What's REALLY happening in the Colorado Springs Real Estate Market

Introduction and Market Overview Mark the rates came down for like 2 hours it's  now a good time to buy right not necessarily   hey what's going on everybody it is Mark with  my Front Range living and we are talking about   the July 2024 Colorado Springs real estate  market update and yeah rates did come down   a little bit last week that's true but the  reality of it is these numbers are going to   be way more telling than just a few hours of a  rate decline you just want to know Mark what's   going on here in the Colorado Springs market now  I realize maybe that you you saw that we did not   do one for June that's because my super awesome  friend Amber was not available and I'm not great   at recording without her so here we are with July  and it's pretty telling as we do all the time want   to disclaim this is for the Pikes Peak MLS the  entirety of the Pikes Peak MLS not just Colorado   Springs so keep that in mind as we go but let's  hop into it single family so new listings new   Single Family Home Market Analysis listings here in Colorado Springs went down from  1667 in June to 1640 uh in July and that's way   up from 1464 in July of last year what we're  seeing right now is sellers being a little   more cautious so again new listings went down  so if you are a buyer in this market right now   you're probably seeing the same recycled listings  over and over and over and you're going to have   to pounce pretty quick when anything new comes  on the market now sales sales kind of matched   that what I thought was really interesting though  was there's only a 12 home swing in all of this   and that's for uh this year last month and last  year so in in July this year we sold 1127 homes   June 1115 so just 12 house difference now get  this July of last year 1119 homes sold so it's   pretty flat sales seem to have been flat year  over year month over month and I think we're   going to continue to see that Trend more on that  in just a little bit average sales price this has   been the trend for the last several months of 2024  average sales price went up from $564,000 400 in   June to 571100 in July huge jump year-over-year  July of 2023 was 54,400 so you're talking about   a $330,000 jump year-over-year in average sales  price what that means is home values continue to   inch up now it may not necessarily be on your home  maybe you're finding something different but the   reality of it is home values are continuing to  increase so median sales price flat month over   month $4.99 in June .99 in July but way up way way  up 27,000 $472,000 was the median sales price last   year $27,000 higher this year at $4.99 now get  this total active homes and this is something   that we have got to keep our eyes on because it's  going to tell us what buyers are doing it's going   to show us the trends of what's going on in the  buyer mind 3273 homes total active right now on   the Pikes Peak MLS at the end of July that's up  from 2,974 in June but way up 2254 in July of last   year that's a 45% jump a, units more this year  available than there were last year total that's   a big deal that means that buyers are backing down  they're taking their time to see what's out there   and exploring what their options are especially  as home affordability kind of shifts a little bit   I know that we like to talk about rates but as  insurance goes up people are looking at seller   concessions or even rate buy Downs to try and get  into the home that they want so that's the single   Condos and Townhomes Market Analysis family side let's take a look at condos and town  homes because let's be honest those are a little   more affordable these days and when I say that  condos and town homes have a tendency to be more   affordable it is just a tendency because you have  to understand on top of the prices we're about   to talk about it's important to understand  homeowners fees Insurance all of that stuff   continues to add to the monthly payment of these  so while condos and town homes do have a tendency   to run lower from a price point standpoint they  can actually cost you the same as a single family   home by the time you factor in HOA payments enough  of that nonsense let's talk numbers all right so   new listings for condos and town homes following  that Trend down from 279 in June to 246 in July   now that 246 is up from 224 July of last year  but still not a whole ton of change in that new   listing as we saw on the single family Side sales  sales followed that trend of not a whole lot of   change either 14 45 in July down from 154 in June  and down from the same time last year July of 2023   we sold 160 units so a 20 a 20 unit swing not a  huge difference in the overall scheme of things   but let's talk average sales price this did not  follow the single family Trend average sales   price went down in condos and town homes month  over month 3928 in June to 3814 in July still   way up from last year when it was 3646 but the  reality of it is we're starting to see a little   bit of it leveling off there on the average sales  price for condos and town homes median sales price   not as big of a swing 365 in June 3549 in July  pretty sizable swing from this time last year   when it was 3425 so about a 121 13,000 per unit  difference there on median sales price again total   active homes like we were talking about this total  active gives us an idea of where buyer mins are at   596 total active condos and town homes that's a  pretty big number uh larger than we've seen for   quite some time that's up from 574 in June but a  97 a half% increase from this same time last year   when only 302 condos and town homes were active uh  in July so you're talking almost 300 units right   almost 100% increase uh in total active homes  again buyers are being a little more cautious   they're pumping the brakes they're trying to see  what their options are it's not the Feeding Frenzy   that it had been over the last four years oddly  enough dayson market really hasn't moved that much   it went from 36 to 32 to 34 we're in that 30 to 40  range somewhere in there you might be finding that   different if you have your house listed right now  on the market some houses are sitting out there   longer but like I said uh buyers are looking at  the same recycled listings over and over so when   something hits that meets their criteria they're  jumping on it right and so if it's only out there   a day or two that's bringing that average days  on Market way way down hey as always we hope that   Conclusion and Resources you found value in today's content if you are  thinking about moving to the Colorado Springs   area you can go in the description of the video  below and you can download that uh relocation   guide that we have for you that's a free resource  for you just gives you a better idea of what areas   of town might best fit your criteria as you are  moving to the area and you can also check out our   website myf front range.com there's a link to  that in the description as well and hey if you   want to reach out to us here at the My Front  Range living team our contact information is   right down there and you can always hit us  up at Amber or Mark at myr Rangel living.com   hey as always thanks so much for stopping by we  look forward to seeing you soon have a great day