Breaking Down the September 2023 Real Estate Market Trends in Pueblo, CO

Hello Peakers!

The real estate market is ever-evolving, with numbers and metrics providing insights that can guide our decisions. September 2023's data has just rolled in, and here's a breakdown to keep you informed.

1. The Median Sales Price Tells a Tale

Single Family Homes: There was a slight decrease of 2.0%, bringing the median sales price to $294,000.

Townhouse-Condo Properties: A different story here, with a promising increase of 12.5%, setting the median price at $269,450.

2. Days on the Market: A Buyer's or Seller's Market?

Single Family Homes: Properties remained on the market for a longer duration, with a 20.6% increase.

Townhouse-Condo Properties: An even more significant rise was observed here, with a 53.4% increase in days on market.

3. A Broader Perspective: National Trends

Prices continued their upward trajectory this fall, even as home sales softened nationwide. Factors such as a competitive market, fewer inventory units (14.1% fewer than last year), and bidding wars have played a role. This is evident as the U.S. median existing-home sales price saw a jump, increasing 3.9% year-over-year to a notable $407,100.

4. Digging Deeper: Single Family Market Overview (September 2023 vs. September 2022)

New Listings: 312 vs. 258 (A reduction of 17.3%)

Pending Sales: 199 vs. 187 (A 6.0% dip)

Sold Listings: 229 vs. 169 (Down by 26.2%)

Average Sales Price: $314,129 vs. $305,952 (A decrease of 2.6%)

Percent of List Price Received: Almost stable, with a minor reduction from 98.6% to 98.1%

Active Listings: 707 vs. 659 (A 6.8% decline)

TL;DR

In September 2023, the real estate market showed mixed signals. Single-family homes saw a median sales price drop to $294,000, while townhouse-condo properties surged to $269,450. Homes are staying on the market longer, with single-family homes seeing a 20.6% increase in days listed. Nationally, despite fewer homes being sold, the median existing-home sales price rose by 3.9% to $407,100 due to competitive bidding and lower inventory.

WHAT THIS MEANS FOR BUYERS?

More Choices in Condos: With townhouse-condo prices on the rise, it might be a good time to consider investing before they climb further.

Take Your Time: Homes, especially single-family ones, are staying on the market longer, allowing buyers to be more deliberative in their choices.

Competitive Landscape: The national increase in median sales prices and bidding wars indicates a competitive market. Buyers should be prepared to make competitive offers.

WHAT THIS MEANS FOR SELLERS?

Pricing Strategy: With single-family home prices dipping slightly, sellers should strategize their pricing to attract potential buyers.

Be Patient: Properties are taking longer to sell, so sellers might need to exercise patience and be open to negotiations.

Leverage the Condo Market: If selling a townhouse or condo, leverage the rising prices in your marketing efforts.

Understanding these numbers helps in making informed decisions. Whether you're looking to buy, sell, or simply stay informed, I'm here to help. Let's analyze these figures in the context of your unique situation. Reach out today, and let's make informed decisions together!

The information and insights provided in this blog post have been sourced and derived from data provided by the Pueblo Association of REALTORS® MLS Data.