Colorado Springs | Quarter 1 2021
The demand for Colorado Springs is here to stay. Consistently ranked as one of the hottest zip codes and top places to live, Colorado Springs is drawing in interested buyers for numerous reasons including an abundance of nearby recreation, top-rated schools, job opportunities, and many of the same big-city attractions that Denver Metro offers. From the incredible restaurants crafted by award-winning chefs to the highly acclaimed outdoor adventures like Garden of the Gods, this area has something for everyone to enjoy.
What makes Colorado Springs a sought-after locale are the typically larger home lots at a lower price than the nearby Denver Metro. LIV Sotheby’s International Realty produces a Micro Market Report focused on the Colorado Springs real estate market, analyzing Q1 2021 performance compared to the same timeframe in 2020. El Paso County, where Colorado Springs is located, showed a clear increase in demand with a 17.8% increase in average price. The strength of demand is even more notable when the 53.6% decrease in average days on market is considered. For the County as a whole, homes sat on the market for an average of just 13 days. The number of new listings coming onto the market decreased this year compared to Q1 of 2020 by 5.9% resulting in 3,556 new homes listed so far this year. This increase in performance led to a 19.4% rise in the total dollar volume sold.
Across the 14 communities included in this report, the majority showed similar trends in performance with increases in average price coupled with decreases in average days on market. Broadmoor reported an impressive 30.1% increase in average price, landing the average price for Q1 of 2021 at $907,070. Regarding the decrease in average days on market, Woodmoor showed a significant 73.3% decrease resulting in homes staying on the market for only 12 days so far this year.
Full of historic charm, Colorado Springs continues to garner interest from potential buyers. Sellers are seeing the rewards of this interest, but the great news is that buyers still have plenty of opportunities to find their Colorado Springs home.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Broadmoor, Broadmoor Bluffs/Spire, Broadmoor Resort, Cordera, Flying Horse, Kissing Camels, Mountain Shadows, Old North End/Patty Jewett, Peregrine, Pine Creek, Sanctuary Pointe/Fox Run, Skyway, Wolf Ranch, and Woodmoor.