COLORADO SPRINGS, Colo. (KOAA) — Buying a home may feel out of reach for a lot of people because of the increase in price, but one local expert says the market is starting to lean in favor of buyers based on new data released this month.
"We are starting to transition more to a buyer's market," Windy Bailey, the Board President for the Pikes Peak Association of REALTORS, stated. "I think that the days of sellers holding out to get top dollar on their home are going away, and buyers have more opportunity on the market because there's more inventory... so they're able to walk away from a house they might say, 'You know what? We can get one cheaper, you know, by somebody else who's smarter and actually pricing their home properly.'"
Bailey pointed to the August numbers, showcasing that the median price of a single-family patio home dropped from nearly $500,000 to about $480,000. The average number of days on market also increased from 39 in July to 42 in August. Bailey recommends sellers think long and hard before listing their home for more money than it may be worth.
"When a house first hits the market, it has momentum, right? It's at the very top of what we call our hot sheets," Bailey explained. "It is showing up in the buyer's inbox as brand new listings. And you have a whole lot of momentum. And if your home is overpriced, then you lose momentum, because people are going like, 'Oh, this is outside of my price range. Or I really don't want to pay that much, even though I might love this home.'"
Sales also dropped month over month, nearly 10 percent, and were down in August of this year compared to August of 2024 by about two percent.
"I think we're going to continue with that trend as buyers are still priced out of the market," Bailey said. "And it's not just the fact that rates are higher than they were a couple of years ago, or the fact that houses have appreciated so much. It's that accrual of debt we are seeing."
Many News5 viewers wanted to know if the decision to move Space Command from Colorado Springs to Huntsville, Alabama, would have an impact on the housing market in Colorado Springs. Bailey doesn't expect it to.
"A lot of the Space Command is your higher brass," Bailey said. "A lot of them are forced to live on base anyway, in the housing there because they need to be so close to the command. So I don't necessarily see a huge impact. I think that how deep Colorado Springs is in the aerospace and defense industry, it is going to actually see more migration into our city, more demand for housing. And I think once those transitions start happening, you'll see the real estate industry pick up and it'll become more robust again."
PIKES PEAK REGION AUGUST NUMBERS
New numbers were released 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: 43 in August, compared to 39 in July. In August of 2024, the average was 38.
NEW LISTINGS FOR SINGLE-FAMILY HOMES: 1,459, down about 11.8 percent compared to July.
TOTAL ACTIVE LISTINGS FOR SINGLE-FAMILY HOMES: 4,139, down about 2.1 percent compared to July, which was 4,227, and up about 25 percent compared to August of 2024, when total active listings were 3,320.
MEDIAN SALES PRICE: $480,000 in August, compared to $397,475 in July.
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