February 2024 Real Estate Market Update
Colorado Springs Real Estate Quick Facts
- 30-year mortgage rates increased to 6.9% from 6.6% earlier in the month
- 1,247 listings are on the market, this is up 15% from the same month last year (SMLY)
- New listings for the month were 1654, which is up nearly 7% from SMLY
- There were 692 sales for the month, which is up nearly 5% from SMLY
- The list price/sales price ratio was 99.4%
- Average sales price for the month was $515,726, up 2.4% from SMLY
- Median sales price for the month was $460,000, up 3.3% from SMLY
- Median days on market for sold homes was 61; SMLY was 53
- Single family permits YTD are at 493, up from 319 last year (↑54%)
Market Summary
February was a solid month for the local real estate market. Some of the good news included an increase in the number of new listings coming on the market which is a trend we think will continue. The additional listings helped more buyers find the home of their dreams, as sales also increased.
The month wasn’t great in terms of mortgage rates, as they climbed back up to nearly 7% after being closer to 6.5% at the beginning of the month. We do expect some relief for buyers in March as we think the mortgage rates will settle back down in the mid 6%’s. Prices continue to inch-up, but at a much healthier & sustainable rate. More good news was the jump in the number of new construction starts, up 174 units from last year.
The national economy continues to be a bit of a threat to us locally as inflation is still higher then economists would like, but the threat of a recession continues to diminish.
