What to know about Pueblo's real estate market in the home stretch of 2023
Whether you are planning to buy or sell a home, it's important to know about the latest trends in your local real estate market.
The Colorado Association of Realtors monthly Market Trends Housing Report found that sold listings during the first 10 months of the year have dropped about 20.5% statewide in 2023 compared to 2022. Pueblo County is following the statewide trend, according to the Colorado Association of Realtors.
Sold listings of single-family homes in Pueblo County have fallen 22.1% year to date compared to 2022. For townhouses of condos, sold listings in Pueblo County have fallen 21.2%.
The October 2023 median sales price for a single family home in Pueblo County was $314,950. This was a 2.9% increase compared to last year's median price of $306,000.
Year-to-date home prices have actually decreased 0.6% in Pueblo County from 2022 to 2023, according to the Colorado Association of Realtors. However, Pueblo County's median home price has increased significantly since January 2018, when the median price was below $200,000.
Buyers have 'stayed on the sideline' in Pueblo County
Potential home buyers in Pueblo County "stayed on the sideline" for the first 10 months of the year, according to Dave Anderson of the Pueblo Association of Realtors. He said this could be due to various 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, 'I want 2% or 3%' — which will never happen," Anderson said.
Actions taken by the federal government to avert a post-pandemic economic crisis dropped the national average 30-year fixed mortgage rate to a historically low 2.65% on Jan. 7, 2021. Rates have not dipped that low since and sat at 7.44% on Nov. 16, 2023, according to Freddie Mac.
With fewer and fewer homes being sold in Pueblo County, as with the state of Colorado, sellers are left to think more realistically about the value of their homes and learning to "think like a buyer," as Anderson puts it.
"This is the part that's sometimes hard for sellers to think about, when you are selling a home... 'Would a buyer come into my home and want to buy it?'" he said. "'Is it clean? Does the outside look good? Is the yard in good shape?'"
'There's no advantage in waiting'
While interest rates may seem high at the moment, Anderson said potential buyers shouldn't be waiting for rates to drop. This is due to the ever increasing value of a home.
"I will always say buy now," he said. "The best time to buy a home was yesterday. There's no advantage in waiting... If you did the math, you'd find out that what you are paying in interest, you will more than make up in equity buildup."
Before buying, however, potential home buyers should know what they can afford. This is why Anderson said it is important for potential buyers to meet with a lender, preferably local and in-person, to and know their price range before meeting with a realtor and looking at homes.
"The worst thing an agent can do is show people a home they can't afford," he said.
The full October 2023 Market Trends Housing Report from the Colorado Association of Realtors, along with previous monthly reports, can be found on the association's website, coloradorealtors.com.
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Pueblo Chieftain reporter James Bartolo can be reached at JBartolo@gannett.com. Support local news, subscribe to The Pueblo Chieftain at subscribe.chieftain.com.
This article originally appeared on The Pueblo Chieftain: What to know about Pueblo real estate market in home stretch of 2023
