Quick Stats

• Average Sales Price: $566,967 (down about 2% from $577,965 last year)
• Average Days on Market: 51 (up from 44 last year)
• Months of Inventory: 2.9 months (still considered a Seller’s Market)
• New Listings: 1,782 (up 4.4% from last year, up 11.6% from March)
• Pending Sales: 713 (down 3% from 733 last year)
• Homes Sold: 1,008 (up 6% from last year, up 12.9% from March)

Market Mood This Month

The Colorado Springs housing market saw healthy activity in April, but it also revealed a major shift in Buyer behavior. Buyers are still buying, but they’re being more selective. Inventory increased sharply, giving Buyers more choices and more negotiating power than we’ve seen in a while.

While the average sales price dipped slightly year-over-year, homes are selling steadily. Over 1,000 homes closed in April. Pending sales softened a bit, which may signal Buyers taking more time before making decisions. Those numbers are likely being influenced by interest rates and affordability concerns.

One of the biggest stories this month is pricing strategy. About 35% of all listings had price reductions in April, with the average reduction around 2.7%. That’s roughly $13,500 on a $500,000 home. Sellers are having to adjust expectations to meet current Buyer realities.

The lower price ranges were especially surprising. In the $200,000 to $300,000 range, nearly 46.8% of listings reduced their price an average of 6.6%! A significant adjustment in one of the traditionally hottest price brackets. It shows Buyers are resisting overpriced homes, even in affordable categories.

And here’s the attention grabbing statistic this month. During the week ending April 21, there were 453 new listings, but an even larger 543 price reductions! Twenty percent more had price reductions than even came on the market! That’s a clear signal Sellers who miss the mark on pricing are being forced to adjust, which severely impacts Days on Market.

We also saw 265 homes come back on the market, slightly above last year. Some reasons can point to financing challenges, inspection negotiations, or Buyers becoming more cautious before fully committing.

Quick Advice for Buyers

This market is giving Buyers something they haven’t had in a while: options. With more inventory and more price reductions, there’s room to negotiate on price, repairs, or concessions (within reason!), especially on homes that have been sitting for a few months.

That said, well-priced homes in good condition are still moving quickly. If you find the right home, be prepared to act confidently.

Quick Advice for Sellers

Pricing correctly from day one matters more than ever. Buyers are watching closely, comparing homes carefully, and skipping over listings that feel overpriced. We are in a strange situation where Buyers are just not offering on overpriced listings. They are often not even offering slightly below asking price – they’re just moving on to the next one.

The good news? The Colorado Springs housing market is healthy. Sellers who prepare their homes well, market effectively, and stay realistic on pricing are seeing strong activity and successful closings.

Watchlist – What’s Coming

The spring inventory surge will likely continue into early summer, which will create even more competition among Sellers. We’re also beginning to see signs of Seller fatigue, with 50 withdrawn listings and 69 expired listings. The expired category jumped 38% over last year.

The market isn’t weak, it just means Buyers are more value-conscious. Sellers who adapt quickly will have the advantage.

A huge issue right now is Sellers who purchased in the Unicorn Years (2020 – 2023: rare and unlikely to be repeated) are now looking to sell. Many overpaid and are shocked prices haven’t kept up with the real estate craziness when interest rates and inventory were at an historic low, but there was intense Buyer demand during a worldwide pandemic.

Interest rates (currently in the low to mid 6% range) will continue to influence affordability and Buyer confidence heading into summer. But Colorado Springs remains fundamentally stable thanks to steady demand, military presence, and continued population growth.

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.