"The Colorado Springs housing market showed clear signs of cooling in the week ending Nov. 1, with 53.7% of active listings taking price reductions while inventory climbed to 3,070 homes. The metro's weekly absorption rate plummeted 50.4% from 476 homes last year to 236 homes, even as the median list price of $529,999 sits $105,000 below Colorado's statewide median. The data reveals a market grappling with shifting dynamics."
"While Colorado Springs remains more affordable than the state average at $227.2 per square foot compared to $268.7 statewide, sellers are increasingly adjusting expectations. The high percentage of price cuts, affecting more than half of all active listings, signals widespread seller concessions in a market where homes now take a median 77 days to sell, up from 63 days a year ago."
"Colorado Springs recorded 154 new listings during the week while absorbing 236 homes, maintaining a months of supply at 3.4, above the national average of 2.9 months but close to Colorado's 3.1 months. The inventory growth to 3,070 active listings reflects accumulating supply as buyer activity moderates. The decline in weekly absorption represents a shift in the market. With 240 fewer homes absorbed per week compared to last year, the pace of market activity has effectively halved,"
Colorado Springs showed cooling signs with 53.7% of active listings taking price reductions and inventory rising to 3,070 homes. Weekly absorption declined 50.4% year-over-year to 236 homes, roughly half the prior pace. The median list price is $529,999, down 3.6% from last year and $105,000 below the statewide median. Price per square foot is $227.2, about 15.5% below the Colorado average. Median days on market increased to 77 from 63. New listings numbered 154 for the week while months of supply stood at 3.4, above the national 2.9 and near Colorado's 3.1. Relisting rose to 10.4%.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]