Colorado Springs Area Real Estate Market Report for June 2024

Southern Colorado Real Estate Market Update - June 2024

The real estate market in El Paso County saw some interesting changes in June 2024. Here's a snapshot of what happened.

Stable Median Sales Price In June, the median sales price stayed at $499,000, the same as in May. This price is up 2.9% from this time last year, showing that property values are holding steady and even appreciating slightly.

Average Sales Price Dips The average sales price took a small hit, dropping to $564,406, which is down 1.3% from May. This could mean that fewer higher-priced homes were sold or that buyers were slightly more cautious with their spending.

Fewer New Listings There were 1,667 new listings in June, which is 9.8% less than in May. This decrease means there were fewer options for buyers, which can sometimes drive competition for the homes that are available.

Sales Slow Down We saw 1,115 homes sold in June, a drop of 2.4% from May and down 13.3% from last year. This slowdown might be due to various factors like changes in interest rates or economic uncertainty.

Homes Selling Faster On the brighter side, homes were selling faster. The average time for a home to go under contract was 32 days, which is 4 days quicker than in May. Buyers are acting quickly when they find the right home.

Market Supply If no more homes were listed, it would take about 2.7 months to sell all the current inventory. This indicates a fairly balanced market, though it's leaning a bit toward favoring sellers, with demand still strong.

Conclusion

June 2024 showed a mix of stability and shifts in the El Paso County real estate market. While prices stayed strong and homes sold faster, fewer listings and slower sales suggest some caution among both buyers and sellers. We'll keep an eye on these trends to see how they develop in the coming months.

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Posted by: Mariana Wagner
The Colorado Home Team
Realtor® | Marketing Manager

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