MICROMARKET REPORT
COLORADO SPRINGS | Q3 2020
COLORADO SPRINGS NEIGHBORHOODS 1. Broadmoor
14
2. Broadmoor Bluffs/Spires 3. Broadmoor Resort
11
4. Cordera 5. Flying Horse 5
6. Kissing Camels 7. Mountain Shadows 10
8. Old North End/Patty Jewett
4 13
9. Peregrine
9
10. Pine Creek 11. Sanctuary Pointe/Fox Run
7
12. Skyway
6
13. Wolf Ranch
8
14. Woodmoor 12 1 3 2
Pictured on cover: 1830 Preserve Drive, Colorado Springs
coloradomicroreports.com
COLORADO SPRINGS MARKET UPDATE Colorado Springs, the state’s second largest city, is currently one of the most sought-after areas to live in the country. Recently named the fourth best city to live in the nation by U.S. News & World Report, this colorful Colorado community offers its residents exciting entertainment options, unique cultural offerings, and enough outdoor activities to keep any adventurer satisfied. Thanks to the amazing array of lifestyles this city can cater to, more consumers are deciding to make this community their home. For that reason, LIV Sotheby’s International Realty has expanded its selection of office locations to include Colorado Springs. The addition of this brand-new office will allow the firm to better serve the community and its member in reaching their real estate and lifestyle goals. LIV Sotheby’s International Realty produces a Micro Market Report focused on the Colorado Springs market and its performance in Q3 of 2020 in comparison to the same time period in 2019. The total dollar volume sold in Colorado Springs grew by an amazing 14.1% through Q3 of this year, totaling $4,488,936,864. The rise in average home prices, in addition to the increase in the amount of homes sold, contributed to this substantial increase. Overall, the average price of a home in Colorado Springs rose by 11.5% and the number of homes sold rose by 2.3% through Q3 of this year. Several communities within Colorado Springs experienced increases in average home prices as well. Homes in the Broadmoor Bluffs/Spires neighborhood were priced 11.9% higher through September of this year compared to the same time period in 2019. The average price for a home in Broadmoor Bluffs/Spires was $741,951 through Q3 of this year. Pine Creek also saw a significant increase in home prices, rising by 19.8%, bringing the average price of a home in the area to $650,024.
EL PASO COUNTY January through September
2019
2020
% Change
New Listings
12,823
13,639
6.4%
Sold Listings (All Properties)
10,857
11,112
2.3%
$362,346
$403,972
11.5%
29
20
-31.0%
99.9%
100.6%
0.7%
$3,933,990,522
$4,488,936,864
14.1%
Average Price Average Days on Market % Sold Price to Original List Price Total Dollar Volume Sold
The Broadmoor Resort neighborhood appears to be a hot spot for homebuyers this year. This neighborhood saw a 100% increase in the number of properties sold through September of 2020. Listings in the Broadmoor area are also selling much faster than they did in 2019. The average days a home spends on the market in the Broadmoor area is down 37.3%, from 67 days in 2019 to 42 days this year. The luxury market within Colorado Springs is also seeing much success so far in 2020. In a year-to-date comparison of January through September of 2020 to the same time period in 2019, the amount of luxury properties sold in Colorado Springs increased by 74.4% and the average days on market decreased by 28.3%, further proving that this community is a popular destination to invest in luxury real estate. The highest sold price in the area rose by 131.0%, thanks to the $6,700,000 sale of 14065 Highway 83, a stunning home represented by LIV Sotheby’s International Realty. With plenty of opportunities for consumers to achieve their lifestyle goals, Colorado Springs is making its mark in the state’s real estate market as an ideal area to buy and sell homes.
Based on information from the Pikes Peak REALTOR® Services Corp. (“RSC”), for the period October 1, 2018 through October 7, 2020. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.
MICROMARKET REPORT | Colorado Springs livsothebysrealty.com
JANUARY - SEPTEMBER 2020 • COLORADOMICROREPORTS.COM
BROADMOOR January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$656,968
$683,656
4.1%
$193
$206
6.7%
67
42
-37.3%
$2,900,000
$1,910,000
-34.1%
68
71
4.4%
96.7%
97.8%
1.1%
22 Crossland Road, Colorado Springs
BROADMOOR BLUFFS/SPIRES January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$663,099
$741,951
11.9%
$157
$168
7.0%
73
47
-35.6%
$980,000
$1,500,000
53.1%
97
78
-19.6%
98.9%
98.5%
-0.4%
100%
Stretching up the base of Cheyenne Mountain, this community offers several pocket neighborhoods with a variety of home sizes and prices.
BROADMOOR RESORT January through September Average Price Average Price per Square Foot Average Days on Market
The number of properties sold in the area of the
Highest Price
Broadmoor Resort increased by 100% January
Properties Sold
through September 2020 compared to that of 2019.
% Sold Price to List Price
2019
2020
% Change
$1,305,000
$1,408,730
7.9%
$189
$219
15.9%
165
127
-23.0%
$2,900,000
$2,750,000
-5.2%
8
16
100.0%
91.0%
95.1%
4.5%
coloradomicroreports.com
CORDERA January through September Average Price
2020
% Change
$569,975
$576,294
1.1%
$151
$155
2.6%
46
40
-13.0%
The average price per square foot in the
$1,000,000
$1,007,749
0.8%
neighborhood of Cordera increased by 2.6% January
116
118
1.7%
through September 2020 compared to that of 2019.
99.8%
99.5%
-0.3%
Average Price per Square Foot Average Days on Market Highest Price
2.6%
2019
Properties Sold % Sold Price to List Price
FLYING HORSE January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$657,930
$662,589
0.7%
$156
$163
4.5%
81
63
-22.2%
$1,454,623
$1,900,000
30.6%
152
142
-6.6%
98.9%
99.2%
0.3%
1814 Vine Cliff Heights, Colorado Springs
KISSING CAMELS January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,031,822
$925,446
-10.3%
$205
$232
13.4%
102
30
-70.6%
$1,975,000
$1,639,000
-17.0%
27
28
3.7%
98.5%
97.0%
-1.5%
The original gated golf course neighborhood in Colorado Springs, Kissing Camels, sits on a mesa surrounding 27 holes of private golf course.
MICROMARKET REPORT | Colorado Springs livsothebysrealty.com
JANUARY - SEPTEMBER 2020 • COLORADOMICROREPORTS.COM
MOUNTAIN SHADOWS January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$500,460
$555,399
11.0%
$145
$159
9.7%
33
46
39.4%
$790,000
$910,000
15.2%
62
77
24.2%
99.7%
99.8%
0.1%
2565 Brogans Bluff Drive, Colorado Springs
OLD NORTH END/PATTY JEWETT January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
This charming area has a
2019
2020
% Change
$498,889
$536,849
7.6%
to the 1800’s. People are
$212
$227
7.1%
drawn to the craftsmanship
25
25
0.0%
and character of these
$1,280,000
$1,171,500
-8.5%
historic downtown homes
76
73
-3.9%
with mature trees and
98.9%
99.3%
0.4%
seasoned landscaping.
51.6%
rich history that dates back
PEREGRINE January through September Average Price Average Price per Square Foot Average Days on Market
The highest price in the neighborhood of Peregrine
Highest Price
increased by 51.6% January through September
Properties Sold
2020 compared to that of 2019.
% Sold Price to List Price
2019
2020
% Change
$597,096
$634,908
6.3%
$139
$151
8.6%
44
42
-4.5%
$775,000
$1,175,000
51.6%
30
39
30.0%
98.9%
99.1%
0.2%
coloradomicroreports.com
PINE CREEK January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$542,419
$650,024
19.8%
$137
$150
9.5%
39
24
-38.5%
$1,200,000
$1,600,000
33.3%
66
65
-1.5%
99.4%
99.3%
-0.1%
10059 Pine Glade Drive, Colorado Springs
33.3% The average days on market in the neighborhood
SANCTUARY POINTE/FOX RUN January through September Average Price Average Price per Square Foot Average Days on Market Highest Price
of Sanctuary Pointe/Fox Run decreased by 33.3% January through September 2020 compared to that
Properties Sold % Sold Price to List Price
of 2019.
SKYWAY January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$572,161
$581,304
1.6%
$169
$183
8.3%
34
32
-5.9%
$2,300,000
$2,200,000
-4.3%
87
67
-23.0%
98.5%
99.0%
0.5%
2019
2020
% Change
$697,958
$698,549
0.1%
$169
$172
1.8%
75
50
-33.3%
$1,031,506
$1,100,000
6.6%
50
58
16.0%
100.1%
99.3%
-0.8%
With midcentury homes and modern mansions, there are a variety of home styles and lot sizes available in Skyway. This area also includes access to the gated Stratton Forest and Stratton Preserve.
MICROMARKET REPORT | Colorado Springs livsothebysrealty.com
JANUARY - SEPTEMBER 2020 • COLORADOMICROREPORTS.COM
51.8% The average days on market in the neighborhood of Wolf Ranch decreased by 51.8% January through September 2020 compared to that of 2019.
WOLF RANCH January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
WOODMOOR January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$474,020
$498,778
5.2%
$133
$142
6.8%
83
40
-51.8%
$659,500
$675,000
2.4%
165
193
17.0%
99.2%
99.7%
0.5%
2019
2020
% Change
$527,389
$559,894
6.2%
$148
$151
2.0%
32
27
-15.6%
27.8%
$1,197,340
$895,000
-25.3%
The number of properties sold in the neighborhood
151
193
27.8%
of Woodmoor increased by 27.8% January through
99.2%
99.7%
0.5%
September 2020 compared to that of 2019.
coloradomicroreports.com
WHY COLORADO? NATIONAL PARKS: 4
MOUNTAIN RANGES: 7
SKI AREAS & RESORTS: 28
AVERAGE DAYS OF SUNSHINE ANNUALLY: 300
CRAFT BREWERIES: 350+
MICROMARKET REPORT | Colorado Springs livsothebysrealty.com
JANUARY - SEPTEMBER 2020 • COLORADOMICROREPORTS.COM
The life you love.
livsothebysrealty.com | coloradomicroreports.com Based on information from the Pikes Peak REALTOR® Services Corp. (“RSC”), for the period October 1, 2018 through October 7, 2020. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.