October 2024 Real Estate Market Update
Colorado Springs Real Estate Quick Facts
- 30-year mortgage rates increased during the month from 6.1% to 6.7%
- 2,372 listings are on the market-this is up 29% from the same month last year (SMLY)
- New listings for the month were 1089 -which is up 19% from SMLY
- There were 768 sales for the month-which is up 16% from SMLY
- The list price/sales price ratio was 98.1%
- Average sales price for the month was $566,758—up 2% from SMLY
- Median sales price for the month was $477,500—down 1% from SMLY
- Median days on market for sold homes was 49-SMLY was 43
- Single family permits YTD are at 2,507-up 163 units from last year
Market Summary
Inventory continues to be near 10-year highs. The median listing price is about 5% lower than it was last October. October also saw a tough month for interest rates as they jumped from 6.1% up to 6.7% by the end of the month, but they are about 1% lower than this time last year.
Buyers
You have more choices. There are nearly 29% more homes to choose from than last year at this time. With rates being 1% lower than this time last year, you have 10% greater buying power. It is much less likely you will overpay for a home now as there are fewer multiple offers occurring and list prices are actually down about 5% from this time last year.
Sellers
You have much more competition (29% more listings), in fact this is the highest number of homes we have seen on the market in almost 10 years. The number of buyers actively in the market has shrunk which is demonstrated by the decrease in sales (down 6%) and the number of under contracts (down 24%). The good news for sellers are prices are holding steady, up 2% year-to-date.
Looking ahead, as we move past the election, we expect more buyers may feel comfortable stepping into the market.
