The real estate market in the Colorado Springs area continues to be very hot, but it is slowing down from the torrid pace of the past couple of years.
Listings are up over 22% from October 2017 which is giving buyers some welcome relief from the absolute scarcity of listings we saw at the beginning of this year. Sales are down a touch, but it was still the 2nd most homes sold in any October on record. Likewise for the year, total number of sales (year-to-date) are down about 400 units but on pace to be the 2nd best year ever. Likewise, sales prices have slowed to a more reasonable appreciation rate of 8% compared to the double digits increases we have seen most of the last 2 years.
Although our market seems to have peaked, we don’t anticipate the market turning into a buyer’s market anytime soon. We believe the quality of life found in the Pikes Peak region will only continue to bring more & more people to the area allowing our real estate market to continue its upswing for the foresee future.