January Market update for Colorado Springs

[Ryan Thomson]

Dry and boring but here are the stats for Colorado Springs in January:

Colorado Springs median home price has fallen from $495,000 in June 2022 to $450,000 in January 2023. This is a 9.09 % decline. Some of this may be seasonal. The median sales price has increased 0.9% from December 2022.

The craziest stat of all to me is that the Average Days on the Market is now at 50 days!! Compare that to 15 in January of 2022. This is a great opportunity to buy a house for under asking price and with strong potential to get some seller concessions towards repairs or an interest rate buy down. 

Total active: Total active homes on the market fell from 1,909 to 1,639 in January. A 14% drop from December. But get this… that is a 198.5% increase from last January. Before you freak out and think the sky is falling the number of active listings in 2007 (in a much smaller Colorado Springs) was 7,052! The sky is not falling and we are approaching a more balanced market between buyers and sellers. 

New listings have increased by 46.4% since December 2022 but are still down (18.2%) from January a year ago. One theory is that so many people have a low interest rate locked in, that they don't want to list their property now only to have to buy a property at a much higher rate. 

Months supply: Months supply has stayed at 2.2 months.