As we come to the close of another year, let’s reflect on some real estate trends and figures for the real estate market in Colorado Springs and El Paso County for 2023. The housing market has had some unique shifts in demand, fluctuating prices, higher interest rates, and changing consumer behaviors.
Average List Price Vs. Sales Price – 2023 compared to 2022
In 2023 there was a very slight decrease in list price vs. sold price. Homes in El Paso county closed at 98.8% of list price in 2023. By comparison in 2022 homes closed for 99% of list price. Overall home prices for 2023 in the categories shown below sold only 1% less than 2022.
Average Days on Market 2020-2023
Looking at average days on market there has been an exponential increase for 2023 compared to the past 3 years. The year ended with 48 days on average for December.
Average 30-Year Fixed Mortgage Rates: 2020-2023
We’ve all been watching the interest rates and thinking will they keep going up, will they go down? While 2023 saw the highest interest rates since 2001 at an average of 7.0%, things aren’t as bad as they could be! The year 1981 saw the highest average interest rates in the past 50 years of 16.64% (based on Freddie Mac’s reporting).
As we draw the curtains on the statistical picture of 2023 in Colorado Springs and El Paso County, it's evident that these numbers represent more than just figures—they reflect the ever changing Real Estate Market. As we step into the horizon of 2024, we are reminded that each number carries a narrative and a journey of each homeowner.
Walston Group Real Estate looks forward to a continued effort in helping their clients find their real estate dream for many more years to come. Happy New Year from all of us!
