July Housing Data Paints Positive Picture for Colorado Springs Sellers  

The July 2023 housing statistics for Colorado Springs show that sellers still hold the cards in this market. While the data reveals some signs of cooling demand, overall conditions remain very favorable for those looking to sell their home. 

The 1.4% month-over-month decline in showings indicates only a slight slackening of demand from peak levels earlier in 2023. Showings are still highly elevated compared to previous years at over 12,500. Robust demand means quick sales and less chance of a price reduction.

At just 1.6 months of inventory, the market remains undersupplied. Anything under 3-4 months of inventory favors sellers, as buyers outnumber available homes. This forces buyers to compete for listings, driving up prices.

The average sales price jumped 3.85% from June to July, now sitting at $472,000. Strong price appreciation is music to sellers’ ears, as most aim to maximize their profit when selling. 99.8% of sellers received at or above asking price, the hallmark of a competitive market.

Homes sold rapidly, with an average of just 27 days on market. This is down over 9% from June and shows that listed homes see quick sales rather than sitting. Savvy sellers can use this to their advantage by listing at a slightly higher price, knowing there is demand.

While the market may be losing some steam from earlier highs, conditions in Colorado Springs still strongly favor home sellers. Demand remains healthy, inventory is limited, and prices continue rising at above-average rates. Sellers who price competitively can expect quick sales with a high likelihood of securing their asking price or more. Now remains an optimal time to sell in the Springs area.

What does this mean for Home Buyers?

What does this mean for Real Estate Investors?

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