January Sales Off to Slow Start But Prices Hold
Colorado Springs home sales got off to a slow start in January 2023 (down 30.1% from last year). Prices somewhat surprisingly held, with the average up 6.1% and the median even with last year. Closing averaged 98.2% of the asking price.
Part of the reason the local market continues to do as well as it is, is that the local economy is still very strong. There are still thousands of unfilled jobs in Colorado Springs. Interest rates have moderated some, but are still generally in the 6’s, with VA and FHA rates dipping into the 5’s.
The selection of homes available continues to be an area of concern (or interest!). There is still only a 2.2 month supply of homes available overall, and even less within El Paso County and properities with a Colorado Springs mailing address. The number of sales pending, while still very low, has begun to increase. We’ll be watching eagerly to see how these look when they close. Fingers crossed, but the worst may be over, and we may be beginning to see the beginning of a recovery from the slump that has been brought on by high interest rates.