Comparing Oct 2023 to Oct 2022

How the Colorado Springs Real Estate Market Has Changed

This fall has been especially slow in real estate. Let’s take a peek at what’s been happening here in the Springs:

• Number of active listings are down 

• Number of sales are down 

• Expired listings are down

• Sales prices are down

• Days on market is up 

Getting into the numbers, here is a comparison of Oct 2023 to Oct 2022:

• Number of active listings: 2181 vs 2351

• Number of sales: 609 vs 840

• Expired: 1174 vs 1403

• Median sales price: $440k vs $448k

• Median days on market: 24 vs 22

So what does this mean for you as a buyer or seller?

As a buyer, this means that there is a lot less competition in the market. You have your choice of the litter when it comes to homes, and chances are we will be able to negotiate a great deal for you with the seller.

As a seller, this means it’s more important than ever to price your home appropriately. You can’t just choose a number you want to receive and slap that on your listing - you need an expert who can do the research and advise you on the right price for your home (hey that’s me!). As a seller, you also need to be prepared that it is likely your home will be on the market for a month or more before an offer is received. As a listing agent though, I like to do weekly check-ins to see what we can do to move your home even quicker.

People are still buying and selling! The market is just evening out to be more balanced than the seller’s market we’ve been in for the past few years.

As always, you’re welcome to reach out directly if you are considering buying or selling in the near future.