Your Home Sold Guaranteed Realty - Barb Has the Buyers Team

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Colorado Springs Housing Market Update for April 2024

Are you a home seller or buyer in Colorado Springs wondering about the current state of the local housing market? This monthly update for April 2024 dives into the latest real estate market trends and data to help you make an informed decision. Barb Schlinker and the real estate experts at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team explore what’s happening and what it means for your situation.

Key Takeaways

  • The number of new listings for single-family/patio homes surged 24.6% year-over-year in April, indicating more inventory is hitting the market.
  • Despite higher inventory, home prices continued climbing with the average sale price up 7% and the median up 4.3% compared to April 2023.
  • The condo/townhome segment saw more modest new listing growth of 26.8% annually, while prices remained relatively flat year-over-year.

New Listings on the Rise for Single-Family Homes

One of the most notable datapoints was the sharp 24.6% annual increase in new listings for single-family and patio homes in April 2024. A total of 1,666 properties hit the market, up from 1,495 in April 2023. This influx of new inventory provides more options for buyers who have been frustrated by limited supply.

However, buyer demand still appears robust. Sales of single-family homes were up 1.9% year-over-year, even as the number of new listings spiked. This suggests that the increased supply is being absorbed relatively quickly by eager buyers.

Home Prices Continuing to Climb

Despite more properties being listed, home prices in Colorado Springs showed no signs of cooling off in April. The average sale price for single-family/patio homes reached $564,715, a sizable 7% increase from $532,254 in April 2023. The median sale price also jumped 4.3% annually to $490,000.

For condo/townhome buyers and sellers, prices were relatively flat compared to last year. The average sale price dipped a marginal 0.2% to $365,411, while the median sale price rose 0.9% to $338,000 year-over-year.

Supply Remains Constrained

Even with higher new listing activity, the supply of available homes in Colorado Springs is still below what is considered a balanced market. The months of supply – an estimate of how long it would take to sell all current listings at the present sales pace – stood at 2.2 months for single-family/patio homes. This is well under the 6-month benchmark for a balanced market.

The condo/townhome segment was closer to equilibrium with 2.9 months of supply in April. However, it’s still considered a seller’s market at anything under 6 months of inventory.

So What Does This Mean for You?

For home sellers: The growing number of new listings provides increased competition, but strong buyer demand and limited overall supply continues supporting home price appreciation. If you’ve been waiting for more inventory to List your home, now could be an opportune time to take advantage of upward pricing momentum.

For home buyers: Higher mortgage rates have decreased affordability, but the bump in new listings gives you more available options to choose from. While you’ll likely face bidding wars in many cases, the year-over-year price deceleration for condos/townhomes could make that segment a relatively more affordable option worth considering.

Whether you’re looking to buy or sell a home in Colorado Springs, having an experienced local real estate professional on your side is crucial for navigating this rapidly evolving, data-driven market most effectively. Reach out today to discuss your specific goals and situation.

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!

Call Colorado Springs Real Estate Expert Barb Schlinker

Colorado Springs Housing Market Update for April 2024
Barb Schlinker

If you’re looking for the best realtor in Colorado, look no further than Barb Schlinker and our real estate experts at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team. We’ve been in the real estate business for a little over 27+ years and have handled thousands of successful home sales.

We’ve earned a reputation as the top-performing real estate team in the area for a reason. According to the data, we sell homes 66% faster and for $20,520 more money than our competitors.

On top of that, we offer a unique Guaranteed Sale Program that makes selling a home with us a risk-free and stress-free experience.

To learn more about working with us to sell a house in Colorado, call or text us at 719-301-1802 or [javascript protected email address]. Get ready to start packing!

Colorado Springs Housing Market Update for April 2024
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