COLORADO SPRINGS, Colo. (KOAA) — A recent report from Redfin states there are 500,000 more sellers compared to buyers in the housing market across the country, leading to the idea that house prices may fall soon.
However, a former president of the Pikes Peak Association of Realtors (PPAR), Gordon Dean, points out that in his experience, sellers in the Colorado Springs market are very savvy.
"I've been showing in all neighborhoods all over Colorado Springs," Dean explained. "The last couple of weeks, I'm seeing more and more remodeled and maintained homes than I've seen in a very long time. I'd also say buyer advantages... sellers are willing to concede a little bit more than they have in the past."
Those house hunting in Colorado Springs have a lot more options this May compared to last. According to data from the Pikes Peak Association of Realtors, there were 3,671 active listings last month, compared to 2,646 homes for sale in May of 2024, a nearly 40 percent difference.
"I think we still have a robust market," Gordon added. "My opinion is we have a great market where it's a great place to live. People move here because it is Colorado Springs. I would say that waiting for that interest rate to get below six again... I would not wait for that. I would say, take the equity now and do what you can do. And I'd say buyers are at an advantage again."
Another element that makes the Colorado Springs housing market unique is the military presence, and it is "permanent change of station" season. That is the time of year when military members are being given a long-term assignment to a different duty station, typically for a period of two to four years.
According to Redfin, there haven’t been this many home sellers since March 2020. There haven’t been this few buyers at any point in records dating back to 2013 aside from April 2020, when the onset of the coronavirus pandemic brought the housing market to a halt.
"I think the inventory is going up because people are tired of waiting," Dean stated. "Sellers are seeing opportunity to use their equity. Our pool of buyers is large, and if there's a way a seller can make it more appealing and more affordable, they're going to get the offers."
Dean had some advice for sellers with competition growing.
"Everyone says, location, location, location," Dean stated. "But in my opinion, it has always been condition and price. And you can overcome the condition with price. If you maintain your home, your furnace is in good shape. You've done some decent refreshing on your home, then you're going to be positioned very well."
The average number of days on the market in May was 41, according to PPAR data. But Dean added he is seeing some homes sell in just a matter of days.
"There are neighborhoods in here that are selling in three and four and five days," Dean said. "I was in competing offers on the last two homes I put offers in on, and those homes were priced in the mid-400s, and actually one of them was just slightly below 400, we were competing with other offers. That would mean that the property was only on the market for two or three days."
Dean is summing up his opinion on the current Colorado Springs housing market and the outlook.
"I'm an optimist,' Dean said with a smile. "I believe that buyers are done waiting. Sellers are very savvy in our market. They're maintaining their homes. They're upgrading, refreshing their homes, new appliances, new furnace... I think our market is going to be surprisingly good. I think if the industry can just stay steady so we can all get used to it, and our new, first-time home buyers are positioning themselves better. They're getting gift money from their family members. They have saved, and now they're tapping into their savings. And I think that we're at the end of this season, we're going to be surprisingly better than even they forecast."
If you're curious what a home listed at $7 million looks like in the Colorado Springs area, click here.
PIKES PEAK REGION MAY NUMBERS
New numbers were released this week for the Colorado Springs area by the Pikes Peak Association of Realtors. Some highlights from the latest PPAR report, which pulls from PPMLS data, can be viewed below:
AVERAGE NUMBER OF DAYS ON THE MARKET: 41 in May, compared to 49 in April. In May of 2024 the average was 36.
NEW LISTINGS FOR SINGLE-FAMILY HOMES: 2,048, up about 6.5 percent compared to April.
TOTAL ACTIVE LISTINGS FOR SINGLE-FAMILY HOMES: 3.671, which is a 38.8 percent increase compared to May of 2024.
MEDIAN SALES PRICE: $490,000 in May, which was the same as April. In May of 2024 the median sales price was $499,000
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