The average home price in the Pikes Peak Association of Realtors® region is down 17.57% from the peak in May. This is based on a 14 day rolling average.
Homes are currently closing down 6.33% from their original list price, as measured for the last 30 days.
The absorption rate – the measure of homes on the market vs sales – is 87 days. That is, if no more homes were listed, we would sell the existing inventory in 2.9 months. That is still a “seller’s market” but is greatly tempered by interest rates and the speed with which we have accumulated that inventory. Translation: buyers have the advantage right now.