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Colorado Springs Real Estate Market Updates- December 2023
Denver Market Stats and Observations for December 2023
ACTIVE LISTINGS
- Up 5% from Dec ’22. This is a great sign to see that there is more for our buyers to chose from (finally).
- Down 26% from Nov ’23. This is around what we’d expect for normal seasonality. The average over the last decade is 23% increase.
NEW LISTINGS
- Down -1% from Dec ’22. No big surprise there.
- Down 37% from Nov ’23. There’s usually a big seasonal decline from Nov to Dec
PENDING
- Up +11% from Dec ’22. This is great news. However, there was a big run up in the interest rates in 4Q22, while we had a decline in mortgage rates in Dec ’23. This improvement is probably driven mostly by how the rate environments were so different.
- Down 5% from Nov ’23. I think this is a normal seasonal decline.
CLOSED
- Down -9% from Dec ’22. I think we’re going to see this reverse … I bet that ’24 will show YoY (year over year) growth vs 23.
- Down -8% from prior’23. Again, seasonality.
- Overall for the year, the number of closed deals was off 18% from last year.
PRICE
- Up +3% from Dec ’22.
- Overall, 0% change in average price from 22 to 23. Please forgive me, but I have to give a big shout out to all of the LOUD people in the media last year (with no stats to back them up), the real estate EXPERTS, who all said that prices would fall in ’23. We said prices would be up 0-4%. I expect around the same in ’24. IF anything, it could be a little more appreciation (3-5%).
- Down -1% from prior Nov ’23. We tend to sell the most expensive homes in the summer and a cheaper mix in the winter. This is normal seasonality. The reason is families with kids tend to buy bigger, more expensive houses than first time buyers and investors. The families are most active in spring and summer. They loathe moving over the holidays.
DOM days on market
- +2 days from Dec ’22. It does take a little longer to sell this year vs last year, but it’s mostly a rounding error in the increase.
- +7 days from Nov ’23. This is a seasonal change; there are fewer buyers shopping between Thanksgiving and Christmas.
DISCOUNT
- Improved from seller POV from last year; 1.7% discount in Dec ’22 vs. 0.4% discount in Dec ’23. Buyers are getting less of a discount. However, this doesn’t capture other things the sellers do to help get the deal done. I suspect that decline in discounts given is matched with more mortgage interest rate buydowns to help the buyers.
Denver Housing Trends for December 2023
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