November 10, 2026

 

HARRY’S BI-WEEKLY UPDATE

         A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

LET’S TALK ABOUT VALUE…LOW RATES V. LOTS OF LEVERAGE

There’s no getting around the fact that higher mortgage rates have had a strong impact on the Residential real estate market.  With rates climbing above 7% this year a lot of buyers have decided to sit tight and wait for them to come back down.

But rates are not the whole story.

When you purchase a home, you usually get one of two things:  low rates or negotiating power.  It is very rare to get both at the same time and today you have a lot more negotiating power than you might imagine.

Think for a minute about the historic low interest rates of 5 or 6 years ago.  Yes, they were exceptional, however---there was a shortage of existing homes for sale and there were bidding wars, homes being bought sight unseen to even get one, and most always without the ability to get an appraisal or add contingencies.  Sellers held all the cards.

What that meant was that buyers had to essentially purchase a home “as is” and that could mean having unforeseen problems or additional expenses after closing.

Today, it is most definitely a buyer’s market and a recent report in Realtor.com found that about two-thirds (66) of the top 100 metro areas now lean in favor of buyers.  Look at the graph below:

 

 

And while lower rates might be what you want, this shift in power has its own advantages.

There are more homes for sale than there have been in several years, thus giving buyers more choices and more time to decide, get an appraisal and ask for concessions.  Sellers have to work harder to get their homes sold. 

According to Lawrence Yun, chief economist for the National Association of Realtors (NAR), “Higher inventory and lengthening days on the market give buyers improved negotiating power.”

This is apparent in the deals that we see buyers getting today.  According to Redfin, nearly half of buyers now get some kind of concession from the seller—like help with closing costs, money for repairs, or even the seller paying to buy down the mortgage rate.  The graph below illustrates just that:

 

 

So, when you find the home you want, even though the rate may not be what you wanted, there are other considerations that can make that higher rate easier to swallow.

Of course there is another thing to consider, and one I’ve mentioned for some time now--waiting for the rates to drop is going to cost you in the long run.  Home prices, while holding steady at present, are NOT going down and are likely to rise.  Waiting will cost you more--despite the higher interest rates at present.

And just in case you are waiting for rates to drop, you might want to know that the experts at Fannie Mae, the Mortgage Bankers Association (MBA) and Wells Fargo don’t expect rates to fall much through 2027.

Even Lawrence Yun is waiting to give his rate forecast for 2027 until December 15 because his forecast for 2026 did not give the lower rates he had expected and he wants more time to make his predictions.

Here’s what other experts predict:

 

 

Something else worth considering is that if rates somehow did fall in a big way, more buyers would rush in, and more competition would mean fewer deals, fewer concessions and sellers getting the upper hand once again.  And, of course, this would result in higher prices as well.

Waiting comes with a trade-off.  You might get a better rate somewhere down the road, but you would be giving up the buying power you have today.

What all this means to you is that if you’ve been waiting for rates to fall maybe that’s not the answer.  There are so many variables when buying and selling and as always, the best time to buy or sell is when it’s best for YOU.

If you have been thinking of buying or selling, it’s worth sitting down to discuss how your wants, needs and budget requirements can work in your favor.

There are a lot of variables when it comes to both mortgage rates and concessions and that’s just two of the many reasons you’re in good hands with me. 

My background in Investment Banking, coupled with my knowledge of financial options and expertise in negotiation, gives my clients a heads up over the competition. 

But you won’t know how it can work in your favor until you give me a call.

Residential real estate is what I do and have done for more than 53 years. 

I do it because I believe in it and it has given me great pleasure to help my clients enrich their lives--both monetarily and emotionally.

Every month spent on the sidelines is a month someone else is building equity that could be yours. And the earlier you begin the process the sooner you will be seeing a return on your investment.

Call me today at 719.593.1000 or email me at Harry@HarrySalzman.com and let’s see how you can achieve your Residential real estate dreams.

 

 

LET’S ALL TAKE TIME EVERY DAY, BUT ESPECIALLY TOMORROW, TO GIVE THANKS TO OUR VETERANS.

 

 

Now for statistics…

 

OCTOBER 2026

Statistics provided by the REALTORS Service Corp., or it’s “elevate” MLS

 

Here are some highlights from the October 2026 “elevate MLS” report:

 

In El Paso County, the average days on the market for single family/patio homes was 56.  For condo/townhomes it was 60. 

 

Also in El Paso County, the sales price/list price for single family/patio homes was 98.7% and for condo/townhomes it was 98.5%. 

 

In Teller County, the average days on the market for single family/patio homes was 64 and the sales/list price was 97.8%.

 

Please click here to view the detailed 10-page report, including charts.  If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.

 

In comparing October 2026 to October 2025 for All Homes in PPAR:

                       

                        Single Family/Patio Homes:

  • New Listings were 1,203, Down 13.4%
  • Number of Sales were 816, Down 6.8%
  • Average Sales Price was $525,945, Down 3.2%
  • Median Sales Price was $455,000, Down 3.9%
  • Total Active Listings are 4,110, Up 4.9%
  • Months’ Supply is 5.0

 

 

Condo/Townhomes:

  • New Listings were 188, Down 2.6%
  • Number of Sales were 111, Down 14.6%
  • Average Sales Price was $343,830, Down 5.0%
  • Median Sales Price was $325,000, Up 1.7%
  • Total Active Listings are 690, Up 7.8%
  • Months’ Supply is 6.2

 

Now a look at more statistics…

 

OCTOBER 2026 MONTHLY INDICATORS AND LOCAL MARKET UPDATE ILLUSTRATE OUR LOCAL TRENDS IN DETAIL

Colorado Association of REALTORS® , Pikes Peak REALTORS Service Corp, or it’s “elevate”MLS

Providing greater detail than the above report, this contains information on both El Paso and Teller counties for Residential real estate. 

 

The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year to Date one-year change:

 

  • Sold Listings for All Properties were Down 9.7%

 

  • Median Sales Price for All Properties was Down 0.2%

 

  • Active Listings on All Properties were Up 1.5%

 

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical are of your choice from the 18-page Local Market Update.  It’s a good idea to check out your own area or one that you might be considering to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

 

COLORADO SPRINGS IS RANKED #56 OUT OF 228 MEASURED METRO AREAS FOR MEDIAN HOME PRICE GROWTH

NAR, 10.29.26

In the just published report from the NAR, single-family, existing-home prices grew in 78% of metro markets.  This is down from 80% in the second quarter.  The report provides the real estate ecosystem—including agents, brokers, buyers and sellers—with quarterly metro-area data on median home prices and housing affordability.

Compared to a year ago, the national median single-family existing-home price climbed 1.7% to $432,900.  Last quarter the year-over-year increase was 3.4% to $402,300. 

The median home price in Colorado Springs, compared to a year ago, stayed relatively the same, with a small decrease of 0.3% to $472,700.  This price reflects detached, single-family and patio homes, but not townhomes or condominiums.

The Western Region of the U.S. showed an average negative 0.6%, so we are still stronger than the majority of cities in the Western Region.

And even staying essentially the same as one year ago, the median home price in Colorado Springs ranked #56 out of 228 measured metro areas, therefore holding value better than a significant number of other metros.

To see all 228 metro areas in alphabetical order, please click here.  To see them in ranking order, click here.  Or click here to see what income levels are required to purchase homes based on either a 5, 10 or 20 percent down-payment.

If you have any questions, please give me a call.