Colorado Springs Real Estate Market Report for July 2023

Last month, the real estate landscape in the Pikes Peak Region (Colorado Springs, Fountain, Monument, and surrounding areas) showed signs of a market adjustment, contrasting the national housing trends we've been observing. In July 2023, the median sales price saw a decrease of 2.7% from June, and 2.2% compared to this time last year. Similarly, the average sales price also experienced a dip of 2.7% compared to June and is down by 3% from July 2022.

In terms of inventory, we witnessed a drop with only 1,464 new listings entering the market in July, compared to 1,695 new listings in June, representing a significant decrease of 29.9% compared to the same period last year. Sales also followed a similar trend, being down by 13% from May and a more notable 20.2% from July 2022. Additionally, properties were staying a little longer on the market, with the "Days on Market" increasing by four days since June 2023.

Pros and Cons of Selling:

This market situation presents a mixed bag for Colorado Springs homeowners considering selling. On the downside, lowering average and median sales prices may yield a somewhat reduced return on their investment. On the upside, the decreased inventory levels could make their properties more attractive to buyers due to limited choices, potentially enabling quicker sales despite the increased "Days on Market".

Pros and Cons of Buying:

This could be a favorable moment from a Colorado Springs homebuyer's perspective. The dip in average and median sales prices paired with the increased "Days on Market" might provide some room for negotiation and a better chance to secure a good deal. However, buyers should be aware that the overall inventory is low, limiting their options and potentially leading to competition on desirable properties.

Despite these local adjustments, national trends continue to predict home price appreciation in 2023 and 2024. We must remember that every real estate market is unique, with the Colorado Springs and Pikes Peak Region real estate markets being no exception. Whether you're thinking about selling or buying, it's crucial to understand these market nuances. Don't hesitate to reach out for any questions or assistance navigating our local market dynamics. 719-434-7525