The Colorado Springs housing market continued to exhibit robust activity in May 2024, with several key indicators suggesting a competitive environment for both buyers and sellers. As the region’s economic growth and population influx continue, the demand for housing remains strong. In this May 2024 Colorado Springs housing market update, real estate expert Barb Schlinker provides an in-depth look at key housing statistics for the Colorado Springs area.
Key Takeaways:
- The median home price in Colorado Springs reached $415,000, reflecting a 5.1% year-over-year increase.
- New listings decreased by 12.8% compared to May 2023, contributing to a tighter housing supply.
- The median days on market for homes in the area was 18 days, a decrease of 18.2% from the previous year, indicating a fast-paced market favoring sellers.
Colorado Springs Housing Market Overview
The Colorado Springs housing market continues to thrive, driven by a robust local economy, job opportunities, and the area’s appealing quality of life. With a limited supply of available homes and strong buyer demand, the market remains highly competitive, favoring sellers in many cases. However, affordability concerns and rising mortgage rates may present challenges for some prospective buyers.
Key Statistics
New Listings
The number of new listings in the Colorado Springs area decreased by 12.8% in May 2024 compared to the same period last year. This decline in new inventory could potentially exacerbate the existing housing supply shortage, leading to increased competition among buyers for available properties.
Median Days on Market
Homes in the Colorado Springs area spent a median of 18 days on the market before going under contract in May 2024. This figure represents an 18.2% decrease from the previous year, indicating a faster pace of sales and a highly favorable market for sellers.
Home Affordability
The home affordability index for Colorado Springs stood at 65 in May 2024, a decrease of 7.1% from the previous year. This metric suggests that purchasing a home in the area may have become less affordable for some buyers, potentially due to factors such as rising mortgage rates or home prices outpacing income growth.
Average Home Price
The median sales price for homes in Colorado Springs reached $415,000 in May 2024, representing a 5.1% year-over-year increase. This steady rise in home prices could be attributed to the area’s strong economic fundamentals and growing demand for housing.
Inventory Levels
Active inventory levels in the Colorado Springs area decreased by 22.4% compared to May 2023. With a months’ supply of inventory at 1.8, the market remains exceptionally tight, indicating a significant advantage for sellers and heightened competition among buyers.
Pending Sales
Pending sales in the Colorado Springs area decreased by 16.3% year-over-year in May 2024. This decline could be attributed to various factors, such as rising mortgage rates, affordability concerns, or a temporary slowdown in buyer activity.
What Are the Trends?
Compared to the previous year, the Colorado Springs housing market in May 2024 exhibited a tightening supply of new listings and active inventory, coupled with a faster pace of sales and rising median home prices. However, the decrease in pending sales and the decline in affordability suggest potential headwinds for some buyers.
Factors Influencing the Market
Several factors are likely influencing the Colorado Springs housing market dynamics. These include local economic conditions, employment opportunities in key industries, mortgage rates, and broader regional or national housing market trends. Additionally, factors such as population growth, new construction activity, and consumer confidence can play a role in shaping the market.
Tips for Home Buyers and Sellers in this Market
For homebuyers in the Colorado Springs area, being prepared with pre-approval and acting quickly on desirable properties may be crucial in the current market. Working with an experienced real estate agent and being flexible on location or desired features could also be advantageous.
On the other hand, home sellers may benefit from pricing their homes competitively and ensuring their properties are in excellent condition for showings. Effective marketing strategies and leveraging the expertise of a knowledgeable real estate professional can help maximize the potential for a successful sale.
Colorado Springs Area Housing Market Final Thoughts
The Colorado Springs housing market in May 2024 exhibited a mix of favorable conditions for sellers and potential challenges for some buyers. While the median home price continued to rise, the tightening inventory and faster pace of sales suggest a highly competitive market. Prospective buyers and sellers should carefully consider their individual circumstances, goals, and the guidance of experienced real estate professionals to navigate this dynamic housing landscape successfully.
Call Colorado Springs Real Estate Expert Barb Schlinker To Buy or Sell Your House
As a seasoned real estate expert in the Colorado Springs area, Barb Schlinker brings a wealth of knowledge and expertise to help clients achieve their homebuying or selling goals. With a deep understanding of the local market dynamics, trends, and neighborhoods, Barb can provide tailored guidance and strategies to ensure a smooth and successful transaction.
Whether you’re a first-time homebuyer or an experienced seller, Barb’s commitment to exceptional client service ensures that your unique needs and preferences are prioritized throughout the process. From identifying the perfect property that meets your criteria to skillfully negotiating the best terms, Barb’s expertise and dedication will be invaluable assets.
In the ever-changing Colorado Springs housing market, having a trusted and knowledgeable real estate partner like Barb Schlinker can make all the difference. Call Barb today to start your homebuying or selling journey with confidence and peace of mind.
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