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Colorado Springs Real Estate Market Updates- October 2023
Denver Market Stats and Observations for October 2023
ACTIVE LISTINGS
- 7850 at the end of Oct’23 vs 7290 Oct ’22 (+3%).
- Compared to 2019 (pre-COVID): 8,600.
- It’s great to see that we are building inventory a bit; easier for buyers.
- But the inventory growth is modest enough that it still supports prices.
- Sort of a Goldilocks equilibrium.
- Detached actives were -3%; condos were +19%.
- From ’85 to ’22, the average number of active listings at this time of the year is 14,800.
NEW LISTINGS in OCT
- 3820 in Oct ’23 vs 3840 in Oct’22 (-0.7%)
- Basically, no change.
- Detached were -4%; condos were +7%
PENDING / UC
- 3190 in Oct’23 vs 3130 in Oct’22 (+2%)
- This is very encouraging; rates are a lot higher now than last year and we saw a bit of growth in buyers.
- 3190 in Oct’23 vs 3050 in Sept ’23 (+5%)
- Very strong; usually we’d expect a seasonal decline in activity here.
- Buyers are holding up better than I would have expected.
- Home and condo pending count changed in very similar ways.
CLOSED
- 2985 in Oct’23 vs 3540in Oct’22 (-16%)
- Given the spikes in rates since last year, no surprise here.
- Vs. Sept ’23, off -12%. That’s a little more than I’d expect from seasonality, but its not off much.
- YTD ’23: 36,100. YTD ’19 (pre-COVID) : 50,000.
PRICE
- Up 4% vs. last year (pretty good, all things considered)
- Flat vs. last month (good, from a seasonality perspective)
- Condos had a little less appreciation than homes, but not a lot less.
- Compared to 2019: $682K (’23) vs $487K (’19)
DOM Days on Market
- Increase from 28 (Oct’22) to 32 (Oct’23)
- Increase from 30 (Sept’23) to 32 (Oct’23)
- Both are in line with what you’d expect.
- Compared to pre-COVID: 30 DOM. (about the same!)
DISCOUNTS
- Essentially no change; about 1.1% off is a typical transaction.
- 58% of transactions had a discount and/or a seller concession. The average concession was $9400. Compared to last October, 51% had a concession with an average of $7600.
- Compared to pre-COVID: 0.7% discount.
Denver Housing Trends for October 2023
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