How did 2023 Real Estate Compare?

2023 was a hard year as a real estate agent. 

In Colorado Springs specifically, sales were down by about 25% compared to the year prior, and down 40% from 2021. This was due mostly to higher interest rates. 

When sales fall, prices are going to follow, while days on market are going to increase. This then scares sellers and makes them want to wait. All of this together meant inventory was low, so for the people who were still in the market to buy, in many cases there was still competition. 

So yes, prices were slightly lower from the year prior, but with there still being competition on so many houses, the sales price to list price ratio was still high at 99% (ie. the price that the houses ended up closing at was 99% of what it was listed for). 

(What this doesn’t take into account though is that many buyers were sacrificing a drop in price in favor of the seller paying them concessions - which in most cases was used either for closing costs or an interest rate buy-down.)

In conclusion, 2023 was a hard real estate market to navigate. But we made it! And many of us are forecasting a drop in rates for 2024, which will naturally lead to an increase in sales. 

If you’re considering a move this year, let’s chat! We can strategize and discuss what is going to be the best option for you specifically. 

Cheers to 2024!