Colorado Springs | Year End 2020
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 big-city 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% average price appreciation – showing an active market for buyers and a beneficial market for sellers.
Several communities within Colorado Springs showed similar results of increased performance, with rises in average price coupled with decreases in average days 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.
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.