Colorado Springs | Q3 2020
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.
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.
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.