Colorado Springs Real Estate Market Update: May 2024
As we reach the midpoint of 2024, the Colorado Springs real estate market shows dynamic trends reflecting both challenges and opportunities for buyers and sellers. The latest data from the Colorado Association of REALTORS® provides a detailed snapshot of key metrics compared to the previous year, highlighting significant changes and ongoing trends.
Key Market Metrics Overview
| Metric | May 2023 | May 2024 | Change (%) |
|---|---|---|---|
| New Listings | 972 | 1,094 | +12.6% |
| Sold Listings | 787 | 723 | -8.1% |
| Median Sales Price | $470,000 | $485,000 | +3.2% |
| Average Sales Price | $534,584 | $557,859 | +4.4% |
| Percent of List Price Received | 100.2% | 99.8% | -0.4% |
| Days on Market Until Sale | 27 | 28 | +3.7% |
| Inventory of Homes for Sale | 1,107 | 1,448 | +30.8% |
| Months Supply of Inventory | 1.5 | 2.4 | +60.0% |
Key Insights
New Listings: The number of new listings has increased by 12.6% compared to May 2023, indicating a higher inventory of homes available for potential buyers. Year-to-date figures also show a rise from 3,915 in 2023 to 4,137 in 2024, a 5.7% increase.
Sold Listings: Despite the increase in listings, sold listings have decreased by 8.1% in May 2024 compared to the same month last year. This trend is consistent with the year-to-date figures, which also show a decline from 3,173 in 2023 to 2,939 in 2024, a 7.4% drop.
Median and Average Sales Price: Both median and average sales prices continue to climb, with a median sales price of $485,000 (up 3.2%) and an average sales price of $557,859 (up 4.4%) in May 2024. These increases highlight a strong market demand despite the lower number of sold listings.
Percent of List Price Received: The percent of list price received remains high but shows a slight decrease of 0.4% in May 2024. Year-to-date figures are steady, with a minor increase from 99.4% in 2023 to 99.6% in 2024.
Days on Market: Homes are spending slightly more time on the market, with an increase from 27 days in May 2023 to 28 days in May 2024. Year-to-date figures are consistent at 41 days for both years.
Inventory and Supply: The inventory of homes for sale has increased significantly by 30.8%, suggesting more options for buyers. The months supply of inventory has risen to 2.4 months, a 60% increase from May 2023, indicating a shift towards a more balanced market.
Visual Representation
Here are some visual insights into the market trends:
Conclusion
The Colorado Springs real estate market in May 2024 shows a mix of rising home prices and increasing inventory, alongside a decrease in sold listings and a slight increase in the time homes spend on the market. These trends highlight the complexities of the current market, where increased listings and higher prices coexist with longer selling times and fewer transactions.
Key Takeaways:
- For Buyers:
- Increased inventory provides more options.
- Slightly longer time on market could offer more negotiating power.
- For Sellers:
- Rising prices indicate continued demand.
- Potential for strong returns.
- Importance of pricing strategies and market positioning for success.
Stay tuned for further updates and insights as we continue to monitor the dynamic Colorado Springs real estate market.
For personalized advice or inquiries about buying or selling a home in Colorado Springs, contact the Daniels Team today. We are here to help you navigate the market and achieve your real estate goals.
