Published January 3, 2024

2023 Annual Real Estate in Review - Pikes Peak Region

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Written by Tiffany Lachnidt

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As we close the chapter on 2023 and reflect on the real estate market's journey in Colorado Springs, it's like looking back at a year of intriguing plot twists and turns. The story of 2023 was shaped by unique challenges and opportunities, much like a novel filled with suspense and surprises.

  • 2023: A Year of Adjustments and Resilience

      • Total Sales: The year witnessed 11,742 sales. While this number might seem quieter compared to the previous year, it tells a tale of resilience in a shifting market.
      • Median Sales Price: The median sales price settled at $469,000. This slight decrease from 2022 reflects a market adjusting to new economic landscapes.
      • Average Sales Price: The average sales price gently climbed to $537,887, showcasing the enduring value in our community’s homes.
      • Days on Market: Homes took an average of 37 days to find their new owners, doubling the time from 2022. This slower pace indicates a market where buyers and sellers had more time to make thoughtful decisions.
      • New Listings: With 14,875 new listings, the market saw a significant increase from the previous year, offering more choices and opportunities for buyers.
      • Sales Price to List Price Ratio: At 99.4%, this ratio slightly cooled down from 2022, yet remained strong, showing that homes nearly achieved their asking prices.

2022: A Look Back

  • Total Sales: The year 2022 saw a bustling 15,259 sales, reflecting a more active market than in 2023.
  • Median Sales Price: A peak of $475,000 in median sales price, indicating a slightly hotter market in terms of pricing.
  • Average Sales Price: The average sales price was close at $535,404, showcasing the consistent appeal of our area.
  • Days on Market: A rapid pace of 18 days on average, signifying a more urgent and competitive market.
  • New Listings: There were 19,180 new listings, illustrating a robust year with more options for buyers and sellers alike.
  • Sales Price to List Price Ratio: The ratio stood at 101.1%, illustrating a market where bidding wars and competitive pricing were more common.

The Interest Rate Factor

2023 was marked by high-interest rates, hovering around 7% for most of the year. This was a key factor in shaping buyer and seller behaviors. The drop of about 1% in December offered a glimpse of hope and possibly a more dynamic market in the future.

In summary, 2023 in Colorado Springs' real estate market was like a novel filled with resilience and adaptation. Amidst the challenges of high-interest rates and a changing economic landscape, the community showed its strength and flexibility. Whether you're planning to buy your dream home or sell a cherished property, understanding this story helps us navigate the market with wisdom and insight. Here's to embracing the opportunities that 2024 will bring in our vibrant real estate market!

Based on information for single-family home sales in El Paso County (and surrounding areas) from the Pikes Peak REALTOR Services Corp. (“RSC”), for 2023 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.


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Posted by: Mariana Wagner
The Colorado Home Team
719-232-1564 - Main Number
Keller Williams Premier Realty


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