Introduction and Market Overview Mark the rates came down for like 2 hours it's
now a good time to buy right not necessarily hey what's going on everybody it is Mark with
my Front Range living and we are talking about the July 2024 Colorado Springs real estate
market update and yeah rates did come down a little bit last week that's true but the
reality of it is these numbers are going to be way more telling than just a few hours of a
rate decline you just want to know Mark what's going on here in the Colorado Springs market now
I realize maybe that you you saw that we did not do one for June that's because my super awesome
friend Amber was not available and I'm not great at recording without her so here we are with July
and it's pretty telling as we do all the time want to disclaim this is for the Pikes Peak MLS the
entirety of the Pikes Peak MLS not just Colorado Springs so keep that in mind as we go but let's
hop into it single family so new listings new Single Family Home Market Analysis listings here in Colorado Springs went down from
1667 in June to 1640 uh in July and that's way up from 1464 in July of last year what we're
seeing right now is sellers being a little more cautious so again new listings went down
so if you are a buyer in this market right now you're probably seeing the same recycled listings
over and over and over and you're going to have to pounce pretty quick when anything new comes
on the market now sales sales kind of matched that what I thought was really interesting though
was there's only a 12 home swing in all of this and that's for uh this year last month and last
year so in in July this year we sold 1127 homes June 1115 so just 12 house difference now get
this July of last year 1119 homes sold so it's pretty flat sales seem to have been flat year
over year month over month and I think we're going to continue to see that Trend more on that
in just a little bit average sales price this has been the trend for the last several months of 2024
average sales price went up from $564,000 400 in June to 571100 in July huge jump year-over-year
July of 2023 was 54,400 so you're talking about a $330,000 jump year-over-year in average sales
price what that means is home values continue to inch up now it may not necessarily be on your home
maybe you're finding something different but the reality of it is home values are continuing to
increase so median sales price flat month over month $4.99 in June .99 in July but way up way way
up 27,000 $472,000 was the median sales price last year $27,000 higher this year at $4.99 now get
this total active homes and this is something that we have got to keep our eyes on because it's
going to tell us what buyers are doing it's going to show us the trends of what's going on in the
buyer mind 3273 homes total active right now on the Pikes Peak MLS at the end of July that's up
from 2,974 in June but way up 2254 in July of last year that's a 45% jump a, units more this year
available than there were last year total that's a big deal that means that buyers are backing down
they're taking their time to see what's out there and exploring what their options are especially
as home affordability kind of shifts a little bit I know that we like to talk about rates but as
insurance goes up people are looking at seller concessions or even rate buy Downs to try and get
into the home that they want so that's the single Condos and Townhomes Market Analysis family side let's take a look at condos and town
homes because let's be honest those are a little more affordable these days and when I say that
condos and town homes have a tendency to be more affordable it is just a tendency because you have
to understand on top of the prices we're about to talk about it's important to understand
homeowners fees Insurance all of that stuff continues to add to the monthly payment of these
so while condos and town homes do have a tendency to run lower from a price point standpoint they
can actually cost you the same as a single family home by the time you factor in HOA payments enough
of that nonsense let's talk numbers all right so new listings for condos and town homes following
that Trend down from 279 in June to 246 in July now that 246 is up from 224 July of last year
but still not a whole ton of change in that new listing as we saw on the single family Side sales
sales followed that trend of not a whole lot of change either 14 45 in July down from 154 in June
and down from the same time last year July of 2023 we sold 160 units so a 20 a 20 unit swing not a
huge difference in the overall scheme of things but let's talk average sales price this did not
follow the single family Trend average sales price went down in condos and town homes month
over month 3928 in June to 3814 in July still way up from last year when it was 3646 but the
reality of it is we're starting to see a little bit of it leveling off there on the average sales
price for condos and town homes median sales price not as big of a swing 365 in June 3549 in July
pretty sizable swing from this time last year when it was 3425 so about a 121 13,000 per unit
difference there on median sales price again total active homes like we were talking about this total
active gives us an idea of where buyer mins are at 596 total active condos and town homes that's a
pretty big number uh larger than we've seen for quite some time that's up from 574 in June but a
97 a half% increase from this same time last year when only 302 condos and town homes were active uh
in July so you're talking almost 300 units right almost 100% increase uh in total active homes
again buyers are being a little more cautious they're pumping the brakes they're trying to see
what their options are it's not the Feeding Frenzy that it had been over the last four years oddly
enough dayson market really hasn't moved that much it went from 36 to 32 to 34 we're in that 30 to 40
range somewhere in there you might be finding that different if you have your house listed right now
on the market some houses are sitting out there longer but like I said uh buyers are looking at
the same recycled listings over and over so when something hits that meets their criteria they're
jumping on it right and so if it's only out there a day or two that's bringing that average days
on Market way way down hey as always we hope that Conclusion and Resources you found value in today's content if you are
thinking about moving to the Colorado Springs area you can go in the description of the video
below and you can download that uh relocation guide that we have for you that's a free resource
for you just gives you a better idea of what areas of town might best fit your criteria as you are
moving to the area and you can also check out our website myf front range.com there's a link to
that in the description as well and hey if you want to reach out to us here at the My Front
Range living team our contact information is right down there and you can always hit us
up at Amber or Mark at myr Rangel living.com hey as always thanks so much for stopping by we
look forward to seeing you soon have a great day