August 2024 Real Estate Market Update
Colorado Springs Real Estate Quick Facts
- 30-year mortgage rates decreased during the month by almost 2/3 a point to 6.35%
- 2,354 listings are on the market-this is up 38% from the same month last year (SMLY)
- New listings for the month were 1240 -which is up 14% from SMLY
- There were 842 sales for the month-which is down 1% from SMLY
- The list price/sales price ratio was 99.2%
- Average sales price for the month was $574,407—up 3% from SMLY
- Median sales price for the month was $499,081—up 4% from SMLY
- Median days on market for sold homes was 34-SMLY was 27
- Single family permits YTD are at 2,117-up 137 units from last year
Market Summary
In August, the real estate market continued its slow trajectory, with only 842 sales recorded—marking the lowest number of sales in August over the past decade. Active listings in El Paso County have increased significantly, climbing from 1,704 units last year to 2,354 this year, representing a 38% rise. This is the highest inventory level since October 2015. However, sales in 2015 were much higher, with 1,062 units sold compared to just 842 this past month. This increase in listings offers good news for buyers, as they now have more options and are less likely to face competitive multiple-offer situations.
Despite the sluggish sales, home prices continued to trend upward. The average home price rose to $574,407, reflecting a 1% increase from August 2023, while the median price reached $499,081, a 4% rise.
There is also positive news for both buyers and sellers as mortgage rates have dropped to 6.35%, the lowest since April 2023 and down from 7.8% last October. Earlier predictions suggested that a drop to around 6.5% would encourage more buyers to enter the market. However, this influx has not materialized, potentially due to the ongoing presidential election influencing buyer behavior.
