COS Town Tidings #24-083

Real Estate Edition

🏡 Unlock the Colorado Springs Housing Market: Latest Home Sales and Market Insights - (Gmail will truncate, click to READ ONLINE)

• Black Forest

• Briargate

• Broadmoor

• Cimarron Hills

• Banning Lewis Ranch

• Mountain Shadows

• Old Colorado City

💰 Colorado Springs Housing: Income Disparity

🏠 Home Affordability: Mortgage Rates Outlook

📆 Local Events & 🛍 DEALS
🌤 COS Weather - Mostly sunny and warm

Today’s Real Estate Roundup is Sponsored by Your Neighborhood Realty!

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🏡 Unlock the Colorado Springs Housing Market: Latest Home Sales and Market Insights

*All listings are Single Family Residential unless noted otherwise.

Black Forest

Black Forest housing market is not very competitive. Median prices: $766K (-27.1%), $237/sqft (-11.2%). Average days to sell: 86 (~3% below list); hot properties: list price in 46 days. Dec '23-Feb '24: 45% searched to move out, top metros for moving in: Denver, Los Angeles, San Francisco.

Properties recently sold:

1. Mar 15, 2024: 4590 Saxton Hollow Rd, 80908; Sold $1,400,000 | 5 Beds | 6 Baths | 5,238 Sq Ft (Cathedral Pines)

2. Mar 15, 2024: 17780 Woodhaven Dr, 80908; Sold $777,000 | 5 Beds | 4 Baths | 3,565 Sq Ft (Walden III)

3. Mar 14, 2024: 17160 Papago Way, 80908; Sold $1,335,000 | 5 Beds | 4 Baths | 5,044 Sq Ft (Cherry Creek Springs)

4. Mar 12, 2024: 16152 Timber Meadow Dr, 80908; Sold $1,625,000 | 5 Beds | 5 Baths | 5,505 Sq Ft (High Forest Ranch)

5. Mar 12, 2024: 6817 Forestgate Dr, 80908; Sold $833,000 | 5 Beds | 3 Baths | 5,456 Sq Ft (Highland Park)

6. Mar 11, 2024: 17154 Twinkling Star Ln, 80908; Sold $1,325,000 | 5 Beds | 5 Baths | 5,389 Sq Ft (Winsome)

Briargate

Briargate housing market is somewhat competitive. Median price: $492K (+2.5%), $182/sqft (-5.7%). Average days to sell: 41 (~1% below list); hot properties: ~1% above list in 19 days.

Properties recently sold:

1. Mar 22, 2024: 2015 Bramblwood Ln, 80920; Sold $555,000 | 5 Beds | 4 Baths | 3,134 Sq Ft (Pinewood)

2. Mar 21, 2024: 2747 Thrush Grv, 80920; Sold $425,000 | 3 Beds | 2.5 Baths | 2,010 Sq Ft (Grove-Townhouse)

3. Mar 21, 2024: 9035 Brainard Dr, 80920; Sold $630,000 | 5 Beds | 5 Baths | 3,734 Sq Ft (Gatehouse Village at Briargate)

4. Mar 20, 2024: 8270 Clifton Dr, 80920; Sold $545,000 | 5 Beds | 4 Baths | 3,008 Sq Ft (Fairfax Ridge)

5. Mar 20, 2024: 9671 Pinebrook Way, 80920; Sold $930,000 | 5 Beds | 3 Baths | 4,034 Sq Ft (Pine Creek)

6. Mar 18, 2024: 5037 Aggregate Pt, 80920; Sold $399,950 | 3 Beds | 2.5 Baths | 1,475 Sq Ft (Briargate Square-Townhouse)

7. Mar 18, 2024: 8845 Aragon Dr, 80920; Sold $460,000 | 3 Beds | 3.5 Baths | 3,192 Sq Ft (Gatehouse Village At Briargate)

Broadmoor

Broadmoor housing market is not very competitive. Median price: $849K (+30.6%), $257/sqft (-5.9%). Average days to sell: 64 (~3% below list); hot properties: list price in 29 days.

Properties recently rented:

1. Mar 20, 2024: 14 Cheyenne Mountain Blvd, 80906; Sold $1,325,000 | 3 Beds | 4 Baths | 3,100 Sq Ft (Count Pourtales Add Broadmoor)

2. Mar 18, 2024: 2170 Broadmoor Road Cir, 80906; Sold $615,000 | 5 Beds | 5 Baths | 3,272 Sq Ft (Broadmoor-Multi-Family (2-4 Unit))

3. Mar 15, 2024: 25 Sanford Rd, 80906; Sold $1,300,000 | 4 Beds | 3.5 Baths | 3,456 Sq Ft (Broadmoor Heights)

4. Mar 15, 2024: 1740 Creek Edge Vw, 80905; Sold $729,000 | 3 Beds | 3.5 Baths | 2,727 Sq Ft (Ivywild-Townhouse)

5. Mar 14, 2024: 10 Northgate Rd, 80906; Sold $3,300,000 | 5 Beds | 7 Baths | 10,753 Sq Ft (Count Pourtales Add Broadmoor)

6. Mar 11, 2024: 1821 Woodburn St, 80905; Sold $285,000 | 1 Bed | 1 Bath | 617 Sq Ft (Ivywild)

Cimarron Hills

Cimarron Hills housing market is somewhat competitive. Median price: $365K (-15.5%), $198/sqft (+3.7%). Average days to sell: 54; hot properties: +1% list price in 16 days.

Properties recently sold:

1. Mar 20, 2024: 7230 N Sioux Cir, 80915; Sold $398,500 | 3 Beds | 1.5 Baths | 1,440 Sq Ft (Cimarron Eastridge)

2. Mar 20, 2024: 7303 Rosa Belle Hts, 80922; Sold $410,000 | 2 Beds | 2 Baths | 1,329 Sq Ft (Midtown Collection at Hannah Ridge)

3. Mar 19, 2024: 1550 Hiawatha Dr, 80915; Sold $457,000 | 6 Beds | 2 Baths | 3,234 Sq Ft (Cimarron Westridge)

4. Mar 18, 2024: 2710 Warrenton Way, 80922; Sold $416,000 | 3 Beds | 2 Baths | 1,744 Sq Ft (Constitution Heights)

5. Mar 18, 2024: 4013 Patterdale Pl, 80922; Sold $630,648 | 4 Beds | 3.5 Baths | 3,634 Sq Ft (Windermere)

Banning Lewis Ranch

Banning Lewis Ranch housing market is somewhat competitive. Median price: $540K (+16.5%), $184/sqft (-4.7%). Average days to sell: 50 (~1% below list); hot properties: list price in 12 days.

Properties recently sold:

1. Mar 18, 2024: 6938 Sedgerock Ln, 80927; Sold $657,000 | 4 Beds | 3 Baths | 3,436 Sq Ft

2. Mar 13, 2024: 6530 Shadow Star Dr, 80927; Sold $485,000 | 3 Beds | 3.5 Baths | 2,326 Sq Ft

3. Mar 11, 2024: 9311 Dome Run Ct, 80927; Sold $785,000 | 6 Beds | 4.5 Baths | 4,345 Sq Ft

4. Mar 11, 2024: 6578 Shadow Star Dr, 80927; Sold $417,000 | 3 Beds | 2.5 Baths | 1,932 Sq Ft

Mountain Shadows

Mountain Shadows housing market is somewhat competitive. Median price: $534K (-16.5%), $251/sqft (+21.8%). Average days to sell: 48 (~1% below list); hot properties: list price in 33 days.

Properties recently sold

1. Mar 22, 2024: 2050 Avalon Ct, 80919; Sold $695,000 | 4 Beds | 3 Baths | 3,176 Sq Ft

2. Mar 20, 2024: 2435 Denby Way, 80919; Sold $649,400 | 5 Beds | 3.5 Baths | 3,110 Sq Ft

3. Mar 18, 2024: 4540 Granby Cir, 80919; Sold $600,000 | 4 Beds | 3 Baths | 3,660 Sq Ft

4. Mar 13, 2024: 2250 Yankton Pl, 80919; Sold $750,000 | 3 Beds | 3.5 Baths | 3,504 Sq Ft

Old Colorado City

Old Colorado City housing market is somewhat competitive. Median price: $523K (+42.4%), $277/sqft (+17.9%). Average days to sell: 64 (~3% below list); hot properties: list price in 33 days.

Properties recently sold

1. Mar 20, 2024: 1865 Paseo Del Oro, 80904; Sold $650,000 | 3 Beds | 3 Baths | 2,895 Sq Ft (La Posada Del Sol)

2. Mar 19, 2024: 11 S 25th St #310, 80904; Sold $455,000 | 1 Bed | 2 Baths | 1,274 Sq Ft (Old Colorado City-Condo/Co-op)

3. Mar 13, 2024: 1941 Mesa Park Vw, 80904; Sold $1,550,000 | 5 Beds | 4.5 Baths | 5,002 Sq Ft (Villas at Mesa Park)

4. Mar 12, 2024: 119 Williams St, 80905; Sold $325,000 | 3 Beds | 2 Baths | 1,536 Sq Ft (Prospect Heights)

5. Mar 8, 2024: 835 N Walnut St, 80905; Sold $715,000 | 6 Beds | 3 Baths | 3,164 Sq Ft (Spruce)

💰 Colorado Springs Housing: Income Disparity

According to a recent report by GoBankingRates, analyzing the financial landscape of cities across the U.S., aiming to establish the ideal income for households to adhere to the 50-30-20 budgeting rule: 50% necessities, 30% discretionary, and 20% savings/investments.

The analysis revealed Colorado Springs homeowners should ideally earn $106,858 annually, while renters require $88,561 to maintain this balanced budgeting approach. However, the median household income in the city stands at $79,026. This highlights a significant disparity which underscores the financial strain many residents face, as they are compelled to allocate funds from discretionary and savings to cover essential expenses like housing. With a substantial gap between median income and income required for homeownership or renting, affordability remains a pressing concern for many in our area.

🏠 Home Affordability: Mortgage Rates Outlook

Mortgage rates in 2024 expected to decline gradually, pending Federal Reserve's interest rate cuts. Recent Fed meeting maintains rates unchanged, signaling a potential delay in rate reductions. Housing market awaits Fed's future decisions scheduled for April 30 to May 1.*Read Source 

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The latest Real Estate Roundup issue, focusing on the dynamic and ever-evolving Colorado Springs housing market. Our team has compiled* essential market insights to help you stay ahead in your real estate endeavors. _{*Data source: Redfin}

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