The important statistics on Colorado Springs’ housing market.
What did the October real estate market look like here in the Colorado Springs area? We did see a little bit of a shake-up as the median sales price rose by just over 1% from September. Plus, the average sales price went up by 2%. The median sales price was $465,000, and the average sales price was $532,488.
1,100 homes sold in October, compared to just under 1,300 in September. Also, the average number of days on market is still rising significantly and is at 32 compared to 25 in September. This is a sharp contrast from the last few years when we were only seeing homes stay on the market for about a week or so.
Sellers are getting just under 99% of their asking prices, and we are seeing a lot more price reductions. In addition, 1,239 new listings hit the market in October, compared to just under 1,500 in September.
If no other homes hit the market, it would take about 2.5 months to sell everything that is currently for sale. This time last year, that number was just three weeks. However, even though that number is rising, our area still has a housing shortage.
People are hesitant to purchase for many reasons, but mostly because interest rates are significantly higher than they were a year ago. Therefore, people are getting a little more creative. A lot of people are cohabitating, meaning that they’re living with friends, roommates, or family members.
If you have any questions or are wondering about the current value of your home, reach out to us by phone call or email! We would love to hear from you and help in any way that we can.