The Colorado Springs market is going through changes as mortgage rates have increased and sellers are holding onto their homes creating a limited inventory.
Single Family homes fell from 1464 in August 2023 listings compared to August 2022 with 1801 listings. The average sales price has increased to $533,959 compared to $530,547 in August 2022 showing homes are still a good investment and homes are still appreciating in value. Days on market on averaging about 29 days. The good news is that while it is taking longer to sell homes, buyers are still choosing to buy.
When putting your home on the market, home viewings are at its highest when it is first listed. This is when you attract the most buyers to view the property. After 14 days, if you have not received any offers it may be time to make a price adjustment. Buyers who have saved your property to their favorites will get a notification of any price updates made to the property. These notifications help keep the property at top of mind for interested buyers.
Please let us know if you have questions on buying or selling your home. Contact Us!
Source: PPAR September 2023
Links
Market Trends Colorado Springs - Pikes Peak Association of REALTORS
Find a new place to call home.
