidance.“
Call Colorado Springs Real Estate Expert Barb Schlinker To Navigate This Market
As a veteran realtor with extensive experience in the Colorado Springs market, Barb Schlinker brings unparalleled expertise to every real estate transaction. Her background as a Navy veteran, combined with her deep understanding of the local market, makes her uniquely qualified to assist both buyers and sellers in achieving their real estate goals.
Whether you’re considering selling your home or looking to purchase in the Colorado Springs area, Barb’s proven track record of success and commitment to client satisfaction makes her the ideal choice for navigating today’s market conditions. Her real estate team’s comprehensive approach ensures you’ll receive the guidance and support needed to make informed decisions in this evolving market.
Contact Barb Schlinker today at 719-301-1802 to discuss your real estate needs and start your journey toward a successful transaction.
Frequently Asked Questions About the October 2024 Housing Market
With the significant 35.5% year-over-year increase in available homes, sellers need to consider several factors when developing their pricing strategy:
Competitive Analysis: With more available inventory, precise pricing based on recent comparable sales is crucial
Market Timing: Understanding seasonal patterns and current market conditions helps in setting realistic price points
Property Differentiation: Highlighting unique features becomes more important with increased competition
Flexibility: Being prepared to adjust pricing based on market feedback and showing activity
Strategic Positioning: Working with an experienced agent to position the property effectively in the current market
The current 3.4 months of supply indicates several important factors for buyers:
Market Balance: While still technically a seller’s market, the increase from last year shows improving conditions for buyers
Negotiation Opportunity: More inventory and longer market times may create better negotiating positions
Decision Timeline: Buyers have more time to make informed decisions compared to previous months
Market Dynamics: Understanding this metric helps buyers gauge their bargaining power in different price ranges
Future Trends: The steady increase in this metric suggests continuing improvement in buyer conditions
Remember, for personalized advice about buying or selling in today’s market, contact Barb Schlinker at 719-301-1802. Her expertise and understanding of current market conditions can help you navigate these changing times successfully.
