🏡 Latest Home Sales and Market Insights in Colorado Springs

Local Real Estate Edition | #24-097 4/6/24

COS Town Tidings #24-097

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 Homes Sales Slide

💰 Home Affordability: Fed's Next Move

📆 Local Events
🌤 COS Weather - Partly cloudy with wind alerts

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Real Estate Roundup

🏡 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 Homes Sold

Black Forest housing market is not very competitive. Median prices: $855K (-12.2%), $264/sqft (+8.9%). Average days to sell: 87 (~3% below list); hot properties: list price in 47 days. Jan '24-Mar '24: 46% searched to move out, top metros for moving in: Denver, Los Angeles, Washington.

Properties recently sold:

  1. Apr 5, 2024: 6755 Old Stagecoach Rd, 80908; Sold $2,421,592 | 5 Beds | 5 Baths | 5,427 Sq Ft (Flying Horse North)

  2. Mar 27, 2024: 7871 Bannockburn Trl, 80908; Sold $1,200,000 | 4 Beds | 5 Baths | 5,448 Sq Ft (Highland Park 3)

  3. Mar 27, 2024: 17815 Grama Rdg, 80908; Sold $614,000 | 3 Beds | 2 Baths | 1,832 Sq Ft (Walden III)

  4. Mar 26, 2024: 16639 Winsome Way, 80908; Sold $1,100,000 | 5 Beds | 4 Baths | 3,810 Sq Ft (Winsome)

Briargate

Briargate Homes Sold

Briargate housing market is somewhat competitive. Median price: $499K (-1.1%), $211/sqft (+7.1%). Average days to sell: 48 (~1% below list); hot properties: ~1% above list in 18 days.

Properties recently sold:

  1. Apr 5, 2024: 4970 Ramblewood Dr, 80920; Sold $503,000 | 3 Beds | 2.5 Baths | 2,692 Sq Ft (Woodside At Briargate)

  2. Apr 5, 2024: 8145 Camfield Cir, 80920; Sold $438,000 | 3 Beds | 3 Baths | 1,417 Sq Ft (Fairfax At Briargate)

  3. Apr 3, 2024: 3920 Cottage Dr, 80920; Sold $579,000 | 4 Beds | 3.5 Baths | 3,549 Sq Ft (Gatehouse Village At Briargate)

  4. Apr 3, 2024: 1980 N Whitehorn Dr, 80920; Sold $395,000 | 3 Beds | 2 Baths | 1,304 Sq Ft (Anderson)

  5. Apr 1, 2024: 4579 Timber Wolf Trl, 80920; Sold $615,000 | 4 Beds | 3.5 Baths | 3,131 Sq Ft (Gatehouse Village At Briargate)

Broadmoor

Broadmoor Homes Sold

Broadmoor housing market is not very competitive. Median price: $890K (+31.8%), $219/sqft (-13.1%). Average days to sell: 95 (~4% below list); hot properties: list price in 42 days.

Properties recently rented:

  1. Apr 5, 2024: 17 Cheyenne Blvd, 80905; Sold $420,000 | 2 Beds | 2 Baths | 2,253 Sq Ft (Ivywild)

  2. Apr 2, 2024: 3925 Hermitage Dr, 80906; Sold $1,100,000 | 5 Beds | 5 Baths | 5,144 Sq Ft (Pine Terrace-Townhouse)

  3. Apr 2, 2024: 3014 W Springlake Cir, 80906; Sold $663,000 | 6 Beds | 3.5 Baths | 3,486 Sq Ft (Springrun)

  4. Mar 28, 2024: 115 Miramar Dr, 80906; Sold $589,000 | 4 Beds | 3 Baths | 3,594 Sq Ft (Townhome at Spring Lake-Townhouse)

  5. Mar 28, 2024: 2076 Glenhill Rd, 80906; Sold $335,000 | 3 Beds | 2.5 Baths | 3,025 Sq Ft (Old Broadmoor Rd-Condo/Co-op)

  6. Mar 28, 2024: 703 Count Pourtales Dr, 80906; Sold $1,050,000 | 4 Beds | 2.5 Baths | 4,865 Sq Ft (Broadmoor Hts-Townhouse)

  7. Mar 27, 2024: 1776 Mesa Ave, 80906; Sold $1,050,000 | 5 Beds | 5 Baths | 4,676 Sq Ft (Stratmoor)

  8. Mar 21, 2024: 3810 Cheyenne Mountain Zoo Rd, 80906; Sold $1,499,000 | 4 Beds | 4.5 Baths | 8,022 Sq Ft (Broadmoor)

Cimarron Hills

Cimarron Hills Homes Sold

Cimarron Hills housing market is somewhat competitive. Median price: $438K (+21.5%), $204/sqft (-3.8%). Average days to sell: 49; hot properties: +1% list price in 10 days.

Properties recently sold:

  1. Apr 3, 2024: 3917 Roan Dr, 80922; Sold $560,000 | 6 Beds | 3.5 Baths | 3,499 Sq Ft (Pronghorn Meadows)

  2. Apr 4, 2024: 3816 Vineyard Cir, 80922; Sold $460,000 | 3 Beds | 3 Baths | 1,743 Sq Ft (The Gardens at North Carefree)

  3. Apr 3, 2024: 7679 Grizzly Bear Pt, 80922; Sold $275,000 | 3 Beds | 2 Baths | 1,479 Sq Ft (Chapeau At Anciones Ridge)

  4. Apr 1, 2024: 1580 Waurika Cir, 80915; Sold $375,000 | 3 Beds | 2 Baths | 1,620 Sq Ft (Cimarron Hills)

  5. Apr 1, 2024: 6410 Pawnee Cir, 80915; Sold $400,000 | 3 Beds | 3 Baths | 2,092 Sq Ft (Cimmaron Westridge)

  6. Apr 1, 2024: 7016 Preble Dr, 80915; Sold $448,000 | 3 Beds | 2 Baths | 1,574 Sq Ft (Meadowbrook Crossing)

Banning Lewis Ranch

Banning Lewis Ranch Homes Sold

Banning Lewis Ranch housing market is somewhat competitive. Median price: $545K (+5.6%), $184/sqft (-3.7%). Average days to sell: 33 (~1% below list); hot properties: list price in 12 days.

Properties recently sold:

  1. Apr 5, 2024: 6999 Fauna Glen Dr, 80927; Sold $650,000 | 5 Beds | 3.5 Baths | 3,751 Sq Ft

  2. Apr 4, 2024: 6740 John Muir Trl, 80927; Sold $485,000 | 3 Beds | 3 Baths | 1,925 Sq Ft

  3. Mar 29, 2024: 6775 Monterey Pine Loop, 80927; Sold $575,050 | 4 Beds | 3 Baths | 3,518 Sq Ft

  4. Mar 25, 2024: 7167 Jagged Rock Cir, 80927; Sold $625,000 | 5 Beds | 4 Baths | 3,625 Sq Ft

  5. Mar 22, 2024: 6711 Golden Briar Ln, 80927; Sold $490,000 | 3 Beds | 3 Baths | 2,788 Sq Ft

Mountain Shadows

Mountain Shadows Homes Sold

Mountain Shadows housing market is somewhat competitive. Median price: $675K (-6.9%), $214/sqft (+3.9%). Average days to sell: 48 (~1% below list); hot properties: list price in 32 days.

Properties recently sold

  1. April 5, 2024: 5771 Villa Lorenzo Dr, 80919; Sold $569,231 | 3 Beds | 2.5 Baths | 1,773 Sq Ft (Tuscan Foothills Village-Townhouse)

  2. April 1, 2024: 2525 Tamora Way, 80919; Sold $920,000 | 5 Beds | 3.5 Baths | 4,842 Sq Ft

  3. March 22, 2024: 2050 Avalon Ct, 80919; Sold $695,000 | 4 Beds | 3 Baths | 3,179 Sq Ft

Old Colorado City

Old Colorado City Sold

Old Colorado City housing market is somewhat competitive. Median price: $494K (+25.7%), $277/sqft (+4.7%). Average days to sell: 48 (~2% below list); hot properties: list price in 25 days.

Properties recently sold

  1. Apr 5, 2024: 2830 W Bijou St, 80904; Sold $402,000 | 2 Beds | 1 Bath | 720 Sq Ft

  2. Apr 2, 2024: 10 N 33rd St, 80904; Sold $459,000 | 3 Beds | 2 Baths | 2,226 Sq Ft

  3. Apr 1, 2024: 2323 W Kiowa St, 80904; Sold $291,000 | 2 Beds | 1 Bath | 896 Sq Ft (Lower Love & Quigg)

  4. Apr 1, 2024: 1417 W Cucharras St, 80904; Sold $363,000 | 3 Beds | 1.5 Baths | 2,035 Sq Ft (West Colorado Springs)

🏠 Colorado Springs Homes Sales Slide

In March, Colorado Springs witnessed a further decline in home sales for the 11th consecutive month, according to data from the Pikes Peak Association of Realtors. The report indicates a 26.5% decrease in home sales compared to the previous year. The persisting downturn coincides with elevated mortgage rates. Local real estate agents express concerns over the impact of these high rates on buyers' purchasing power, leading to fewer qualified buyers and challenges for sellers. 

Additionally, the median home price in Colorado Springs experienced a slight decline of 1.2% compared to the previous year, settling at $425,000. Despite these obstacles, industry analysts foresee a potential stabilization in the market, anticipating a more balanced dynamic between buyers and sellers in the foreseeable future.

💰 Home Affordability: Fed's Next Move

In 2024, mortgage rates have maintained levels below 7%, yet they remain too high to stimulate significant home buying or refinancing activity. As of the week ending April 4, the average 30-year fixed mortgage rate rested at 6.82%, based on data from Freddie Mac.

Despite this persistent elevation, housing market analysts foresee a downward trend in mortgage rates throughout the year, assuming the Federal Reserve implements anticipated interest rate reductions. However, the extent to which these reductions will enhance home affordability remains uncertain. The next two-day FOMC meeting is April 30 to May 1. *Read Source 

 

📆 Local Events

 

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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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