Home prices in Colorado Springs continue to show signs that the market is cooling amidst persistent inflation and spiking mortgage interest rates. Yet, the term “cooling” may be a bit relative as prices are still well above where they were a year ago.
“We were in this crazy market and now we've kind of come back to a balanced place right now,” said Ann Kidd, chair of the Pikes Peak Association of Realtors.
Lack of housing inventory and increased demand as the pandemic eased led the median price of a single family home in the Springs to set all-time records month after month in the first half of the year, topping out at $495,000 in June.
That price dropped back down to $460,000 in September before ticking up another $5,000 to $465,000 in October, the most recent monthly data available. Meanwhile, the length of time homes remained on the market in the region before selling more than tripled from summertime lows, up to 32 days in October.
Kidd said her biggest concern right now isn’t the price of homes, it’s an exodus of realtors from the profession.
“I think that we are going to see an exit of a certain number of realtors that might have gotten into the business at the uptick in the market after COVID,” Kidd said. “When they realize it isn't just putting the sign in the yard and collecting the contracts I think … some of them will be exiting and looking for work that is more [reliable] for their families.”
The overall trends largely match what is being seen in the 11-county Denver metro real estate market. The median home price there was $566,000 in October, down from $580,000 in September.
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