April 2024 Real Estate Market Update
Colorado Springs Real Estate Quick Facts
- 30-year mortgage rates increased to 6.8% from 7.1% earlier in the month
- 1,607 listings are on the market, this is up 50.1% from the same month last year (SMLY)
- New listings for the month were 1,282, which is up 4% from SMLY
- There were 817 sales for the month, which is down 6% from SMLY
- The list price/sales price ratio was 99.7%
- Average sales price for the month was $575,386, up 9.0% from SMLY
- Median sales price for the month was $499,950, up 7.5% from SMLY
- Median days on market for sold homes was 41; SMLY was 36
- Single family permits YTD are at 551, up from 429 last year (↑28%)
Market Summary
In April we saw a significant change in our market with inventory as the number of active listings jumped by 50% over and the number of sales declined by almost 7%. This is the time of year we typically see more homes come on the market and sales increase as the summer buying season begins, not so this year.
The “true score” of the market is usually sales prices, but this may not be the case this year. The average sales price jumped by 9% but this is more of an indication of the homes in really good condition and in good locations are attracting most of the buyers. These “cream-puff” homes often times get multiple offers while all the other homes just sit on the market.
Additionally, with the rise in mortgage rates to over 7%, buyers in the price ranges under $600,000 are delaying their purchases. The buyers who can afford the more expensive homes often times don’t care as much about the rates as they can afford more or they are paying cash.
If rates continue to stay above 7%, the more affordable price ranges will struggle to sell this summer. If rates somehow find a way back down to around 6.5%, our market will really take-off again.
