Whether you’re planning to buy or sell a home, it’s important to know the latest developments in your local real estate market.
Properties sold in the first 10 months of this year were down about 20.5% statewide in 2023 compared to 2022, according to the Colorado Association of Realtors’ Monthly Market Trends Housing Report. Pueblo County is also following the statewide trend, according to the Colorado Association of Realtors.
Single-family home sales in Pueblo County are down 22.1% year-to-date compared to 2022. For condominiums and townhouses, Pueblo County properties for sale decreased by 21.2%.
The median sales price for single-family homes in Pueblo County in October 2023 was $314,950. This was a 2.9% increase compared to last year’s median price of $306,000.
Year-to-date home prices in Pueblo County actually fell 0.6% from 2022 to 2023, according to the Colorado Association of Realtors. However, the median home price in Pueblo County has increased significantly since January 2018, when the median price was below $200,000.
Buyers are ‘onlookers’ in Pueblo County
Potential homebuyers in Pueblo County were “on the sidelines” for the first 10 months of this year, said Dave Anderson of the Pueblo Association of Realtors. He said this could be due to a variety of factors, including interest rates, job security concerns and the national economy.
“Interest rates are probably the biggest thing holding people back because they still remember thinking, ‘I want 2% or 3%,’ and that’s never going to happen,” Anderson said.
The national average 30-year fixed mortgage rate fell to a historic low of 2.65% on January 7, 2021, due to actions taken by the federal government to avert a post-pandemic economic crisis. Interest rates haven’t gotten much lower since then, hovering at 7.44% in 2021. November 16, 2023, according to Freddie Mac.
As in Colorado, fewer and fewer homes are being sold in Pueblo County, forcing sellers to be more realistic about their home’s value and, as Anderson puts it, “think like a buyer.” I am under pressure to learn.
“This is the hard part sometimes for sellers to think about when selling a home…’Will a buyer want to come to my house and buy it?'” he said. He said. “‘Is it clean? Is it clean on the outside? Is the garden in good condition?’
“There’s no benefit in waiting.”
Anderson said that while interest rates may seem high at the moment, potential buyers shouldn’t wait for rates to drop. This is because the value of housing is increasing every year.
“I always say buy now,” he said. “Yesterday was the best time to buy a house. There’s no benefit in waiting…If you do the math, you’ll see that what you’re paying in interest is more than compensated for by accumulating capital.” Let’s go.”
However, before purchasing a home, potential home buyers need to know how much they can afford. Because of this, Anderson said it’s important for potential buyers to meet with a local lender in person, if possible, to find out their price range before meeting with a real estate agent to consider a home.
“The worst thing an agent can do is show people homes they can’t afford,” he says.
The Colorado Association of Realtors’ full October 2023 Market Trends Housing Report, along with previous monthly reports, is available on the association’s website at coloradorealtors.com.
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Pueblo Chieftain reporter James Bartolo can be reached at JBartolo@gannett.com. Support local news and subscribe to the Pueblo Chieftain at his URL: subscribe.chieftain.com.