November 2023 Real Estate Market Update
Colorado Springs Real Estate Quick Facts
- 30-year mortgage rates dropped from 7.76% to 7.22% during the month
- 1,706 listings are on the market, this is flat from the same month last year (SMLY)
- New listings for the month were 714, which is down 6% from SMLY
- There were 588 sales for the month, which is down 21% from SMLY
- Median List price/sales price ratio was 100.0% for the month; last year it was 99.6%
- Average sales price for the month was $541,725, up 4.1% from SMLY
- Median sales price for the month was $472,893, up 5.1% from SMLY
- Median days on market for sold homes was 37; last year it was 33
Market Summary
November of 2023 continued to deliver mixed results for the local real estate market in the Colorado Springs metro area. Prices were up more than 4% while sales were down 21%, and new listings were down 6% while inventory grew by almost 30%. The one big change which we think will help get 2024 off to a good start was the 3/4 point drop in mortgage rates (was nearly 8% and is now at about 7.25%). It is likely rates will actually get below 7% in December, which will be a wonderful gift to buyers.
The artificial, uber low mortgage rates of 2019-2021 created massive demand and pushed the percentage of American’s owning homes to a record high. Rates are still about 5% higher which has taken many buyers out of the market. If rates do get below 7%, we think there will be a solid bump up in the number of buyers searching for homes. The real question will be how many homeowners will give-up their ultra low mortgage rates to buy a home that better suits their current needs.
