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)

💰 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!

As Mr. Peanut left the house, what did he say to Mrs. Peanut?”

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*All listings are Single Family Residential unless noted otherwise.

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:

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:

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:

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:

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:

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

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

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.

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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