COS Town Tidings #24-293

Real Estate Roundup Edition

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

📢 ATTENTION REATORS! 🏠

🏠 Deals or Delays? Fall Housing Market

📢 ATTENTION MORTGAGE BROKERS!

📈 Mortgage Rates Rise Again: What’s Next?

🏡 Homes For Sale & Short term, 6 mth rental

📆 Local Events

🌧 COS Weather - Rain, cool and breezy

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

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Black Forest housing market is somewhat competitive. $981K (+1.6%). Average days to sell: 54 (~2% below list); hot properties: list price in 18 days. Jul-Sept '24: 51% searched to move out, top metros moving in: Denver, Los Angeles, Dallas.

Properties recently sold ranging from $358K to $12.6M. Click to view Black Forest listings

Briargate housing market is very competitive. Median price: $525K (-4.5%). Average days to sell at -1%: 28; hot properties: +1% above list in 11 days.

Properties recently sold ranging from $309K to $723K. Click to view Briargate listings

Broadmoor housing market is somewhat competitive. Median price: $602K (-2.1%). Average days to sell: 46 (~2% below list); hot properties: ~1% below list in 19 days.

Properties recently sold ranging from $865K to $1M. Click to view Broadmoor listings

Cimarron Hills housing market is somewhat competitive. Median price: $396K (-7.8%). Average days to sell: 46; hot properties: +1% list price in 20 days.

Properties recently sold ranging from $345K to $657K. Click to view Cimarron Hills listings

Banning Lewis Ranch housing market is very competitive. Median price: $486K (-5.7%). Average days to sell: ~1% below list: 31; hot properties: list price in 16 days.

Properties recently sold ranging from $410K to $538K. Click to view Banning Lewis Ranch listings

Mountain Shadows housing market is somewhat competitive. Median price: $600K (-6.2%). Average days to sell: 34 (~1% below list); hot properties: list price in 16 days.

Properties recently sold ranging from $495K to $625K. Click to view Mountain Shadow listings

Old Colorado City housing market is somewhat competitive. Median price: $415K (-7.8%). Average days to sell: 46 (~2% below list); hot properties: ~ list price in 22 days.

Properties recently sold ranging from $239K to $239K. Click to view Old Colorado City listings

Downtown Colorado Springs housing market is not very competitive. Median price: $327K (-23%). Average days to sell: 63 (~3% below list); hot properties: list price in 27 days.

Properties recently sold for $187K to $468. Click to view Downtown Colorado Springs listings

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The Fall 2024 real estate market is shaping up to be slower than expected. After a September interest rate cut by the Federal Reserve, many anticipated a drop in mortgage rates, but instead, rates have ticked back up to the mid-6% range. The summer saw flat prices and sales, and uncertainty continues to affect both buyers and sellers. With more homes lingering on the market, the upcoming winter months will likely see fewer transactions and more room for negotiation on price.

For buyers, there may be opportunities to purchase homes at a discount, especially those that have been listed for a long time and need some work. Sellers, however, will need to take extra care in preparing, marketing, and pricing their homes to stand out in a competitive environment. As the year closes, economic uncertainty and upcoming Federal Reserve decisions will shape the market’s next steps. Source

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Are you a mortgage broker and want to become one of our experts? Inquire for details at [email protected]

After a period of decline, mortgage rates have risen again, with the average 30-year rate now at 6.44%, following a brief low of 6.08%. The Federal Reserve’s 50 basis point cut in September, the first in over four years, has provided some hope for lower borrowing costs. However, experts predict that mortgage rates will likely stabilize rather than fall significantly in the near future.

Homeowners with high mortgage rates may find refinancing options appealing as rates slowly decrease, but those with rates below 4% will likely hold off. As we move into 2025, housing affordability remains a concern, with broader economic factors influencing the mortgage market. *Read Source

Julie Rush, SRES, GRI, CDPE, Re/Max Properties, Inc: 719-360-8455 cell | [email protected]

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}