🏡 Latest Home Sales and Market Insights in Colorado Springs

Local Real Estate Edition | #24-153 6/1/24

01 Jun • Estimated Reading Time: 13 minutes

COS Town Tidings #24-153

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

🏠 Springs Housing Market: Mixed Trends in Home Sales

🏦 Fed Keeps Rates Steady: Mortgage Impact

📆 Local Events

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⛈ COS Weather - Warm, possible isolated PM T-Storms again

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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%). Average days to sell: 124 (~1% below list); hot properties: list price in 14 days. Feb '24-Apr '24: 47% searched to move out, top metros for moving in: Denver, Los Angeles, Dallas.

Properties recently sold ranging from $550K to $1.6M. Click to view Black Forest listings

Briargate

Briargate Homes Sold

Briargate housing market is somewhat competitive. Median price: $558K (+7.8%). Average days to sell at list: 28; hot properties: +1% above list in 8 days.

Properties recently sold ranging from $325K to $795K. Click to view Briargate listings

Broadmoor

Broadmoor Homes Sold

Broadmoor housing market is somewhat competitive. Median price: $715K (+3.7%). Average days to sell: 42 (~3% below list); hot properties: list price in 19 days.

Properties recently sold ranging from $760K to $2M. Click to view Broadmoor listings

Cimarron Hills

Cimarron Hills Homes Sold

Cimarron Hills housing market is somewhat competitive. Median price: $405K (+1.3%). Average days to sell: 36; hot properties: +2% list price in 7 days.

Properties recently sold ranging from $420K to $580K. 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%). Average days to sell: around list: 34; hot properties: +1% list price in 10 days.

Properties recently sold ranging from $420K to $790K. Click to view Banning Lewis Ranch listings

Mountain Shadows

Mountain Shadows Homes Sold

Mountain Shadows housing market is somewhat competitive. Median price: $595K (+4.6%). Average days to sell: 42 (~1% below list); hot properties: list price in 21 days.

Properties recently sold ranging from $313K 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: $420K (-1.2%). Average days to sell: 34 (~1% below list); hot properties: list price in 15 days.

Properties recently sold ranging from $360K to $700K. 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%). Average days to sell: 63 (~4% below list); hot properties: list price in 20 days.

Properties recently sold for $586K. Click to view Downtown Colorado Springs listings

🏠 Springs Housing Market: Mixed Trends in Home Sales

Last month, Colorado Springs' housing market inventory rose by 34.5% year-over-year, reaching its highest April level since 2016. Home prices continued to climb, with the average price at $564,715 and the median price at $490,000, both record highs. Sales activity was mixed, with a decline in lower-priced home sales but increases in higher-end segments. Persistent high-interest rates and rising living costs continue to challenge affordability for buyers. *Source

🏦 Fed Keeps Rates Steady: Mortgage Impact

The Federal Open Market Committee has kept the federal funds rate unchanged for the sixth consecutive meeting, maintaining it between 5.25% and 5.5%. This decision influences mortgage rates, which have risen due to ongoing inflation and a strong labor market. While some experts predict possible rate adjustments by late summer, others do not foresee significant changes until 2025.

Homebuyers are advised to act sooner rather than later, despite the current high rates, and explore options like comparing lenders or seeking assumable mortgages. The next FOMC meeting on June 11-12 will offer further insights. *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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