Published October 4, 2023
A Gentle Shift: Uncovering the Real Estate Trends of September 2023 in Colorado Springs and Surrounding Areas
Colorado Springs Real Estate market report for September 2023
Ah, the beautiful fall in Colorado Springs, when the leaves adopt a palette of vibrant colors, and the real estate market takes its own kind of seasonal turn. This September has whispered a tale of slight change as it unfolded a bit differently than the summer months. As your trusted guides in the local real estate scenery, we're here to narrate the story of the market's recent performance. Let’s delve into the essence of the numbers and what they mean for you, whether you're a first-time buyer, a seasoned homeowner, or someone with a keen eye on the investment horizon.
Days on Market
In September, homes in our picturesque region spent an average of 38 days on the market before finding their new owners, a small leap from the 29 days witnessed in August. This subtle extension in market time is akin to the slight chill in the morning air – a gentle reminder that seasons are changing, and with them, the pace of the market.
List Price to Sales Price Ratio
Now, onto the financials, where the script of affordability and value continues to be well-penned. The List Price to Sale Price ratio in September stood at a heartening 100.1%, a soft climb from the 99.6% seen in August. This ratio is like a friendly handshake agreement between buyers and sellers on the value of homes, showing a mutual understanding that the market remains fair and balanced.
Median and Average Sales Prices
The narrative unfolds with a slight dip in the median sales price, which retreated by $5,000 from August, yet when viewed through the lens of a broader timeline, it's up by 3.3% from this time last year. This is akin to a gentle slope in the landscape, a modest descent before the terrain ascends again, symbolizing the natural ebb and flow of market values.
Similarly, the average sales price in August also took a modest step back by 2.4% compared to July, but fear not, for it ascended by 3.4% from this time last year. It’s a testament to our local market's enduring appeal and steady growth over time.
New Listings and Number of Sales
Now, let’s talk about the new neighbors! August welcomed 1,243 new listings, a slight decrease from 1,067 new listings in July. Though these numbers are down by 22.1% from the previous year, it reflects a market that’s becoming more intimate, a smaller gathering around the community hearth, if you will.
The sales in September were down by 5.5% from August and 22.1% from the same month last year. However, every market trend tells a story, and this one speaks of a market that’s becoming more discerning, more about quality than quantity.
