🏡 Latest Home Sales and Market Insights in Colorado Springs

Local Real Estate Edition | #24-125 5/4/24

COS Town Tidings #24-125

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

  • Downtown Colorado Springs

🏡 El Paso Housing Market Trends: Rates & Inventory

📉 Forecast: Mortgage Rates Unlikely to Drop Soon

📆 Local Events 📅 DEALS

📢 ATTENTION REATORS! 🏠

🌦 COS Weather - Frost Advisory, isolated showers, cooler temps

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

 

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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: $950K (+5.2%), $250/sqft (+7.8%). Average days to sell: 78 (~3% below list); hot properties: list price in 18 days. Jan '24-Mar '24: 46% searched to move out, top metros for moving in: Denver, Los Angeles, Washington.

Properties recently sold ranging from $400K to $1.35M. Click to view Black Forest listings

Briargate

Briargate Homes Sold

Briargate housing market is somewhat competitive. Median price: $547K (+5.6%), $204/sqft (-0.24%). Average days to sell at list: 34; hot properties: +1% above list in 12 days.

Properties recently sold ranging from $315K to $1M. Click to view Briargate listings

Broadmoor

Broadmoor Homes Sold

Broadmoor housing market is not very competitive. Median price: $715K (+3.7%), $248/sqft (-2.6%). Average days to sell: 57 (~3% below list); hot properties: list price in 22 days.

Properties recently sold ranging from $310K to $1.3M. Click to view Broadmoor listings

Cimarron Hills

Cimarron Hills Homes Sold

Cimarron Hills housing market is somewhat competitive. Median price: $451K (+25.3%), $196/sqft (-7.5%). Average days to sell: 39; hot properties: +1% list price in 7 days.

Properties recently sold ranging from $379K to $575K. Click to view Cimarron Hills listings

Banning Lewis Ranch

Banning Lewis Ranch Homes Sold

Banning Lewis Ranch housing market is somewhat competitive. Median price: $575K (+8.5%), $186/sqft (-1.1%). Average days to sell: ~1% below list: 36; hot properties: list price in 12 days.

Properties recently sold ranging from $380K to $570K. Click to view Banning Lewis Ranch listings

Mountain Shadows

Mountain Shadows Homes Sold

Mountain Shadows housing market is somewhat competitive. Median price: $615K (+8.1%), $212/sqft (+4.2%). Average days to sell: 45 (~1% below list); hot properties: list price in 21 days.

Properties recently sold ranging from $570K to $1.1M. Click to view Mountain Shadow listings

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: 37 (~1% below list); hot properties: list price in 17 days.

Properties recently sold ranging from $262K to $979K. Click to view Old Colorado City listings

Downtown Colorado Springs

Downtown Colorado Springs Homes Sold

Downtown Colorado Springs housing market is not very competitive. Median price: $375K (-51.4%), $311/sqft (+25.4%). Average days to sell: 59 (~3% below list); hot properties: list price in 14 days.

Properties recently sold ranging from $217K to $950K. Click to view Downtown Colorado Springs listings

🏡 El Paso Housing Market Trends: Rates & Inventory

In El Paso County, the housing market grapples with decreased inventory and elevated interest rates. Tatiana Bailey, from Data Driven Economic Strategies, suggests that even a modest decrease in interest rates could significantly impact mortgage payments for homeowners. However, housing prices remain substantially higher than previous years, with the median price for a single-family home at $564,715. The market slowdown is attributed to homeowners holding onto low-interest rates obtained in recent years. Builders are responding to the demand for new homes, which is particularly high due to a shortage of existing homes. Bailey advises first-time homebuyers to explore concessions offered by builders amidst the current market conditions. *Read Full Story

📉 Forecast: Mortgage Rates Unlikely to Drop Soon

Despite expectations for mortgage rates to decrease in 2024, they have risen to 7.22%, fueled by Federal Reserve's rate stance. Fed recently maintained its policy rate, hinting at potential future hikes due to inflation concerns. Experts anticipate rate cuts in late summer or fall, but some suggest no changes until 2025. Buyers advised not to delay home purchases amid rising rates. The next two-day FOMC meeting is June 11 and 12. *Read Source

 

📆 Local Events

 

🛍 Discounts, Specials & More

Want to let us know of local deals you want us to add? [email protected] 

 

📢 ATTENTION REALTORS! 🏠

Are you a local realtor selling a home or property? We can also list open houses. Inquire for details at [email protected] 

 

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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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