The housing market in Colorado Springs is shifting as the number of homes listed for sale is rising and prices are starting to fall. That’s according to the most recent report from the Colorado Association of Realtors.
The median selling price for homes in the city in October was $473,500. That’s down slightly from last year’s price of $475,000.
“Buyers now hold an advantage," Colorado Springs broker Jay Gupta wrote in the report. "With ample inventory and softening prices, motivated sellers are increasingly open to negotiation.”
Local realtors said the inventory of homes for sale is at its highest level since 2013 at nearly 4,000.
“October ushered in ghosts and ghouls, and our weather began to change,” Colorado Springs-area broker Patrick Muldoon wrote in the report. “It was interesting to see that listings increased 10.5 percent across all properties in a time that we usually see homes pulled from the market.”
About a third of sales are for homes under $400,000. That segment of the market saw a 3.8 percent increase in transactions from last year. But the number of sales above that price range declined sharply.
“In today’s high-inventory market, well-priced and move-in-ready homes sell quickly, while overpriced or outdated properties linger,” Gupta said.
Meanwhile vacancy levels in rental properties are higher than they’ve been in a decade.
Muldoon said higher insurance costs are part of this trend, especially in the condo market as dues for homeowners associations rise. Property managers are offering incentives to get units rented, he said.
