PATIENCE WON’T SELL YOUR HOUSE. PRICING WILL. (KCM)
Quick Stats
- Average Sales Price: $573,297
- Average Days on Market: 40
- New Listings: 1,323
- Homes Sold: 919
- Months of Inventory: 3.9
- Pending Sales: 594
Market Mood This Month
The Colorado Springs market was holding steady in August, with buyers adjusting to interest rates in the mid-6% range and sellers facing a more balanced playing field.
Pending sales (594) provide a good forward-looking sign that buyer activity remains steady, even as homes are taking about 40 days to sell.
Interestingly, the Average Price of New Listings ($594,612) is notably higher than the Average Sales Price ($573,297). This gap shows that some sellers are starting out a little higher than what buyers are actually willing to pay, and many sellers are adjusting. In fact, about 40% of homes in the mid-market range lowered their asking price in August, with an average price cut of 2.5%. That’s a clear sign of motivated sellers and growing leverage for buyers.
We also saw 202 homes come back on the market, a reminder that financing challenges or second thoughts are still part of today’s landscape. Meanwhile, 199 homes were Withdrawn or Expired, suggesting some sellers are pausing or reevaluating their approach.
Overall, it’s a more thoughtful, steady market — with room for negotiation and balance on both sides.
Quick Advice for Buyers
With more homes on the market and sellers showing flexibility, this is a great season to shop carefully. Be ready to negotiate, and don’t be afraid to ask for concessions if the home has been sitting for a while. Just remember that well-priced homes still move quickly, so have your financing ready with a preapproval from a trusted lender. In addition to your preapproval letter, make sure you secure home insurance immediately when you go under contract for your new home. Homeowner’s insurance is getting more and more expensive for less coverage, so get yours locked in as soon as possible.
Quick Advice for Sellers
Chris Smith, NYT Bestselling Author, said it so well: “Your house isn’t worth what you paid plus what you spent plus what you need. It’s worth what someone will pay – today.” Especially true in the current market. Buyers are paying attention to price, updating, and presentation more than ever. Listing too high often leads to reductions later, with unusually long days on market, so start smart. Realistic pricing and curb appeal are making all the difference in how quickly homes sell in this more balanced environment. Buyers don’t seem to even offer on a house they feel is overpriced. I cannot emphasize enough the quote from Keeping Current Matters: Patience isn’t a strategy. Pricing is.
Watchlist – What’s Coming
Seasonal slowing is expected as we move further into fall, but the market is unlikely to stall. Interest rates remain steady in the mid-6% range (with the expectation of coming down slightly in September), and new construction continues to add more options. The uptick in Withdrawn and Expired listings shows some sellers are holding out, which could tighten inventory again by winter. If new listings slow while more homes are pulled from the market, Months of Inventory may dip — reducing choices for buyers. For those waiting on lower interest rates, the trade-off could be fewer options and stiffer competition later in the year because when interest rates drop, prices often go up.
Ready to Make Your Move?
With three decades of proven experience helping Colorado Springs Buyers and Sellers, I’m here to guide you through this market confidently. Call, text, or email Mimi Foster anytime. No pressure, no obligation — just the knowledge you need to make the right move.
