Colorado Springs Real Estate Market – December 2023
The year 2023 has been filled with ups and downs in the housing market, with news ranging from doomsday predictions to optimistic reports. Amidst all the noise, we bring you a comprehensive update on the Colorado Springs real estate market for December 2023. Buckle up as we dive into the key highlights that define the state of the market and what it means for those looking to buy or sell homes in Colorado Springs and its surrounding areas.
**Source: PPMLS
**Please keep in mind these statistics are for the entirety of the Pikes Peak MLS.
New Single Family Home Listings in Colorado Springs:
In December of 2023, new listings experienced a significant drop of 35.5%, decreasing from 895 in November 2023 to 577. This decline suggests that sellers are approaching the market more cautiously, regardless of the fluctuating interest rates. Comparing this to the same period last year, where there were 659 new listings, we observe a downward trend from a seller’s standpoint. It will be interesting to see how the first quarter of 2024 unfolds in this space.
Single Family Home Sales in Colorado Springs:
While new listings may have seen a decline, sales numbers paint a different picture. Sales increased from 715 in November to 777 in December. However, when looking at the year-over-year trend, there’s a consistent decrease, aligning with the patterns observed throughout 2023. December 2022 recorded 851 sales, dipping to 777 in December 2023. This reflects a 8.7% decrease year over year for the number of single family home sales in Colorado Springs.
Average Sales Price and Home Values in Colorado Springs:
One of the most talked-about aspects is the average sales price, reflecting the health of the real estate market. In December 2022, the average sales price was $490,910. Fast forward to December 2023, and we see a nearly 6% year-over-year increase, reaching $519,961. This steady rise, within the expected range of 3 to 5% annually, indicates a healthier and more sustainable market compared to the drastic increases seen in previous years.
Median Sales Price for Single Family Homes:
The median sales price also increased year over year. In December of 2022, the median sales price of a single family home in the PPMLS was $441,000. We finished out 2023 with the median sales price being $455,000. This equates to a 3.2% increase in the median sales prices year over year. Again, this is a much more sustainable market and things seem to have settled from the absolute frenzy it was in 2020, 2021 and early 2022.
Active Listings in Colorado Springs:
The total active listings saw a notable decrease from 2397 in November to 1891 in December. While the year-over-year comparison remains relatively flat, with 1909 listings in December 2022, the decrease in active listings signifies a reduction in seller inventory. This scarcity of available homes contributes to the upward pressure on home values.
Average Days on Market:
Buyers can now take a sigh of relief as the Days on Market increased from 40 in November to 46 in December. This extended duration provides buyers with more time to make informed decisions, reducing the rushed nature of the market. For sellers, understanding the average days on the market (46) becomes crucial for making necessary adjustments to their selling strategy.
Conclusion:
As we wrap up the Colorado Springs real estate market update for December 2023, it’s evident that the market is experiencing shifts in seller behavior, sales performance, and home values. The slight decrease in new listings, coupled with an increase in sales and a steady rise in average sales prices, indicates a balanced and sustainable market. Whether you’re a potential buyer or seller, understanding these trends is essential for making informed decisions in the dynamic Colorado Springs real estate landscape. Stay tuned for more updates as we navigate through the real estate landscape in 2024.
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Disclaimer:
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.
