Broadmoor Bluffs/Spires

COLORADO SPRINGS MARKET UPDATE

In 2020, Colorado Springs made numerous lists as one of the most sought-after areas to live in the country, and with good reason. With home prices lower than the average price in Denver, Colorado Springs offers many of the same bigcity attractions at a lower cost. Plus, Colorado Springs features a plethora of job opportunities, a focus on great schools, and enough outdoor activities to keep any adventurer satisfied.

Last year reshaped many areas of focus for us, including a focus on lifestyle and where we call home. Real estate performance in Colorado Springs for 2020, compared to 2019, prove that this area is a hot commodity for many buyers because of the ideal amenities out your backdoor.

LIV Sotheby’s International Realty produces a Micro Market Report focused on the Colorado Springs market and its performance of 2020 compared to 2019. El Paso County, where Colorado Springs is located, showed record performance and clear indicators of a competitive market. The total number of sold listings increased by 5.8%, eclipsing the record performance for unit sales in 2019. Time on market decreased by 32.1% and this demand returned a 9.6% EL PASO COUNTY average price appreciation – showing an January through December 2019 2020 % Change active market for buyers and a beneficial New Listings 16,172 16,104 -0.4% market for sellers. Sold Listings (All Properties) 14,242 15,070 5.8% Several communities within Colorado Average Price $365,470 $400,555 9.6% Springs showed similar results of increased Average Days on Market 28 19 -32.1% performance, with rises in average price % Sold Price to Original List Price 99.9% 100.8% 0.9% coupled with decreases in average days Total Dollar Volume Sold $5,205,023,740 $6,036,363,850 16.0% on market. Kissing Camels presented the most impressive decrease in average days on market of 53.6%, decreasing from 97 days it took for a home to sell on average in 2019, to just 45 days in 2020. The highest increase in average price occurred in Pine Creek, where a 19.3% increase rose the average price from $537,172 in 2019 to $641,001 in 2020.

Large, secluded lots surged in popularity in 2020 and The Broadmoor Resort was proof: the total number of properties sold increased a dramatic 185.7% from seven homes being sold in 2019 to 20 homes sold last year. In addition, homes sold faster with a 24.5% decrease in average days on market and at a higher average price, with an increase of 6%.

Colorado Springs offers a lifestyle that is hard to beat and it’s evident that many people are flocking to this growing city. The outdoor spaces, historic charm, and dining and entertainment options make this a great place to call home.

Based on information from the Pikes Peak REALTOR® Services Corp. (“RSC”), for the period January 1, 2019 - December 31, 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.