COS Town Tidings #24-181

Real Estate Edition

🏡 Unlock the Colorado Springs Housing Market: Latest Home Sales and Market Insights - (Gmail will truncate, click to READ ONLINE)

🏠 Colorado Springs Housing Market Sees Shift

📈 No Summer Relief for Mortgage Rates

🏡 Homes For Sale 📢 ATTENTION REATORS! 🏠

📆 Local Events

🌦 COS Weather - Cooler with PM T-Storms

Today’s Real Estate Roundup is Sponsored by Your Neighborhood Realty!

Why did the real estate agent refuse to sell a haunted house?

👉Because she was afraid of ghost offers🤣

Black Forest housing market is somewhat competitive. Median prices: $980K (-7.5%). Average days to sell: 32 (~1% below list); hot properties: list price in 8 days. Mar-May '24: 49% searched to move out, top metros moving in: Denver, Los Angeles, Washington.

Properties recently sold ranging from $600K to $1.3M. Click to view Black Forest listings

Briargate housing market is somewhat competitive. Median price: $525K (-2.3%). Average days to sell at list: 26; hot properties: +1% above list in 8 days.

Properties recently sold ranging from $260K to $1.1M. Click to view Briargate listings

Broadmoor housing market is somewhat competitive. Median price: $853K (+20.1%). Average days to sell: 41 (~4% below list); hot properties: list price in 16 days.

Properties recently sold ranging from $287K to $1.3M. Click to view Broadmoor listings

Cimarron Hills housing market is somewhat competitive. Median price: $442K (+1%). Average days to sell: 41; hot properties: +2% list price in 7 days.

Properties recently sold ranging from $240K to $645K. Click to view Cimarron Hills listings

Banning Lewis Ranch housing market is very competitive. Median price: $572K (+.4%). Average days to sell: around list: 28; hot properties: +1% list price in 7 days.

Properties recently sold ranging from $460K to $811K. Click to view Banning Lewis Ranch listings

Mountain Shadows housing market is somewhat competitive. Median price: $625K (+10.1%). Average days to sell: 40 (~1% below list); hot properties: list price in 14 days.

Properties recently sold ranging from $500K to $1.02M. Click to view Mountain Shadow listings

Old Colorado City housing market is somewhat competitive. Median price: $478K (-.5%). Average days to sell: 35 (~1% below list); hot properties: list price in 14 days.

Properties recently sold ranging from $269K to $886K. Click to view Old Colorado City listings

Downtown Colorado Springs housing market is not very competitive. Median price: $450K (-8.2%). Average days to sell: 55 (~4% below list); hot properties: list price in 25 days.

Properties recently sold for $660K. Click to view Downtown Colorado Springs listings

The Colorado Springs housing market is experiencing a paradox of rising prices amid increasing inventory and declining sales. REALTOR® Patrick Muldoon points out that the Pikes Peak region saw a 7.6% year-over-year drop in sold properties and a nearly 40% increase in active listings in May. Yet, prices rose by 3.3%. The increase in withdrawn and canceled listings, especially in the $500,000 and under category, is a key factor.

Many lower-priced homes are now entering the rental market, contributing to a softening rental market. Nationally, more home sellers are cutting asking prices, and pending home sales are at their lowest since 2020. Broader economic indicators, including higher interest rates and consumer struggles, suggest challenging times ahead. *Source

Mortgage rates remain high in 2024, with little expectation for significant drops unless the Federal Reserve cuts its key interest rate. The Fed has maintained a cautious approach, holding rates steady amid persistent inflation and a strong labor market. Potential homebuyers may need to explore alternatives like assumable mortgages to find lower rates. The next FOMC meeting on July 30 and 31. *Read Source

Belinda Briggs, Realtor, Berkshire Hathaway HomeServices Synergy Realty: (719) 459-9857 | [email protected]

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The latest Real Estate Roundup issue, focusing on the dynamic and ever-evolving Colorado Springs housing market. Our team has compiled* essential market insights to help you stay ahead in your real estate endeavors. _{*Data source: Redfin}