January 2024 Real Estate Market Update
Colorado Springs Real Estate Quick Facts
- 30-year mortgage rates were relatively flat ranging from 6.60% to 6.69% during the month
- 1,201 listings are on the market, this is flat from the same month last year (SMLY)
- New listings for the month were 748, which is down 4% from SMLY
- There were 480 sales for the month, which is down 16.8% from SMLY
- The list price/sales price ratio was 99.2% for the month; last year it was 99.0%
- Average sales price for the month was $528,676, up .9% from SMLY
- Median sales price for the month was $450,000, up 1.1% from SMLY
- Median days on market for sold homes was 55; SMLY was 50
- Single family permits YTD are at 181, up from 154 last year (↑17%)
Market Summary
Can you believe we are through the first month of 2024 already! The year is starting much like last year with limited listings on the market, mortgage rates in the mid 6’s and home prices stable. We did see some changes with 16% fewer sales which pushed the inventory rate to 2.5 months.
For those who put their homes on the market this past January about half sold while the other half did not and likely took a price reduction. Also, those who did get a contract on their home averaged 99.4% of their asking price with a days on market of only 20 days. The sellers who improved their listing price (lowered), ended up getting on average 93% of their asking price and lingered on the market for nearly 90 days.
As we move into Spring, we expect to see more homes come on the market which will likely have a positive impact on buyers—More selection and lower rates (down from the highs in October) should mean more sales and home values will rise slowly & steadily.
