Colorado Springs, CO housing market

More than one in four sellers in Colorado Springs has already cut their price, and that tells you almost everything about this market right now. About 28 percent of active listings have taken a reduction, which is what happens when supply outruns buyers. There are roughly two thousand eight hundred homes for sale, and about one thousand three hundred more came on in the past month alone, so shoppers have real choice. Homes are taking around 48 days to go under contract, well past the point where a seller can count on a quick offer. Meanwhile the typical home value sits at about four hundred forty-two thousand dollars, down nearly 2 percent from a year ago. And sellers are still aiming high, with a median list price around four hundred sixty-four thousand dollars, well above where values actually are. That gap is exactly why so many listings end up cutting. If you are selling this summer, price to today's market on day one, not to last year's number. The sellers who chase the market down are the ones who sit the longest.