COLORADO SPRINGS, Colo. (KOAA) — Home sales in the Pikes Peak region dropped significantly in January while new listings surged, creating what real estate experts say is a more balanced market for buyers.
While the market is balancing, a recent report from the National Association of REALTORS (NAR) shows the median age for first-time home buyers has risen to 40.
New data from the Pikes Peak Association of REALTORS (PPAR) shows a 72 percent jump in new listings for single-family homes from December to January, from 739 to 1,274.
At the same time, sales dropped about 30 percent from 909 to 637. The new PPAR Board President, Andrea Warner, isn't concerned and believes the numbers are pointing to a healthy market.
“What it tells me is that we’re experiencing the normal seasonal slowdown in sales as the inventory builds,” Warner said. “We’re shifting to a more balanced market, which I feel benefits both the buyers and sellers.”
The market shift represents a dramatic change from recent years, with about 4.5 months of inventory now available to buyers. The average days on market is the highest it has been in more than a year at 74 in January.
"I would say be choosy," Warner said as advice to buyers. "You know, don't jump on a house. This is not COVID time, so don't jump on a house because you're afraid that, you know, nothing else is gonna come around."
Warner advises buyers not to wait for interest rates to drop, as that strategy could backfire. For sellers, the current market conditions mean that overpricing homes could be costly.
"I think that sellers still have the mindset back in COVID... if it's comping out at this, I want to go a little bit over... Instead, it really should be the opposite," Warner advised sellers. "If it's comping out at this, then maybe go a little bit under."
The median sales price hit about $469,000 in the month of January.
Warner encouraged buyers to focus less on headline prices and more on monthly affordability.
“Look at your monthly mortgage,” Warner added. “Is that what’s comfortable to you? If it’s comfortable and that house speaks to you, then move forward. Get off the fence.”
JANUARY MARKET SNAPSHOT (Data from PPAR through PPMLS):
For single-family/patio homes
NEW LISTINGS: 1,274 (Up 72.4 percent from December, 739)
SALES: 909 (Down 29.9 percent from December, 637)
MEDIAN PRICE: $469,950 (Up 2.2 percent from December, $460,000)
MONTHS SUPPLY: 4.5 in January
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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