Pueblo’s real estate market experienced a slowdown in August, with a decrease of 18% in overall sold listings compared to the same period last year. According to the Colorado Association of Realtors monthly report, only 1,586 homes were sold in August, compared to 2,130 in August 2022. Additionally, year-to-date residential home sales are down by 25.5%.
One of the factors contributing to this decline is the low inventory of available homes for sale. Combined with interest rates in the range of 6% to 7%, potential buyers are hesitant to enter the market. The median sales price remains unchanged at $320,000 compared to last August, but the year-to-date median sales price has dropped to $313,000. However, there is some positive news in terms of pricing, as the percentage of list price received has remained flat at 98.5% and is only down by 1.3% year-to-date, suggesting that prices may be stabilizing.
Another concern in the real estate market is the length of time it takes for a home to sell. With an average listing period of nearly three months, sellers are becoming increasingly anxious. This trend is particularly evident in the new home construction arena, where permits are down by 47% compared to last year. Builders are exercising caution due to the rising levels of unsold inventory.
In other news, the Pueblo West Chamber of Commerce has announced Samantha Hardcastle as its new executive director. Previously a professional photographer and owner of Samantha Hardcastle Photography, Hardcastle brings her business acumen and leadership skills to the chamber. The chamber has also relocated to a new office in the San Isabel Electric Building at 781 E. Industrial Blvd.
The Pueblo Board of Water Works also announced changes in billing cycles for water customers, effective from October 1. These changes are being made to accommodate future growth in the city. Customers can find their due dates and billing zones by visiting the Pueblo Board of Water Works’ website.
Premier Members Credit Union demonstrated its commitment to the community by collecting donations for local food pantries, including Pueblo’s Cooperative Care Center. The food drive aimed to support those in need and make a positive impact on the local community.
Lastly, the Learning Source, a nonprofit organization focused on adult education and family literacy, is currently hiring AmeriCorps digital navigators in the Pueblo area. These navigators will play a vital role in bridging the digital divide and ensuring equal access to technology for adult learners. Candidates interested in applying can visit the Learning Source’s website or email Luke Hammons for further information.
Despite the challenges faced by the real estate market in Pueblo, there are also signs of resilience and community support across various sectors. As the city continues to navigate through these changes, it is essential to adapt and find innovative solutions to meet the needs of residents and businesses alike.