March 2023 - Colorado Springs and the Pikes Peak Region Monthly Market Update
If you’re thinking about buying or selling your home, understanding what’s going on in our local real estate market is vital.
Being aware of the data such as the average sales price, the number of homes sold, and average days on market will arm you with the knowledge you need to create a winning strategy to meet your goals.
Our monthly market update showcases everything you need to know about local real estate trends over the last month.
Take a look below the stats to see my take!
Well the last several months sure have been a different animal with our real estate market - Interest rates are volatile, inventory is climbing and the amount of sales has dropped dramatically - but does that mean we are crashing??? NOT NECESSARILY! If we perform a "time-ectomy" and remove the outlier years of 2020-2022 (remember when real estate values FAR exceeded normal rates of appreciation??), we are actually right on target with the proper trends.
What WILL be interesting is to see how the economy, the FED, the bank failures, and the 10 year Treasury yield all behave in the next several weeks. Once interest rates calm a bit, we can expect buyer activity to pick up even more. We have seen a bit of a buyer activity bump in the last several weeks. Currently, the job market in Colorado Springs is STRONG, so we don't expect a widespread market crash any time soon.
Currently - Colorado Springs and the surrounding Pikes Peak region is experiencing lots of little "micro-markets" - meaning, there are some neighborhoods and price points seeing high competition and offers at or above asking price, yet there are other homes in neighborhoods that seem to sit for 120 days or more. IT still boils down to pricing and following the data for most sellers and we are seeing a good number of the "iBuyers" who have become sellers over the last 24 months grossly overpricing their listings because they purchased at a higher price point than the market would bear. That is driving up the days on market stat a bit, for certain.
But don't be fooled - there are homeowners who now feel as though they are languishing on the market (even though in 2019 our average days on market for February was close to 60 days). Gone are the days of homes and sellers not needing a professional to market and negotiate through the entire transaction.
Keep an eye on the stats with me through 2023 - and if you have any further questions and want me to break out my pseudo crystal ball - I certainly will! Just message me and we can chat about it.