New numbers from the Pikes Peak Association of Realtors (PPAR) show that there weren't any major shifts in the Colorado Springs housing market from January to February.
Windy Bailey is the board president for PPAR and believes the housing market is becoming more balanced after the average days on the market for a home in the area dropped from 68 in January to 62 in February.
"I think it shows that we're moving towards a healthier, more balanced market," Bailey explained. "The consumer is starting to gain a little bit more faith and trust in the industry and looking to buy. I think with the mortgage rates taking a slight dip, we are now currently below 7%, I think that that has helped increase consumer faith and trust in the industry."
As of this week, Bailey says people still have time to breathe if they are on the hunt for a home.
"It's still more of a buyer's market because there's not as much competition out there," Bailey stated. "I think, as we discussed last month, there's an opportunity to look at a house, look at another house, and take a couple of days to decide between the two of them, without having to worry that they're both going to be under contract."
There are concerns over how Canadian lumber tariffs could impact the housing sector, but Bailey still expects the number of sales and new listings to increase in the coming months as they typically do this time of year. One thing that stood out to Bailey when comparing January to February, there were fewer new listings for single-family patio homes but more sales.
"Kind of surprising to me," Bailey said of the sales versus new listings data. "I figured that it would reflect that the number of listings coming on the market would be similar to the number of sales, because you don't have as many people out looking in the bad weather days, right?"
Bailey did attribute the weather to fewer new listings, believing that potential sellers had to deal with Mother Nature.
"We had a lot of snow days in February, even selling my own house," Bailey added. "I had to reschedule photos multiple times because I didn't want to take photos in the middle of a snowstorm. So I'm going to attribute it to the weather, the season, and the time of year. We should start seeing those numbers start ticking up a little bit in March and just a lot, a lot larger increases starting in April."
MARKET SNAPSHOT FOR FEBRUARY 2025 FROM PPAR:
-Closed sales: 880
-Average showings per day: 503
-Average days on the market (Single-family patio homes): 62 down from 68 in January
-New listings (Single-family patio homes): 1,181 down 3.4% from January
-Total sales (Single-family patio homes): 1,426 up 4.9% compared to January
-Median sales price (Single-family patio homes): $473,500 up 1.8% compared to January
The Pikes Peak Regional Building Department is reporting they issued permits for 20 units in the Victory Ridge area last month, an extension of condos they permitted last year. The condos they permitted last year were the first since 2021.
MARKET SNAPSHOT FOR FEBRUARY 2025 FROM PPAR FOR CONDOS
-New listings: 191 down 6.4% from January
-Sales: 98 up 12.6% from January
-Median sales price: $325,873 down 4.4% from January
Bailey cautions that she believes if the cost of homes rises too much it could be an issue for the Pikes Peak Region.
"If we start seeing houses appreciate into those double digits again in this particular area, then I think that there's going to be potentially a mass exodus," Bailey said. Because we're going to be way beyond the median price, just like everybody in Denver was leaving and moving down here... because 2021 and 2022 nobody could afford a house or a shoe box in Denver for under $500,000 now you can still get a decent sized house in Colorado Springs for under $500,000."
Click here for the latest numbers from PPAR or to search properties.
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Colorado Governor Jared Polis raises the Canadian National Flag at the state capitol
In a release from Saturday morning, Governor Jared Polis announced that the Canadian National Flag will be raised at the State Capitol to celebrate March 15 as Colorado Canada Friendship Day.
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