Silver Linings for Home Buyers in the July Colorado Springs Market

The July 2023 housing data for Colorado Springs showed a market that remains competitive for buyers. However, digging deeper into the numbers reveals some positive trends for home buyers.

While showings only declined 1.4% from June, this does indicate some cooling in the frenetic demand seen earlier this year. With fewer buyers battling it out, there is less likelihood of homes receiving multiple extreme offers. 

The months of inventory metric edged up to 1.6 months in July, a 6.67% increase from June. While still low by historic norms, more inventory gives buyers some additional options to choose from versus prior months. Having more to choose from improves the chances of finding a home that checks all the boxes.

The average days on market increased to 27 days, over 9% higher than June. This indicates homes are sitting on the market slightly longer, rather than selling instantly. Buyers have a bit more time to view homes thoroughly and make informed offers, rather than having to act in haste on the first home that seems passable.

While prices continue rising, the rate of increase has slowed. The 3.85% monthly price gain in July was below the increases seen earlier in 2023. If this trend continues, price growth may moderate to more sustainable levels.

In summary, while Colorado Springs remains a seller's market, July provided some tentative signs of improvement for buyers. The frenzied competition has eased slightly, providing more time to make decisions. More listings are coming onto the market. If these trends persist into late 2023, buyers may finally get some relief from ultra-competitive conditions. The market still favors sellers, but there are some silver linings for buyers in the July data.

What does this mean for Home Sellers?

What does this mean for Real Estate Investors?

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