The Gazette Called It "Balanced But Sluggish." Here's What the Numbers Actually Say.

The Colorado Springs Gazette published an article this week calling the local housing market "balanced but sluggish" based on March 2026 data. That's not wrong, exactly. But it's a newspaper headline, and newspaper headlines flatten things. The actual numbers tell a more useful story - especially if you're trying to make a decision right now about buying or selling.

So let's look at what the MLS data actually says.

What "balanced" means in the data

March 2026 months of supply came in at 3.5. For context, under 2 months is a tight seller's market, 4-6 months is balanced, and above 6 favors buyers. At 3.5, we're technically in the lean-seller zone - not balanced yet, but not the frenzied market of 2021 either.

Our daily tracking shows MoS ranged from 3.3 to 3.9 across March depending on the day. That end-of-month drift toward 4.0 is probably what earns the "balanced" label. Fair enough.

But here's the part the headline misses: the listing attrition ratio hit 2.31 in March. That means for every home that was withdrawn, cancelled, or expired, more than two sold. That's not a sluggish market. That's a market where homes are selling - just not at the price the seller originally wanted.

Where "sluggish" comes from

The sluggishness is real, but it's a pricing story, not a volume story.

CPOLP (close price to original list price) was 96.39% in March. Translation: the average seller gave back about 3.6% from their original asking price. That's a meaningful negotiation gap. If you listed at $475,000, you closed closer to $458,000.

Average seller concessions have been running around $10,000-$10,200/month since October - on top of the price reduction. Buyers are getting help with closing costs, rate buydowns, and repairs. When you add the price haircut and the concessions together, the effective sale price is 5-6% below original list on a typical transaction.

Average days on market: 63. That's up from 54 days in March 2024. Homes are sitting longer before finding a buyer at a price both sides can live with.

So is it sluggish? If you're a seller who listed at your Zestimate and expected multiple offers in a weekend - yes, it feels sluggish. If you're a buyer who's been waiting for negotiating leverage - this is the most room you've had since 2019.

The volume story the headline missed

Here's where "sluggish" sells the market short:

• 1,184 homes closed in March 2026. That's essentially flat with March 2025 (1,186 closings). Transaction volume isn't declining.
• Sales were up 30% from February (1,060 vs. 812 in the MLS count). That's a normal spring acceleration, but it's healthy. People are buying.
• Active inventory is at 3,661 - up from 3,126 in March 2024. More options for buyers, which is what's creating the negotiation leverage.

A market where nearly 1,200 homes close in a single month isn't sluggish. It's a market where the power dynamic has shifted from sellers to something closer to even - and the pricing data reflects that adjustment.

Median price: steady, not falling

March 2026 median close price: $454,925. March 2025: $465,000. That's a 2.2% decline year over year. Not a crash, not a boom - stability with a slight softening.

Where are the sales happening? The $400-500K band led with 308 closings, followed by 600K+ at 296, then $300-400K at 257. The middle of the market is doing the heavy lifting, which is typical for a spring cycle here.

If you're waiting for a meaningful price drop to time the bottom - the data doesn't support that thesis right now. Prices have been in a $445K-$475K median range for over a year. What's moving is the terms, not the sticker price.

What does this actually mean for you?

If you're buying: You have leverage that didn't exist two years ago. A CPOLP of 96.4% means you can offer under list and expect to land somewhere reasonable. Sellers are covering $10K+ in concessions. Average DOM of 63 days means you don't have to make a decision in a weekend. Use the time, do your homework, and negotiate.

If you're selling: Price it right the first time. The gap between original list and close is almost 4%. Every dollar of overprice is a day on market, and at 63 ADOM, those days add up. The good news: the attrition ratio at 2.31 means that priced-right homes are still selling. The market isn't rejecting sellers - it's rejecting overpriced listings.

If you're waiting: Waiting for what, exactly? A crash? A rate drop? Both? The data shows a market that's flat to slightly soft on price, with improving volume and steady demand. Rates are at around 6%. If you're waiting for 4% rates and a 20% price correction happening at the same time - that's not how this works. What if rates drop and prices jump? What if they don't drop at all? Can you afford to wait another year of rent?

Not a lecture. Just the questions worth asking yourself.

The bottom line

"Balanced but sluggish" is a fine headline if you have 50 words to describe a complex market. But if you're making a financial decision - and buying or selling a home is one of the biggest ones you'll make - you deserve more than a two-word label.

The March data shows a market that is healthy on volume, soft on pricing, and favorable to prepared buyers. That's not sluggish. That's a market that rewards people who do their homework.

Check the live market dashboard for the numbers updated daily, or search by your monthly budget to see what's actually available right now.

Data sourced from elevateMLS (Pikes Peak region closed transactions and active listings), El Paso County Assessor records, and FRED. All figures reflect the most recent available reporting period. This is market commentary, not financial advice.