The Colorado Springs real estate market continues to feel the effects of high interest rates at the national level. September sales were down 22.1% from last year, which was already down 26.4% from the year before. Despite the lower sales figures, prices were suprisingly strong, with the average price up 3.4%, and the median up 3.3%.
The inventory of unsold homes was only 2,512 homes. This represents only a 2.5 month supply at the current rate of sales, and was down 6.6% from last year. The rate of sales overall seems in balance with the listings.
Bankrate.com indicates the national average for 30 year fixed conventional mortgages is at 7.76% as of 10/1/23. It had been widely anticipated that rates would come down as inflation slows, but that has not yet happened. Pent up demand appears to be fueling the market despite the high rates, but affordability of the payment becomes an issue at these high rates.
Colorado Springs continues to be ranked highly as a place to live by US News and World report, a reminder that upward pressure may continue for some time on our market. Recent new job announcements in the area will also continue to add housing demand, as well as the recent announcement that Space Command Headquarters will be remaining here after all.
Here is a brief summary of some of the July data:
- Sales down 22.1% over last September
- Average price up 3.4% at $540,883
- Median price up 3.3% at $475,000
- Inventory of unsold homes down 6.6% at 2,512 homes
- Months supply of homes for sale 2.5, highest so far in 2023
- Pending Sales 1,131
For more details, see the Colorado Springs Homes Sales Trend Data
“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/23 through 9/30/23. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.” Copyright © 2023 REALTOR® Services Corp. Questions about this data analysis should be directed to Rick Van Wieren, RE/MAX Properties, Inc, 1915 Democracy Pt, Colorado Springs, CO 80908 ph 719-331-7675 or email email@example.com
Updated as of 10/1/2023