COS Town Tidings #24-279

Real Estate Roundup Edition

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

📢 ATTENTION REATORS! 🏠

🏡 What’s Driving Housing Costs in Colorado Springs?

📢 ATTENTION MORTGAGE BROKERS!

📉 How the Fed's Latest Move Affects Your Home Loan

🏡 Homes For Sale & Short term, 6 mth rental

📆 Local Events

🌞 COS Weather - Sunny, hot with record temps and wind gusts

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

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👉The living room 🤣

Black Forest housing market is somewhat competitive. Median prices: $1.23M (+50.9%). Average days to sell: 41 (~2% below list); hot properties: list price in 11 days. Jun-Aug '24: Jul-Sept '24: 51% searched to move out, top metros moving in: Denver, Los Angeles, Dallas.

Properties recently sold ranging from $681K to $1M. Click to view Black Forest listings

Briargate housing market is omewhat competitive. Median price: $525K (+0%). Average days to sell at -1%: 29; hot properties: +1% above list in 12 days.

Properties recently sold ranging from $325K to $1M. Click to view Briargate listings

Broadmoor housing market is somewhat competitive. Median price: $656K (+6.7%). Average days to sell: 38 (~2% below list); hot properties: list price in 11 days.

Properties recently sold ranging from $580K to $1.2M. Click to view Broadmoor listings

Cimarron Hills housing market is somewhat competitive. Median price: $372K (-6.2%). Average days to sell: 36; hot properties: +1% list price in 12 days.

Properties recently sold ranging from $207K to $464K. Click to view Cimarron Hills listings

Banning Lewis Ranch housing market is very competitive. Median price: $486K (-5.7%). Average days to sell: list: 27; hot properties: list price in 16 days.

Properties recently sold ranging from $410K to $538K. Click to view Banning Lewis Ranch listings

Mountain Shadows housing market is very competitive. Median price: $630K (-6.2%). Average days to sell: 31 (~0% below list); hot properties: list price in 13 days.

Properties recently sold ranging from $535K to $700K. Click to view Mountain Shadow listings

Old Colorado City housing market is somewhat competitive. Median price: $544K (+34.2%). Average days to sell: 48 (~2% below list); hot properties: ~ list price in 23 days.

Properties recently sold ranging from $317K to $1.1M. Click to view Old Colorado City listings

Downtown Colorado Springs housing market is not very competitive. Median price: $327K (-23%). Average days to sell: 63 (~3% below list); hot properties: list price in 27 days.

Properties recently sold for $187K to $468. Click to view Downtown Colorado Springs listings

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Housing costs in Colorado Springs have risen sharply over the past year, with home prices increasing by over 16% and rental prices surging. The city’s desirable quality of life, growing job market, particularly in tech, and limited housing supply are key factors driving the increase. The average home now sells for $546,000, while the average rent exceeds $1,500 per month. Zoning restrictions and higher construction costs have compounded the issue, making it harder to build new homes. While Colorado Springs remains more affordable than cities like Denver, its housing crunch is straining residents and forcing city officials to focus on affordable housing solutions. Source

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Are you a mortgage broker and want to become one of our experts? Inquire for details at [email protected]

The Federal Reserve cut its key interest rate by 50 basis points for the first time in four years, bringing it down to between 4.75% and 5%. This marks a shift from its year-long focus on reducing inflation, during which rates were at their highest in over two decades. Despite the cut, mortgage rates are unlikely to see a sharp decline in the short term, as housing experts suggest rates have already anticipated the Fed’s move. While the 30-year mortgage rate has been slowly easing, the impact on affordability remains limited.

Homeowners with HELOCs could benefit from lower rates, and refinancing could be advantageous for some, especially if they negotiate with lenders or improve their credit score. *Read Source

Julie Rush, SRES, GRI, CDPE, Re/Max Properties, Inc: 719-360-8455 cell | [email protected]

Belinda Briggs, Realtor, Berkshire Hathaway HomeServices Synergy Realty: (719) 459-9857 | [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}