Colorado Springs Housing Market Today
Here's the latest news about the Colorado Springs real estate market. Every month, we update this page with the most recent data from our local MLS (Pikes Peak Association of Realtors). Please let us know if you're moving to Colorado Springs and have questions about our local real estate market. We specialize in local housing market data.
The local real estate market in Colorado Springs has been rapidly shifting from a seller's market to a buyer's market. It's a substantial shift that has impacted our market within the last few months. Here are the most recent market statistics to show what has changed.
The Current State of the Housing Market in Colorado Springs
*Updated on March 3rd, 2023
Average Sales Price:
$500,483
- 2.8% year-over-year decrease
Average Sales Price in February 2022: $514,757
Median Sales Price:
$465,000
- 5.4% year-over-year decrease
Median Sales Price in February 2022: $445,000
SUMMARY: The median home price is the most common sales price of all the homes sold in El Paso / Teller Counties from last month's home sales in February of 2023. The average sales price is the combined average of all sold properties in El Paso / Teller Counties and Colorado Springs, CO, for the same period. Both numbers have risen steadily from 10% to 16% over the last few years. Prices are just now starting to level out.
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There were 1,443 active real estate listings in Colorado Springs last month. There were only 487 active listings this time last year. That's a 196% increase in available homes for sale in just one year. We have nearly three times the number of available homes for sale as we did last year.
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There were 976 new listings submitted to our MLS last month. That's a 17.7% decrease from one year ago. In addition, there were 778 homes sold last month, a 23.3% decrease since February 2022. Inventory is building up to levels equivalent to 2015. This is causing prices to decline slowly.
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The average days on the market for homes listed in February 2023 was 54 days. That's a 122.4% increase from this same time last year. This number will increase every month as more inventory hits the market and sales times are extended.
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10-Year Home Price Trend in Colorado Springs
The 10-year home price trend reflects the median sales price for February 2023, going back ten years. Colorado Springs has been on a 10-year price increase with no end in sight. However, inventory is creeping back up, reversing this price trend. Currently, prices are starting to drop around the country.
10-Year Active Inventory Trend in Colorado Springs
The 10-year active inventory trend reflects the active homes for sale for February 2023, going back ten years. The stability of our local housing market is based on the available homes for sale and the number of active buyers currently looking for a home. Inventory is back to pre-pandemic numbers and starting to create a buyer's market.
10-Year Home Sales Trend in Colorado Springs
The 10-year home sales trend reflects the number of homes sold for February 2023, going back ten years. In 2021, we recorded record numbers of sales. It will take many months to determine where the national and local housing markets will settle. Right now, prices are slowing down, and inventory is rising fast.
Is Colorado Springs in a buyer's or seller's market right now?
Colorado Springs recently experienced the strongest "seller market" we have ever seen. Now things are shifting towards buyers. There were 1,443 homes for sale last month. That equals a 196% increase in inventory in just one year. The need for more inventory has impacted our market for the previous few years. Prices have steadily risen but are slowing down as more homes hit the market.
Sellers have been experiencing record sales prices for the last few years. However, high prices and rising interest rates are thinning out the number of active buyers. As a result, sellers now have to wait longer and possibly drop their sales price to get their homes sold.
The speed of our local market is causing some folks to try and sell their home without a Realtor (FSBO). Buyers are having more success getting their offers accepted. It's essential to have a good Realtor and mortgage lender to help navigate through this shifting market as a home buyer or seller.
Is the Colorado Springs housing market going to crash soon?
Our local real estate market has experienced an increase in inventory over the last year, but not enough to slow it down. Today's median price of a home listed for sale is roughly 2% higher than last year. There are no actual signs of a housing market crash in Colorado Springs, but a shift is happening.
Even with interest rates rising in 2022, housing prices are still increasing in the Pikes Peak region; unfortunately, the supply of inventory is finally enough to meet the demand for single-family homes in Colorado Springs.
On the flip side, more and more people are starting to cash out on their equity by borrowing against their property. As a result, the market seems to be changing, but it's too soon to tell when inventory will return and help balance the entire market. It's a strange time to try and predict the housing market.
Our real estate agents at Great Colorado Homes enjoy discussing the local market with anyone interested in learning about it. If you have any questions, feel free to contact us.
*Based on information from the Pikes Peak REALTOR® Services Corp. ("RSC"), for the period February 1, 2023, through February 28, 2023. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.
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