COLORADO SPRINGS, Colo. (KOAA) — Home sales across the Pikes Peak region picked up in May as buyers became more active and homes sold faster, while prices remained relatively stable compared with a year ago, according to new data from the Pikes Peak Association of REALTORS.
Single-family home sales increased 10% in El Paso County compared with April, signaling a stronger spring market despite inventory levels remaining relatively flat.
In El Paso County, the median sales price for a single-family home was $549,000 in May, down slightly from $554,000 a year earlier.
Homes also sold more quickly in May. The average number of days on market in El Paso County dropped to 39 days, down from 51 in April. In Teller County, homes spent an average of 58 days on the market, compared with 78 days the previous month.
Scott Sufak, president-elect of the Pikes Peak Association of REALTORS board of directors, said the latest numbers largely reflect normal seasonal trends rather than a major market shift.
"I think we're in a steady market," Sufak explained. "We haven't seen a lot of changes. We are seeing some seasonal changes as we go from last month to this month, seeing the inventory levels increase a little bit. The transaction numbers have increased a little bit. The days on market have gone down a little bit, so all the good signs that we would hope to see during this time of year."
Sufak cautioned buyers and sellers against trying to predict market swings.
"If somebody's looking to wait to time the market for when to buy or sell, probably not going to be many indicators to tell you what's going to do," he added. "So better just to follow your own personal needs rather than to try to time the market."
While homes are selling faster, Sufak said many sellers are still entering the market with unrealistic price expectations.
"The days on market have gone down, but really the reason that these prices are dropping is because they're priced too high to begin with," Sufak stated. "People are getting a little bit too ambitious on what they expect to get for the sale price of their home."
According to the Colorado Association of REALTORS, 44.2% of active listings in El Paso County and 37.6% in Teller County saw price reductions in May. Sufak added that sellers must work harder to stand out in a market with more inventory and more choices for buyers.
"We're still in a price war and we're still in a beauty contest with the number of properties that are out there on the market," Sufak said. "You really have to be competitive and stand out against them, and the way to do that is to be priced appropriately."
Sufak also noted that today's market looks much different than the highly competitive environment buyers and sellers experienced several years ago.
"We used to see 15, 20 showings per property every week," he said. "Market-wide, we're seeing more like one showing per property per week or even less in some cases."
Despite slower showing activity, Sufak said he remains optimistic about long-term home values in the region.
"We still expect appreciation over the next few years, and I don't think that we're going to see any dip in single-family prices," he said. "So if it is something that you want to get into the market, now is as good a time as any to do it."
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