Colorado Springs | Quarter 2, 2021
As the second largest city in the state, Colorado Springs is a place where locally owned businesses thrive, exciting entertainment abounds, and nature’s beauty is ever-present. Recently ranked the No. 6 spot on U.S. News & World Report’s list of the top 150 best cities to live in the nation, Colorado Springs is a highly sought-after destination for homebuyers looking to a uniquely Colorado lifestyle outside of the Denver Metro area.
LIV Sotheby’s International Realty produces a Micro Market Report focused on the Colorado Springs market, within El Paso County, and its performance through Q2 of 2021 in comparison to the same time period in 2020. The total dollar volume sold in Colorado Springs grew by 34.8% through June of this year, totaling $3,358,976,730. Several factors, including appreciating home values and a rise in the number of properties sold, have contributed to this impressive increase. During the first half of the year, the number of listings sold grew by 11.6% compared to the same time frame of 2020. So far in 2021, there have been 7,069 homes sold in this community. Home prices for all property types in Colorado Springs experienced a 20.8% rise through Q2 of 2021, bringing the average price for homes in the area to $475,170.
Several communities within Colorado Springs experienced increases in average home prices as well. Homes in the Broadmoor Resort neighborhood sold for 62.7% more through June of this year compared to January through June in 2020. The average price for a home in the Broadmoor Resort area was $1,872,250 through Q2 of this year. Kissing Camels also saw a notable increase in home prices, rising by 33.1%, which brought the average price of a home in the area to $994,771 through June.
Broadmoor and Cordera have been popular neighborhoods with homebuyers thus far in 2021. Broadmoor saw a 47.1% increase in the number of properties sold, with 150 homes sold through Q2 of this year compared to the 102 homes sold through Q2 in 2020. In the Cordera neighborhood, there have been 87 homes sold so far this year – a 42.6% increase from 2020 when there were 61 homes sold during the same time frame.
Consumers appear to be eager to purchase homes in many Colorado Springs communities, with the average number of days listings spent on the market trending downward for all neighborhoods. The most significant decrease in average days on market was observed in Wolf Ranch where listings spent an average of just 12 days on the market, which is 76.9% fewer days than last year.
As of the best places to live in the country, Colorado Springs and its thriving real estate market are sure to provide ample opportunities to buyers and sellers hoping to begin their next chapters in a unique and exciting community.