Colorado Springs Real Estate Market Quick Facts
The Colorado Springs real estate market has witnessed notable changes in recent times, as indicated by key data and statistics. This article aims to provide an overview of the market’s current state, highlighting important trends and factors influencing its trajectory. From shifting market dynamics to steady price appreciation, Colorado Springs offers a dynamic landscape for both buyers and sellers.
Market Shifts from Seller’s to Buyer’s Market
Over the past year, the local real estate market in Colorado Springs has transitioned from a seller’s market to a buyer’s market. The availability of homes for sale has increased by 28%, with 1,750 active listings reported last month. This expansion in supply has contributed to a 26.4% decrease in homes sold, with 1,243 transactions recorded in May 2022. These figures indicate a favorable environment for buyers, as they have a wider range of options to choose from.
Steady Price Appreciation Despite Market Shift
Although the market is shifting towards favoring buyers, the median sale price of homes in Colorado Springs remains robust. Last month, the median sale price stood at $464,000, representing a slight decrease of 1.3% compared to the previous year. However, it is essential to note that prices peaked at $480,000 in June 2022. Despite the dip, prices have remained relatively stable, currently hovering around $440,000. This steady growth signifies the resilience of the Colorado Springs real estate market.
Sustainable Growth and Low Inventory
The Colorado Springs real estate market has demonstrated sustainable growth, with an appreciation rate of 3.02% in the latest quarter. This equates to an impressive annual appreciation rate of 12.63%. These figures suggest that the market is in an upward trajectory, with no signs of slowing down. Furthermore, low inventory levels contribute to the market’s competitiveness and drive price increases. Buyers should be prepared for potential bidding wars due to the limited supply.
Current Market Status and Future Outlook
In June 2023, the median listing home price in Colorado Springs reached $499.9K, marking a 1.6% year-over-year increase. Additionally, as of July 2023, there are currently 1,060 homes on the market, reflecting a 3.1% increase in available inventory compared to the previous month. Over the last 12 months, the median sold price for all homes was reported at $468,077.
The Colorado Springs real estate market showcases a notable shift from a seller’s market to a buyer’s market, offering increased options for prospective buyers. Despite this shift, the market continues to experience steady growth, with prices appreciating at a sustainable pace. Low inventory levels contribute to the market’s competitive nature, potentially leading to bidding wars. As of now, the median sale price of a home in Colorado Springs stands at around $464,000, but it is crucial to consider various factors such as location and property size when evaluating individual listings. With its promising trajectory, the Colorado Springs real estate market presents opportunities for both buyers and sellers alike.
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