Colorado Springs | Quarter 2, 2022


 

Colorado Springs is Colorado’s second-largest city and one of the most popular real estate destinations in the state. This culturally rich community offers a diverse range of entertainment options from outdoor recreation to exciting restaurants, a lively art scene, shopping centers, and more. Thanks to its unique lifestyle, urban amenities, outdoor adventures, and slightly more space and affordable housing, this community remains a strong market in which both buyers and sellers can reach their goals.

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 2022 in comparison to the same period of time in 2021. The total dollar volume sold in El Paso County, which contains Colorado Springs, rose by 14% through June of this year, totaling $3,829,444,870. This active real estate market provided 14.7% more new listings for homebuyers to choose from during the first half of the year. Although the number of real estate sales dipped slightly by 0.6%, those homes that did sell sold for 14.6% more than they did in January through June of 2021, making the average sale price for local homes $544,729.

Similar real estate trends were seen throughout the individual neighborhoods within the Colorado Springs community. Home values appreciated the most significantly in the Kissing Camels and Broadmoor neighborhoods where the average sale prices rose by 32.6% and 23.9% respectively. The area with the highest-priced homes through Q2 of this year was Broadmoor Resort, where the average sale price of homes was $2,005,083 – a 7.1% increase from the previous year. The most affordable homes in Colorado Springs were found in Wolf Ranch where the average sale price was $676,118 through June.

Some neighborhoods within Colorado Springs experienced notable increases in the number of homes sold through June of this year compared to the same time frame in 2021. The Wolf Ranch neighborhood saw one of the largest increases in home sales – rising by 45.1% from 102 homes sold through Q2 of last year to 148 homes sold so far this year. Kissing Camels also experienced heightened buying activity with a 10.5% increase in homes sold.

The speed of the market varied across the individual communities within Colorado Springs through June. In the Broadmoor Bluffs/Spire neighborhood home spent an average of just eight days on the market, which is 52.9% less time than last year. Homes in the Flying Horse neighborhood spent the most time on the market during the first half of the year, spending an average of 224 days on the market.

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.