PUEBLO, Colo. (KOAA) — Pueblo County’s single-family housing market is showing signs of a slowdown, with home sales and prices falling in July as buyers take more time to make decisions. The slowdown comes as a recent survey found Pueblo is among the places prospective first-time homebuyers most envy.
New listings were down 9.4% from a year ago, while sold listings fell 12.7%, according to data shared with News5 from the Pueblo Association of REALTORS. The median sales price dropped 8.2%, from $334,950 last July to $307,500 this year. The average sales price also declined 3.1% to $328,802.
Homes are taking longer to sell, averaging 102 days on the market in July, compared with 92 days a year earlier.
David Ramirez, a board member with the Pueblo Association of REALTORS, said the biggest takeaway from the latest numbers is that buyers are becoming more selective.
“Right now, my biggest takeaway is that buyers are taking their time,” Ramirez stated. “They are able to be a little bit more selective in the house they want, and I think buyers right now are looking for a great deal, and they're willing to be patient for it.”
Ramirez said the market has shifted toward buyers, giving them more leverage than they had during the height of the COVID-era housing boom.
“Right now they've reclaimed that leverage, so I would definitely say it's shifted back to a buyer's market,” he said.
The slowdown comes despite fewer homes being available. Year to date, sales are down 0.9%, while the median sales price has fallen 4.7% to $305,000. Inventory has also declined 12.9%, from 1,011 homes to 881, while the supply of homes has dropped from six months to 5.4 months.
Ramirez said the combination of fewer homes and falling prices makes the current market difficult to predict.
“It's an interesting dynamic,” he said. “It kind of goes against kind of the supply and demand logic that I think a lot of us have dealt with.”
Still, Ramirez expects the market could see a boost after Labor Day as summer activities wind down.
“We're back to school. The Colorado State Fair is right around the corner, so I think once we get past Labor Day, you'll see a bump in the real estate market once again,” he added.
For buyers considering Pueblo, Ramirez said affordability remains one of the area's biggest advantages compared with larger Front Range markets. A recent survey found that Pueblo and Trinidad are among the places prospective first-time homebuyers most envy. Pueblo ranked No. 8 nationally, while Trinidad ranked No. 40.
The survey, from PortlandRealEstate.com, found affordability is a major factor in where first-time buyers are willing to live. Thirty percent said price was the biggest consideration, while 27% said they would realistically consider a smaller town or rural area. The findings highlight the appeal of communities such as Pueblo, where home prices are generally lower than in larger Colorado markets.
“Not only is it affordable, but there are some really great opportunities down here, and so there are some great homes, and we welcome the opportunity for people to explore what Pueblo has to offer,” Ramirez said after we shared the findings of the survey with him.
His advice to buyers is to start by determining what they can afford.
“My advice to buyers would be to get started with a local lender and figure out what your price range is,” Ramirez explained.
For sellers, Ramirez recommends patience as homes take longer to move.
“Right now, be patient,” he said. “It's hard, and unfortunately some of those sellers have bought houses when the market was at its peak.”
As the market heads toward fall, Ramirez said buyers could find opportunities by taking their time and looking closely at what is available.
“You just gotta get out and test the market and see what's out there,” he said.
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