Third Quarter 2023 Real Estate Market Update
Colorado Springs Real Estate Quick Facts
- Mortgage rates were flat for the Quarter but up about a 1/2 pt from the same quarter last year (SQLY)
- Average active listings for the quarter were 1693, compared to 2033 from the SQLY (down 16%)
- Total new listings for the quarter were 3187, compared to 4355 from the SQLY (down 26%)
- Sales for the quarter were 2474 units, compared to 3256 from the SQLY (down 24%)
- List price/sales price average was 100.0% for the quarter, down from 103.2% from the SQLY
- Average sales price for the Quarter was $555,172 up from $545,088 during the SQLY (up 1.8%)
- Average days on market for sold homes was 29 for the quarter, up from 18 days from the SQLY
- Single family permits YTD were 2129 for the quarter, compared to 3107 from the SQLY (down 31%)
As we enter the last quarter of 2023, our local real estate market has performed better than most mar-kets around the country. The “lifesaver” for our market would definitely be the lack of new listings hitting the market which has allowed prices to not only maintain, but actually increase them slightly.
Demand is down almost 4000 units (34%) compared to 2021, but so are new listings coming on the market. With both demand and inventory shrinking, prices in our area have been relatively flat, and in-fact increased slightly this quarter.
Buyers—Yes, mortgage rates have climbed. But the good news is you now have more variety and selection to find a home you really love AND it is likely you won’t be in a bidding war to get it.
Sellers—The days on market and competition are both climbing. However, if you price your home correctly and it is in tip-top condition, there is a very strong likelihood it will sell quickly.
Our market is very different than it was 2 years ago, when it was an EXTREME seller’s market, and to many it feels like the local market is falling apart. But when you compare the market to those of the past 25 years, it is becoming much more normal. Over the past 25 years—
• The average number of active listings for this time period is 3054. Currently there are 1743, and back in 2021 there were just 825.
• The average number of sales year to date was 8698. This year there have been 7475 sales, and back in 2021 there were 11,356.
• The average inventory was at 4.0 months. This year inventory is at 2.2 months and back in 2021 it was just 2 weeks.