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Housing Market Trends in the Pikes Peak Region as of August 15, 2023
Single Family Residences in El Paso & Teller County
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MEDIAN SALES PRICE: $472,000 (-2.68% M/M)
*50% of homes are listed above, and 50% below, this value.
Home values have decreased month-over-month.
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# NEW LISTINGS: 1,464 (-13.62% M/M)
*The number of "new" listings added during the month.
Fewer homeowners are deciding to sell.
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# ACTIVE LISTINGS: 2,254 (+9.47% M/M)
*The total number of homes listed "for sale".
Inventory is still historically low, but increasing as
the selling season gains momentum.
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# DAYS ON MARKET: 27 DAYS
*The average amount of time a home is "for sale".
Homes are taking more time to sell.
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MORTGAGE RATE:
7.40%*
* 30-year Fixed, according to BankRate as of August 15, 2023.
Based on information from the Pikes Peak REALTOR® Services Corp. (“RSC”) for the period July 2022 through July 2023.
RSC information may not reflect all real estate activity in the market and is provided as is without warranty or guaranty.
The Status of the Housing Market in the Pikes Peak Region: HEALTHY!
Are you considering selling or buying a home in Colorado Springs? Then you already know that real estate in the Pikes Peak Region has been some of the nation's most desirable - consistently ranking on US News & World Report's "Top 10" lists (#9 in 2023 for "Best Places to Live"). Recently, El Paso and Teller county experienced record low inventory and price growth approaching 20% year-over-year. Housing inventory is still low as of July 2023, with just 1.9 months of supply, and home value appreciation has slowed down due to reduced activity. As the 2023 sales season progresses, Sellers retain leverage over Buyers, whose purchasing power has been reduced by an elevated interest rate environment. However, listing agent professionals will advise pricing homes closer to realistic market demand - and encourage negotiating contingencies such as inspection items, concessions, and price reductions. Currently, the Colorado Springs real estate market is very healthy, as evidenced by the Median Sales Price of $472,000 & "Sales Price / Listing Price" ratio of 99.4%, and average marketing time represented by Days on Market of 27 Days.
Remember: we don't have have a crystal ball and "timing the market" isn't an effective or sustainable long-term strategy. The real estate market in Colorado Springs has experienced a shift since interest rates began rising in March 2022, but local real estate professionals generally agree that our market will continue to exhibit healthy behavior in the year ahead. If you would like to learn more about why the Pikes Peak Region continues to be one of the best areas to live in, contact locally-trusted Realtors® at Wolff Real Estate Group. We would be happy to buy you a cup of coffee and discuss any questions you might have!
