Source: Fox 21 News —
It may not be “cool” quite yet, but the scorching housing market we saw in the summer of 2021, looks to be settling down this fall.
Homes are sitting on the market longer than at any point since March, at about 12 days, according to the Pikes Peak Area Realtors Association. PPAR also reports the inventory of homes locally hit a five-year high at 1,184 listings. The median sale price also dropped a bit: from $450,00 in August to $440,000 in September.
“The market has calmed down, there’s just no doubt about it,” said Randy Bell. “In some cases we’re actually seeing our clients get closing costs from the sellers.”
Bell founded Colorado First Time Home Buyer from Start Real Estate. He says other real estate companies may be sensing the shifting trends — last week Zillow announced it was pausing its instant offer and buying program.