COLORADO SPRINGS, Colo. (KOAA) — The Pikes Peak region’s housing market continued to cool in August, with fewer homes selling, lower median sale prices, and more time on the market, giving buyers more choices while putting pressure on sellers to price homes competitively.
Pikes Peak Association of Realtors board president Andrea Warner says the latest numbers show the market continuing its gradual shift toward balance, although buyers still have an advantage in many parts of the market.
“Basically we are seeing a drastic cool-down, which is typical coming out of the summer,” Warner explained. “Numbers are dropping again from July to August. Sales price went down. Median sales price went down. Days on market went up.”
AUGUST 2026 HOUSING MARKET STATS:
-3,218 listings, up 7% year over year
-812 homes sold, down 5% year over year
-$560,915, average sales price
-46 days, average time on market vs 40 days in August of 2025
The number of homes sold also declined, while the number of listings remained relatively flat compared with July.
Despite those changes, the market has not reached what Warner considers a full-fledged buyer’s market.
“When you see a full-blown buyer's market, you will see a drastic drop in our sale prices and high inventory, and you're not really seeing that,” Warner said. “We are seeing a little bit of a drop, but it's not a drastic drop in our sale prices.”
Sellers face more pressure
With more choices, buyers are becoming more selective, the Warneer said. That means sellers need to make sure their homes are priced appropriately and in good condition before putting them on the market. Warner described several recent showings of homes in the same neighborhood and price range that had dramatically different levels of updating. One home still had its original kitchen cabinets, while another had been completely remodeled and was priced lower. The remodeled home received an offer on its first day on the market.
“I just got word last night from the one that I told you was completely remodeled, first day on the market on Monday. He already has an offer come in,” Warner stated.
The experience illustrates the importance of preparing a home for sale, according to Warner.
“You have to come in just a little bit below market and you really need to listen to your agent,” Warner added.
That can include painting, replacing carpet and maintaining the yard. Warner pointed to another home that had been on the market for more than 160 days after initially being listed at $460,000.
Seller concessions becoming common
Buyers are also increasingly receiving help from sellers to get deals across the finish line.
Warner said sellers are offering concessions for expenses such as mortgage-rate buy-downs, lease buyouts, and paying off bills.
"It's very unusual if you do not see a seller concession,” Warner included in her message about the current housing market.
Middle-priced homes face a unique challenge
Warner also looked at housing activity by price range in El Paso County and found an unusual pattern. As of Wed there were 3,221 single-family and patio homes on the market in El Paso County. Warner shared data that showed 646 homes listed below $400,000, while 406 were listed at $900,000 or more. The largest number of listings, 1,411, were priced between $401,000 and $600,000. From January through Wednesday, 6,935 single-family and patio homes had sold in El Paso County.
Of those, 3,218 were priced between $401,000 and $600,000, compared with 1,707 below $400,000 and 585 at $901,000 or more.
Warner said the middle of the market remains active but is taking longer to move.
“The houses are still moving right in that price range, but they're taking longer to sell than the very low and the very high,” Warner added.
One possible factor is financing. Warner said buyers in the middle price range may not have access to as many specialized financing programs as buyers at lower price points, while higher-priced homes may attract more cash buyers. Warner stressed that buyers should not assume they need a 20% down payment to purchase a home and there are different options out there.
Outlook remains steady
Looking ahead, Warner expects the market to remain relatively steady, with the possibility of modest declines rather than a major shift.
“I think that you're still going to see a steady, just a little decline,” Warner said. “I don't think you're going to see any jumps in anything until next year.”
For buyers, Warner said having an experienced real estate agent can be particularly important in a market with more choices and greater negotiating power.
“Make sure that you do have a Realtor helping you with that and there's a difference between a Realtor and someone who's just licensed,” Warner stated.
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