Colorado Springs Real Estate Market – September 2023
The Colorado Springs real estate market has been quite intriguing lately. Whether you’re considering moving to Colorado Springs, already live here, or looking to buy a home in the area, it’s important to stay informed about the market trends. In this article, we’ll dive into the September 2023 market update for Colorado Springs and explore the key statistics and insights. So, if you’re eyeing the Colorado Springs real estate market, use these numbers as a guidepost.
Colorado Springs Single Family Homes
Please keep in mind our market updates cover the entirety of the Pikes Peak MLS. This may include some homes in Douglas County, Teller County, Pueblo and even a few in Denver. But, the majority of the PPMLS represents Colorado Springs and the surrounding areas such as Monument, Fountain, Manitou Springs, Falcon/Peyton.
In the realm of new listings, there’s a noteworthy shift worth delving into. Comparing August 2023’s count of 1407 new listings, we observed a decline in September, settling at 1243. While this decrease might raise eyebrows, the context paints a fascinating picture. Yes, there’s a dip, and the story continues to unfold when we glance back to the previous year. In September 2022, the market saw 1498 new listings, making this year’s 1243 figure a substantial drop. This decline indicates a shift in the number of homeowners opting to sell their properties. Now, let’s shift our focus to sales…
Home Sales in Colorado Springs
The number of home sales also experienced a decline. In August, there were 1,067 homes sold, but in September, that number dropped to 1,008. This decrease is not as significant as anticipated, but it’s still noteworthy. Compared to September of last year, which had 1,294 home sales, there is a difference of nearly 300 homes sold in the same period this year.
Average Sales Price
The average sales price for single-family homes in Colorado Springs has shown some volatility. In August, the average sales price was $553,959, but in September, it decreased slightly to $540,882. Despite this decrease, the average sales price is still higher than September of last year, which was $523,117. This indicates a year-over-year increase of about 3.4% in home values.
Median Sales Price
The median sales price for single-family homes in September was $475,000, a slight decrease from $480,000 in August. However, compared to September of last year, which had a median sales price of $460,000, there has been an increase of 3.3%.
Total Active Homes
The total number of active single-family homes on the market in September was 2,484, up from 2,420 in August. While this increase is not substantial, it is indicative of a growing inventory. In comparison to September of last year, which had 2,690 active homes, there is a decrease in inventory.
Approximately 34% of the homes on the market had a price reduction, with an average reduction of 2.5%. It’s important to note that the final sale price may have been slightly lower than the reduced price.
Colorado Springs Condos & Townhomes
Shifting our attention to the domain of condos and townhomes, there’s a noticeable trend worth exploring. New listings took a dip, dropping from 230 to 186, reflecting a similar decline from the previous year’s 205 down to 186. This pattern isn’t surprising, especially as we enter the latter part of the year when real estate production often slows down in the third and fourth quarters. However, the extent of this decrease, plummeting from 230 to 186 within a month, is quite substantial. It’s a significant shift that warrants close observation, indicating potential shifts in market dynamics that demand our attention. Keeping a keen eye on these fluctuations will provide valuable insights into the evolving real estate landscape in the coming months.
Condo & Townhome Sales in Colorado Springs
The number of condo and townhome sales experienced a significant drop. In August, there were 189 sales, but in September, that number decreased to 131. This represents a substantial decrease compared to September of last year, which had 248 sales.
Average Sales Price
The average sales price for condos and townhomes in Colorado Springs increased slightly from $361,131 in August to $369,467 in September. However, there is not a significant difference compared to September of last year, which had an average sales price of $363,252.
Median Sales Price
The median sales price for condos and townhomes in September was $350,000, a $5,000 increase from August. Compared to September of last year, which had a median sales price of $345,000, there has been a slight increase of 1.4%.
Total Active Condos & Townhomes
The total number of active condos and townhomes on the market in September was 366, up from 352 in August. This indicates movement in the inventory, and compared to September of last year, which had 235 active homes, there is a significant increase.
Days on Market
The days on market for homes in Colorado Springs have been increasing. In just one month, the average days on market went up from 29 to 39. This indicates that homes are sitting on the market for a longer period of time. However, it’s important to note that in April of this year, the days on market were 39, so the current increase is not unexpected. It’s likely that the market is experiencing a slight shift towards a buyer’s market.
The current state of the real estate market in Colorado Springs is influenced by several factors. One of the main factors is interest rates, which have been rising. Interest rates have been a significant factor in the real estate market. Low interest rates made homeownership more affordable for many buyers, leading to increased demand. However, interest rates have been consistently rising in recent months, which impacts buyer affordability and their willingness to enter the market.
The pandemic and its ongoing effects on the economy have also influenced the real estate market. While the housing market has remained steady throughout the pandemic, there have been shifts in buyer preferences and behavior. Many buyers have chosen to delay their homebuying plans due to economic uncertainty.
In conclusion, delving into the statistics of the Colorado Springs real estate market provides invaluable insights into its dynamic nature. The data tells a story of fluctuating trends, reflecting the evolving needs and preferences of both buyers and sellers. As we observe shifts in new listings, sales figures, and property prices, it’s evident that the market is responsive to various factors, including economic conditions and buyer sentiments. These fluctuations, though indicative of a changing landscape, also offer opportunities for those navigating the real estate arena. Whether you’re a prospective buyer, seller, or investor, staying informed about these market dynamics is key to making well-informed decisions in the ever-shifting Colorado Springs real estate landscape.
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The information provided in this blog post is sourced from the Pikes Peak Multiple Listing Service (PPMLS). While we strive to ensure the accuracy and timeliness of the data presented, we cannot guarantee its absolute correctness. Real estate market conditions are subject to change, and the statistics mentioned here are reflective of a specific period. We recommend consulting with a qualified real estate professional or directly accessing the PPMLS for the most current and precise market information. The details shared in this post are intended for informational purposes only and should not be considered as professional advice or a substitute for real estate consultation.