HOUSING MARKET SEPTEMBER 2023 TO SEPTEMBER 2024
Things are changing this season in the Colorado Springs Housing Market. There have only been a few times in the last few years where we’ve seen a drop in the Average Sales Price. There are also a few reports that need some research in the current market update.
Houses are not selling as quickly as they were during the Unicorn Years (2020 through mid-2022 when prices and sales were unrealistic). They are, however, selling at a faster rate than they were pre-pandemic. There are more Buyers than homes for sale, and we are currently still in a Seller’s Market. But even though there is more inventory, Buyers are CAUTIOUS right now.
The average sales price for a home in El Paso County in September was down slightly. That’s common during an election year, especially the few months leading up to November. The average days on market was up slightly. To me, the number that needs to be looked at more closely is the Average List Price versus the what the home actually sold for. In September houses were selling for 99.2% of their list price. What the numbers don’t show is how many times that list price was lowered before an offer was received. I am trying to find out through our local real estate Board if the number of times a price is lowered is a searchable field as a whole (as opposed to each individual home sold).
The number of new listings and active listings was up for a combined 45%. The number of houses sold was down by eight per cent. Even so, there is not enough inventory for the number of buyers looking for a home.
HOUSING MARKET AUGUST TO SEPTEMBER 2024
Between August and September of this year, New Listings were down in Colorado Springs over 14%. Sales were down 13.5%. The number of Active listings on the market was up almost 3%. The average sales price was down almost 4% between the two months.
Builders are pulling fewer permits and starting less homes. There will be fewer spec homes available, therefore, builders are offering larger incentives to move the inventory they have standing. This would be the perfect time to buy a new build (if that’s what you’re looking for) so you can take advantage of the incentives being offered by local builders.
If you receive a contract on your home for sale, I’m advising my clients to make reasonable offers work. Buyers are afraid to make a move right now because they’re worried about the future of the economy. When you understand that, it’s logical to drop your price or take a lower-than-asking-price to get the home sold in a timely manner.
HOUSING MARKET PREDICTIONS FALL 2024
Regardless of which party wins the coming presidential race, prices historically go up the year after an election. Since 1992, there has been one exception – and not surprisingly, that was 2008.
Buyers can expect sustained higher interest rates through the end of 2024 as we continue through a cooling economy. I hear people all the time saying they’re holding out for lower interest rates. It will not happen enough in the next few months to make a difference. To safeguard yourself against rising home prices, find a lender who does FREE refinances for the entire term of your loan. Then you will be able to capitalize on any market shifts while still enjoying house prices that will only continue to rise – especially if interest rates come down.
NOW is the time to buy. Call a real estate expert and find out how to position yourself for your best possible move.
