COLORADO SPRINGS, Colo. (KKTV) — New numbers released this week are giving us some insight into the housing market in the Pikes Peak Region.
Each month News5 plans to check in with the Pikes Peak Association of Realtors (PPAR) to examine the housing market trends for the Colorado Springs area.
The January numbers were expected with nothing standing out as shocking according to PPAR Board President Windy Bailey, following a month filled with holidays when people typically prefer not to sell or move.
"If you are looking to sell, you don't want people coming in and of your house during the holidays," Bailey explained. "You don't want a whole lot of foot traffic. If you're a buyer, you're probably not focusing on looking at houses in the November, December time frame, because you're focusing again on the holidays and spending time with family."
Bailey says the most talked about topic among realtors to start February is how long houses are sitting on the market. According to data released Tuesday from the Pikes Peak MLS, the average number of days for a house to be on the market in January was 71, compared to 54 days in January of 2024.
"We've got a lot of sellers out there who think their home is worth more than it actually is, and it's driving up the amount of time it's on the market," Bailey said. "We're counseling our buyers now to be like, you might have some time if you think this might be the house that you want. A couple of years ago... you write an offer today. Now if you don't totally love it, let's go ahead and look at some other houses."
Bailey also pointed out we are getting closer to Spring, when more military members are expected to move for Permanent Change of Station (PCS) season.
"Regardless of what's happening with the mortgage rates or the rest of the country, we will always see an uptick in the spring months here, because we have sellers that are forced to sell because of that PCS season," Bailey said of the uniqueness for the Colorado Springs market.
Bailey referenced the "unicorn" years of 2021 and 2022 when interest rates were historically low and it was a seller's market. Right now, Bailey feels the market is much more fair and balanced.
"More of a competitive and fair market," Bailey commented. "You don't see multiple offers coming in where the seller can just pick and choose. Does that happen occasionally? Yes. But is it the norm like it was three years ago? Absolutely not."
If you have questions for Bailey, you can email Tony.Keith@koaa.com as he checks in with her and PPAR monthly throughout 2025.
News5 is not using the average sale price because homes like this six-bedroom eight-bathroom house along Spirit Wind Heights drive the average up with a price tag of $4.25 million as of Wednesday morning.
HIGHLIGHTS FROM THE JANUARY NUMBERS FOR THE PIKES PEAK REGION:
-Average median sales price for single-family patio homes: $482,250
-New Listings single-family patio homes: 1,223 (Up 73 percent from December)
-Sales: 877 (Down 20.6% from December)
-Average median sale price for condo/townhomes: $340,000
-New listings condo/townhomes: 204 (Up 76% from December)
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