Micro Market Report
YEAR-END
14345 Millhaven Place 20320 Lockridge Drive
2022 COLORADO SPRINGS
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. 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.
2022 is now over and what a year it was. In the last half of 2022, the real estate market showed strong signs of normalizing after the 2021 COVID-driven boom.The first half of the year was still driven by incredibly high buyer demand, and it felt similar to the 2021 market. The market started to shift when mortgage interest rates started to rise. This was intended to tamp down buyer demand, but because of limited inventory in Colorado Springs—which saw a decrease of 5.3% in new listings in 2022 as compared to 2021—they still managed to have historically high appreciation averaging 10.0% for the average home price.
The media and many “experts” anticipated that home prices would fall in, but that hasn’t been the case in highly sought out areas like Colorado Springs. To further understand the Colorado Springs market, one must look at micro markets because there are many nuances within a small geographic region. In 2022, The Farm saw a 23.4% average price increase compared to 2021, and the Skyway neighborhood saw a 2.7% decrease for the same time period.
We recognize each neighborhood is unique and no two regions respond to market shifts the same way. To aid in presenting an accurate picture of each of the areas that make up Colorado Springs, LIV Sotheby’s International Realty is proud to present our year-end Micro Market Report, representing the metrics of many key and beloved neighborhoods.
Considering the lifestyle and market advantages that Colorado Springs provides to its residents, this community will continue to be a popular destination for those looking to buy and sell homes in the state.
Counties: El Paso, Teller
coloradomicroreports.com Based on information from the Pikes Peak REALTOR® Services Corp. (“RSC”), for the period January 1st, 2022 - December 31th, 2022. 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. January through December 2021 2022 % Change New Listings 16,663 15,780 -5.3% Sold Listings (All Properties) 15,607 12,810 -17.9% Average Price $491,496 $540,792 10.0% Average Days on Market 10 17 70.0% % Sold Price to Original List Price 103.2% 101.4% -1.7% Total Dollar Volume Sold $7,670,778,072 $6,927,545,520 -9.7%
Properties)
Average Sales Price (All
MICRO MARKET REPORT | Colorado Springs JANUARY - DECEMBER 2022 • COLORADOMICROREPORTS.COM livsothebysrealty.com
NEIGHBORHOODS 1. Broadmoor 2. Broadmoor Bluffs/ The Spires 3. Broadmoor Resort 4. Cordera 5. Flying Horse 6. Kissing Camels 7. Mountain Shadows 8. Old North End/ Patty Jewett 9. Peregrine 10. Pine Creek 11. Sanctuary Pointe/ Fox Run 12. Skyway 13. Wolf Ranch 14. Woodmoor 12 7 5 9 13 3 10 2 14 4 11 1 8 6
COLORADO SPRINGS
14.6%
The average home sale price in Broadmoor Bluffs/The Spires increased by 14.6% in 2022 compared to that of 2021.
Average
January
BROADMOOR BROADMOOR RESORT
through
% Change
December 2021 2022
Average Price $1,904,212 $1,893,950 -0.5% Average Price Per Square Foot $272 $264 -2.9% Average Days on Market 60 123 105.0%
through December 2021 2022 % Change
Highest Price $3,450,000 $6,200,000 79.7% Properties Sold 17 10 -41.2% % Sold Price to List Price 97.6% 91.8% -5.9% January
Average Price $1,001,576 $1,094,206 9.2%
Average Price Per Square Foot $228 $247 8.3% Average Days on Market 30 40 33.3%
through December 2021 2022 % Change
Price $848,812
Price Per Square Foot $195 $219
Market
Highest Price $8,000,000 $6,200,000 -22.5% Properties Sold 294 183 -37.8% % Sold Price to List Price 100.2% 98.6% -1.6% January
$972,808 14.6% Average
12.3% Average Days on
24 27 12.5%
Highest Price $2,300,000 $2,400,000 4.3% Properties Sold 104 59 -43.3% % Sold Price to List Price 101.8% 99.5% -2.3%
BLUFFS/THE SPIRES
BROADMOOR
January
Average Price $675,102 $787,586 16.7%
Average Price Per Square Foot $180 $211 17.2%
Average Days on Market 25 36 44.0%
Highest Price $990,900 $1,248,642 26.0%
Properties Sold 167 164 -1.8%
% Sold Price to List Price 101.3% 100.3% -1.0%
26.0%
The highest home sale price in Cordera increased by 26.0% in 2022 compared to that of 2021.
Average Price $859,667 $947,913 10.3%
Average Price Per Square Foot $202 $224 10.9%
Average Days on Market 20 30 50.0%
Highest Price $3,800,000 $3,500,000 -7.9%
Properties Sold 159 130 -18.2%
%
-0.8%
The Colorado lifestyle comes together in one magnificent vision at Flying Horse, where you’ll find elegant homes, breathtaking views, and a private resort-style athletic club and spa. With homes priced from the upper $400k’s to custom homes in the millions, there’s something for everyone.
Average Price
$1,151,364 $1,409,626 22.4%
Average Price Per Square Foot $296 $367 24.0%
Average Days on Market 36 55 52.8%
Highest Price $3,800,000 $4,390,265 15.5%
Properties Sold 37 30 -18.9%
% Sold Price to List Price 99.5% 102.5% 3.0%
January through December 2021 2022 % Change
through December 2021 2022 % Change
January through December 2021 2022 % Change
Sold Price to List Price 100.5% 99.7%
KISSING CAMELS FLYING HORSE CORDERA
Mountain Shadows is a unique community built up against the Rocky Mountains. It’s located off of Centennial Boulevard and Flying W Ranch Road, just minutes from Garden of the Gods.
January
Average Price $620,827 $726,545 17.0%
Average Price Per Square Foot $188 $205 9.0%
Average Days on Market 22 26 18.2%
Highest Price $1,265,000 $1,150,000 -9.1% Properties Sold 97 60 -38.1%
% Sold Price to List Price 102.1% 100.1% -2.0%
11.0%
The average price per square foot in Peregrine increased by 11.0% in 2022 compared to that of 2021.
Average
Highest Price $2,400,000 $1,425,000 -40.6% Properties Sold 111 90 -18.9%
% Sold Price to List Price 103.0% 101.2% -1.7%
January
Average Price $845,565 $883,584 4.5%
Average Price Per Square Foot $182 $202 11.0%
Average Days on Market 17 19 11.8%
Highest Price $1,295,000 $1,450,000 12.0% Properties Sold 51 32 -37.3%
% Sold Price to List Price 102.9% 100.9% -1.9%
SHADOWS
END/PATTY JEWETT PEREGRINE
MOUNTAIN
OLD NORTH
through December 2021 2022 % Change
through December 2021 2022 % Change
%
January through December 2021 2022
Change
Price $644,039 $632,979 -1.7%
Average Price Per Square Foot $288 $313 8.7%
Average Days on Market 14 22 57.1%
Average
13.1%
The average price per square foot in Pine Creek increased by 13.1% in 2022 compared to that of 2021.
10.4%
The average price per square foot in Skyway increased by 10.4% in 2022 compared to that of 2021.
through December 2021 2022 % Change
Price
Price Per Square Foot
through December 2021 2022 % Change
January
Average
$821,269 $799,236 -2.7% Average
$221 $244 10.4% Average Days on Market 18 22 22.2% Highest Price $4,376,000 $2,450,000 -44.0% Properties Sold 102 69 -32.4% % Sold Price to List Price 101.5% 100.2% -1.3% January
through December 2021 2022 % Change
Average Price $728,859 $762,895 4.7% Average Price Per Square Foot $176 $199 13.1% Average Days on Market 11 17 54.5% Highest Price $2,505,000 $2,100,000 -16.2% Properties Sold 96 66 -31.3% % Sold Price to List Price 101.8% 101.0% -0.8% January
Price
Per Square
SKYWAY
POINTE/FOX RUN PINE CREEK
$837,093 $970,112 15.9% Average Price
Foot $201 $238 18.4% Average Days on Market 21 23 9.5% Highest Price $1,330,000 $1,445,000 8.6% Properties Sold 64 54 -15.6% % Sold Price to List Price 100.9% 101.6% 0.7%
SANCTUARY
WOLF RANCH
WOODMOOR
13.6%
The average home sale price in Wolf Ranch increased by 13.6% in 2022 compared to that of 2021.
January through December 2021 2022 % Change
Average Price
$593,403 $674,230 13.6%
Average Price Per Square Foot $168 $203 20.8%
Average Days on Market 38 60 57.9%
Highest Price $920,375 $969,353 5.3% Properties Sold 278 280 0.7%
% Sold Price to List Price 101.8% 101.0% -0.8%
12.3%
The average home sale price in Woodmoor increased by 12.3% in 2022 compared to that of 2021.
January through December
Average Price
2021 2022 % Change
$688,765 $773,519 12.3%
Average Price Per Square Foot $194 $212 9.3%
Average Days on Market 13 21 61.5%
Highest Price $1,275,000 $1,350,000 5.9% Properties Sold 220 175 -20.5%
% Sold Price to List Price 102.7% 101.4% -1.3%
in your happy place The definition of paradise depends on your point of view. Find a home that makes each day more extraordinary than the last with LIV Sotheby’s International Realty. 719.578.8800 | livsothebysrealty.com
WHY COLORADO? 04 07 28 NATIONAL PARKS MOUNTAIN RANGES SKI AREAS & RESORTS
AVG DAYS OF SUNSHINE ANNUALY CRAFT BREWERIES 300 350+
MICRO MARKET REPORT | Colorado Springs JANUARY - DECEMBER 2022 • COLORADOMICROREPORTS.COM