COLORADO SPRINGS“The statistics do not tell the entire story. We may show only a 1.1% drop in the median sales price for all properties, and a slight uptick in active properties, but the real
Hard To Know Which Way Things Are Going
Dated: August 17 2023
Views: 327
“One of the strangest markets I have seen in a long time, maybe ever. And that is because there is not a one size fits all going on right now. While we are 1.8% off our top median prices, further home value decreases remain resilient. We’ve also seen a roughly 25% year-over-year decline in sold listings on all property types (2012/2013 levels). Sales are off, prices are down from the highs, active listings are down 17.9%, interest rates remain elevated, and despite all that, sellers continue to be fortunate when you have the right home at the right price. On the flip side, other sellers are not getting the showings or offers and are having to reduce prices or place their homes into property management.
Pueblo saw a decline of 21% on year over year sales. Which inventory off 4.1% and prices down 6.7% on median home prices year over year, it is something to watch moving forward. The commuter buyer is now almost nonexistent. People who work in Springs are staying in Springs or not buying in Pueblo. Either way, this plays a big role in buyer pool.
“Where is the market headed? Nationally we have economic news that would make one pause. July brought about Yellow, the third largest freight company, declaring bankruptcy. Americans now have surpassed $1 trillion in credit card debt, a first-ever. We did see the Federal Reserve raise interest rates. But then jobs came in strong. The Fed is walking a tightrope trying to battle inflation, equalize jobs, and avoid a crash. We have also seen freight drop from China to the U.S. as consumer demand slows. Not usually a good sign. But, despite all this, housing stands tall in the Pikes Peak region.
“One other caveat I have not seen in a long time is that rents for homes have softened while mortgage payments for those same homes, if purchased, are far higher. A renter can save $500-$1,000 per month compared to the cost to own. We are seeing two strange forces at work right now. Low-interest rates for many are keeping them from selling, and low rents compared to buying, are keeping people from buying. The past has shown us that the market does find balance. My experience is when it does, it is never painless. But for now, sellers who are reasonable with their home prices are still selling, and buyers bear the brunt of the pain with higher interest rates, higher home prices, and higher cost of living. As we move to fall, we will have to see how inventory goes, if interest rates adjust, and how demand holds up,” said Colorado Springs-area REALTOR® Patrick Muldoon.
Patrick Muldoon
I have many interests and hobbies to supplement my busy career in real estate. Although I enjoy my work I also enjoy finding free time to enjoy the most important things in life. This includes being w....
Latest Blog Posts
The housing market continued to plug along in July across the Pikes Peak Region, remaining essentially unchanged from last July in median price, sales, and active listings. Still, the market feels
COLORADO SPRINGS“We had a little bit of stabilization in May across the front range as sold listing increase 8% year over year, added slight value (0.8%) to the median sales price, and watched
“The Front Range market of El Paso County and Teller continues to drag. April saw a 1.8% increase in total units sold from last year, but we remained 6.3% higher on active listings and our
The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange (IDX) program of METROLIST, INC., DBA RECOLORADO©. Real estate listings held by brokers other than Muldoon Associates, Inc. are marked with the IDX Logo. This information is being provided for the consumers' personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified. September 22, 2026 11:19 AM UTCd
The real estate listing information and related content displayed on this site is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information and related content is deemed reliable but is not guaranteed accurate by elevateMLS.
Pueblo Association of REALTORS®, Inc. All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be
Information should be deemed reliable but not guaranteed, all representations are approximate, and individual verification is recommended. Copyright ©2026 All rights reserved.
