Housing Market Update: Colorado Springs, July 2023

The Colorado Springs housing market saw mixed results in July 2023, with declining showings but rising prices and lower inventory. 

Total showings in July were 12,576, down 1.4% from June. This moderate decline in showings indicates some cooling of demand from early 2023. 

Inventory levels ticked up slightly in July, with months of inventory rising to 1.6, a 6.67% increase from June. While still extremely low by historical standards, more inventory is coming onto the market as we enter the late summer season. This gives buyers slightly more options to choose from.

Home prices continue their upward march, with the average sold price in July hitting $472,000, a 3.85% increase from June. Strong demand coupled with low inventory is putting continued upward pressure on prices. 99.8% of homes sold for list price or higher, showing the competitive nature of bidding. 

Homes that hit the market are selling quickly, with an average of just 27 days on market, down 9.09% from June. While this metric has cooled from the frenzied pace in 2020 and 2021, it still indicates a seller’s market where well-priced homes see quick sales. 

Overall, the July numbers show a housing market that remains tight in Colorado Springs. While demand may be moderating slightly from earlier peaks, inventory remains scarce. This continues to put upward pressure on home values. Buyers still face stiff competition for the limited number of homes on the market. The market favors sellers, but a cooling of demand paired with more supply coming available provides some welcome relief for buyers. The remainder of 2023 will indicate whether this trend toward more balance continues.

What does this mean for Home Sellers?

What does this mean for Home Buyers?

What does this mean for Real Estate Investors?

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