HOUSING MARKET PREDICTIONS 2024 – June Update

HOUSING MARKET JUNE 2023 TO JUNE 2024

Even though the housing market has slowed, prices continue to rise. From the same period last year, prices rose in the Colorado Springs local market almost six percent. Homes are selling for almost full asking price, but that can be deceptive.

During the last week of May, 2024, there were 409 new listings, but in a telling turn of events, there were 565 price reductions during the same seven-day period. Even though homes are selling close to list price, it’s taking some adjustment to get to the correct list price. So many sellers believe we are still in the pandemic market when you could put any price on a property and get multiple offers the same day. That is currently detrimental to a quick sale.

If you want to compete in the summer market of 2024, you need to price your home at fair market value or slightly below. People take notice and will offer, often resulting in multiple offers above asking price. But if you overprice your property, it languishes on the market. No showings, no offers, not even low offers. An overpriced home in the current market will be non-competitive.

Active listings are up almost sixty percent from the same period last year. While inventory is still low, there is enough competition for buyers to overlook houses that are not priced properly.

HOUSING MARKET MAY TO JUNE 2024

Between April and May of this year, sales picked up considerably by almost twenty-one percent. Sales in May were 1,021 homes. There was also a nine-percent increase in new listings, but the average sales price remained almost the same. But while sales picked up, the number of active listings between April and May of this year rose about twenty-six percent, up more than fifty-six percent from the same time last year.

Interest rates remained fairly steady from the high sixes to the low sevens. Rates are not expected to come down any time soon. The Feds are waiting for a weaker economy to lower mortgage rates. All eyes are all on job creations being lower, unemployment levels being higher, spending going down, and inflation staying stable/going lower.

Month-to-month there remains about two months of inventory, indicating we are still in a strong Seller’s Market. Again, pricing correctly is crucial during these summer months.

HOUSING MARKET PREDICTIONS SUMMER 2024

Experts believe we will continue to see moderate increase in prices throughout the summer. Even with all our listings, there is a lack of inventory. While prices won’t go up quickly, they will continue to rise at a slower pace.

Mortgage rates should come down slightly, but I believe when that happens, prices will rise accordingly. As we progress during the summer, it’s an excellent time to buy or sell a property. If interest rates should come down, you can refinance FREE of charge (ask me how). Call or text or email with questions you might have about your personal situation. I’d be glad to show you how the current market can help you further your real estate goals.

By Mimi Foster

About the Author

Mimi has received the honor of being voted one of Colorado Springs' Best Realtors five years in a row. With over two decades of experience, she is committed to making the home buying/selling process as easy and enjoyable as possible. Read Full Bio…

Helping buy and sell homes throughout Colorado Springs,
Old Colorado City, Manitou Springs, and surrounding areas

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