Colorado Springs Real Estate Market Stats for December of 2023.
490 New Listings (down from last month)
683 Sold Listings (up from last month)
2 Months Supply (down from last month)
$513,208 Average Sales Price (down from last month)
Ok…these numbers are wild to me! As someone who has been studying the El Paso County real estate market for 15 years, every month seems to be stranger than the last.
December is always an interesting month, with the holidays. We expect to see the number of new listings decrease, but we ALSO expect the number of sales to decrease. This year, interest rates took a dive towards the end of the year and brought a lot of buyers back into the market after the higher rates had put them on the sidelines. What’s interesting is the MASSIVE dip our average sales price took. I think what happened here is that a TON of properties sat on the market when rates were high, and when rates started coming back down, buyers went after these properties that were on the market for 50, 60, 90, 100 days and came in with super low offers to see what they could get away with. And these Sellers were ready to accept offers like that after not seeing any activity in the previous months.
Here’s what I think is going to happen here in 2024. It’s VERY clear to me that there’s a ton of pent up buyer demand right now. If inventory and rates both stay low, it’s gonna be a gosh darn feeding frenzy again and we’re going to see bidding wars and rising prices.
if you’re shopping for a new home, now really might be the best time to do that. I feel like January and February while it’s still slow is going to be the calm before the storm. If rates dip any further, and more buyers start coming out of hibernation, it’s gonna be a zoo out here again!
And on the flip side of that, if you’re thinking about selling a house…and this is gonna sound like, classic Realtor talking out of both sides of his mouth to get deals…but hear me out…with the low inventory, NOW is a great time to list. As long as we set an aggressive list price and strategically place ourselves within the market, we can be the ones forcing the bidding wars! And after doing this for a number of years, I can tell you that being on the selling side of a bidding war is far and away the most enjoyable way to sell a house.
Our market is rapidly evolving, and more than ever I think it’s important to be working with full time Realtors who are in the market every single day and are staying on top of the moves and shifts. I see it all the time, where the agent on the other side of the deal hasn’t done a transaction in a few months, and is working from outdated knowledge. More often than not, I’ve been able to capitalize on that and win negotiations for my clients. So if you’re thinking about making a move, call me and let’s talk about how to do it intelligently so we can win and have a great time doing it!
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Your Greater Colorado Springs Realtor
Patrick Manchester
Manchester Properties, LLC
719-338-3203
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