As we transition from the peak summer months into early fall, the Colorado Springs housing market continues to evolve, presenting a dynamic landscape for buyers, sellers, and investors alike. Understanding the current state of the market is crucial for making informed real estate decisions, whether you’re looking to purchase your dream home, sell your property, or expand your investment portfolio. In this August 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 decreased slightly to $490,000 in August 2024, down 1.8% from July.
- New listings for single-family homes have increased by 14.1% compared to August 2023, offering more options for buyers.
- The average sales price for single-family homes is $558,409, showing a modest 0.8% increase from the previous year.
- Inventory levels have surged, with a 37.2% increase in active listings compared to August 2023, indicating a shift towards a more balanced market.
- The months of supply has increased to 3.1, up from 2.3 in August 2023, suggesting improved conditions for buyers.
Colorado Springs Housing Market Overview:
As of August 2024, the Colorado Springs real estate market is showing signs of stabilization and increased balance between buyers and sellers. While prices remain relatively strong, the 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 August 2024, the Colorado Springs area saw 1,605 new single-family home listings enter the market. This represents a significant increase of 14.1% compared to August 2023, when 1,407 new listings were recorded. However, it’s a slight decrease of 2.1% from July 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 August 2024 was 1,064, showing a 5.6% decrease from July 2024 and a slight 0.3% decrease from August 2023. This minor 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 August 2024 stands at $558,409. This figure represents a modest 0.8% increase from August 2023 but a 2.2% decrease from July 2024. The median sales price is $490,000, showing a 1.8% decrease from July 2024 but a 2.1% increase from August 2023. These figures indicate a market where prices are stabilizing after periods of rapid growth.
Inventory Levels
August 2024 saw a significant increase in available homes for sale, with 3,320 active listings for single-family homes. This represents a substantial 37.2% increase from August 2023 and a 1.4% increase from July 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 3.1 in August 2024, up from 2.3 in August 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?
- Moderating Prices: While prices are still up year-over-year, the rate of increase has slowed, and we’re seeing month-over-month decreases, indicating a cooling in the market.
- 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.
- Steady Demand: Despite a slight decrease in sales, the market remains active, with homes still selling at a good pace.
- 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 support housing demand.
- Interest Rates: National trends in interest rates play a significant role in buyer decision-making and affordability.
- Increased Construction: The rise in new listings suggests that new construction and development projects in the area are contributing to the housing supply.
- Seasonal Factors: The transition from summer to fall typically sees changes in market activity, which may be reflected in the August data.
Tips for Home Buyers and Sellers in this Market
For Buyers:
- Take Advantage of 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 multiple offers. 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 moderating 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 August 2024 housing market in Colorado Springs is showing signs of increased balance, which is creating opportunities for both buyers and sellers. With more inventory available, buyers have more options to choose from, but this also means that sellers need to be more strategic in their approach. In this evolving market, it’s crucial to work with an experienced real estate professional who can guide you through the nuances of pricing, negotiations, and market trends. Whether you’re buying or selling, being well-informed and prepared is key to success in today’s market.”
Colorado Springs Area Housing Market Final Thoughts…
The August 2024 Colorado Springs housing market presents a picture of a market in transition, moving towards greater balance while maintaining overall stability. With steady year-over-year price appreciation, increased inventory, and a slight cooling in sales activity, the market offers opportunities for both buyers and sellers.
As we move into the fall season, it will be important to watch how these trends develop. The increased inventory and moderating 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
As of August 2024, the months of supply for single-family homes in Colorado Springs is 3.1 months. While this is an increase from 2.3 months in August 2023, it still falls short of the six-month supply typically considered indicative of a balanced market. This suggests that while the market is moving towards balance, it still slightly favors sellers. However, the trend towards increased supply is a positive sign for buyers, potentially leading to more negotiating power and less competition for available homes.
