July 2024 Real Estate Market Update
Colorado Springs Real Estate Quick Facts
- 30-year mortgage rates decreased during the month by almost a 1/4 point to 6.78%
- 2,262 listings are on the market-this is up 38% from the same month last year (SMLY)
- New listings for the month were 1248-which is up 9% from SMLY
- There were 909 sales for the month-which is up 6% from SMLY
- The list price/sales price ratio was 99.5%
- Average sales price for the month was $577,996-up 5% from SMLY
- Median sales price for the month was $500,000-up 5% from SMLY
- Median days on market for sold homes was 34-SMLY was 34
- Single family permits YTD are at 1,910-up 99 units from last year (↑5%)
Market Summary
In July, the market continued its slow pace, marking the 13th consecutive month with sales below 1,000 units. Active listings in El Paso County have seen a significant increase, rising from 1,633 units last year to 2,262 this year—a 38% jump. This is the highest number of listings since June of 2016. However, back then, sales were much higher, with 1,359 units sold compared to just 909 this past July. For buyers, this means more choices are available in the market.
Despite the sluggish sales, prices continued their steady upward trend. The average home price climbed to $577,996, a 5% increase, while the median price reached $500,000, also up 5%. Mortgage rates remained relatively stable throughout July and even dropped by about a quarter point, nearing the lowest levels in over a year. Many economists are concerned about the economy’s stability and now expect the Fed to lower the prime rate by at least a quarter point in September. If mortgage rates follow suit and dip to 6.5% or lower, we anticipate more buyers will re-enter the market. While this could boost activity, it may also drive prices higher if demand outpaces supply.
