Colorado Springs Real Estate Market Update: September 2024 Trends and Insights

Colorado Springs Real Estate Market Update: September 2024 Trends and Insights

In September 2024, the Colorado Springs real estate market for single-family and patio homes showed a decline in activity compared to both August 2024 and September 2023, reflecting current housing inventory trends and shifting market dynamics.

New listings in September 2024 totaled 1,331, which was a significant decrease of 17.1% from the 1,605 listings recorded in August 2024. However, when compared to the previous year (September 2023), there was a 7.1% increase as the Colorado Springs housing inventory then only had 1,243 new listings. This indicates that although the month-over-month trend shows a decline, the market still maintains a healthier inventory compared to the same period last year.

Sales figures for September 2024 also showed a downturn, with 933 homes sold. This was a 12.3% drop from the 1,064 homes sold in August 2024. When comparing year-over-year data, September 2023 recorded 1,008 sales, marking a 7.4% decrease. This decline in home sales activity in Colorado Springs highlights a cooling market, possibly influenced by seasonal patterns or shifting buyer behavior.

The average sales price in September 2024 was $535,023, which is down 4.2% from August 2024’s average of $558,409. In comparison to September 2023, where the average price was $540,882, this shows a modest decline of 1.1%, suggesting stabilization in single-family home prices in Colorado Springs rather than a steep decline. Similarly, the median sales price in September 2024 was $485,000, slightly lower than August’s median of $490,000, a 1.0% decrease. However, compared to September 2023’s median of $475,000, there is a 2.1% increase, indicating a year-over-year appreciation despite recent monthly declines.

Average days on market (DOM) in September 2024 was 44 days, reflecting a slight increase from August’s 41 days. This indicates that homes are taking a bit longer to sell compared to September 2023’s DOM of 40 days, suggesting shifting buyer dynamics and a slight increase in negotiation opportunities for buyers.

The list price to sales price ratio in September 2024 was 98.9%, which shows that, on average, homes sold for just under their listed price. This is a small decrease from August 2024’s ratio of 99.1%. In comparison, September 2023’s ratio stood at 99.2%, reflecting a slight downward trend over time. This may indicate an increase in negotiation room for buyers as Colorado Springs real estate market trends shift.

Lastly, the months' supply of inventory in September 2024 stood at 3.6 months, up from 3.1 months in August 2024. This figure is also higher than September 2023’s supply of 2.5 months, showing a substantial 4.9% increase over the past year. The growing inventory suggests a shift towards a more balanced or even buyer-favored market.

Overall, these Colorado Springs real estate market trends suggest that while the market remains relatively stable in pricing, increasing inventory and longer days on the market reflect a shift that could favor buyers in the near future.

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Posted by: Mariana Wagner
Artisan Group
Realtor® | Team Owner

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