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September 2024
Real Estate Trends in Northern El Paso County*
*Reflecting Housing Market Activity in Colorado Springs 80921, Black Forest 80908, Monument 80132, & Palmer Lake 80133
Discover the Typical Home Profile in N. Colorado Springs, Black Forest, Monument, & Palmer Lake:
Northern Colorado Springs continues to be a prime location for those seeking luxury, space, and a robust real estate market. Leading the local market with significantly higher median sales prices for existing single-family residences compared to national levels, this trend underscores the area's strong market performance and the value of investing in this thriving community. Whether you're buying or selling, this area offers strong investment potential and an exceptional quality of life, offering a blend of luxury, space, and modern amenities tailored for discerning homeowners. Here's a snapshot of what you can expect in the picturesque and highly desirable zip codes of 80921, 80908, 80132, and 80133:
Spacious Layouts: With an average of 4 bedrooms and 4 bathrooms, these homes are perfect for those who value extra space. Whether you need a home office, guest room, or simply enjoy spacious living, these properties have you covered. The typical home boasts a median of 3,651 square feet, providing ample room for comfortable living, entertaining, and more. Open floor plans and well-designed spaces make these homes ideal for a variety of lifestyles and offer contemporary designs, modern amenities, and the latest in home construction. This means you can enjoy the benefits of newer homes without the hassle of extensive updates.
Luxury Price Point: The median list price of $777,250 reflects the premium value of homes in this sought-after area. With average List Price per Square Foot at $240, you're investing in a property that combines both value and luxury. Homes in these neighborhoods are selling for a median price of $757,500, with a sales-to-list price ratio of 99.3% (not factoring original list price). This indicates strong and stable market performance where properties are highly valued and sell close to their asking price.
Quick Turnaround: Our current housing supply in these zip codes stands at a modest 2.8 months of inventory, a clear signal of a market approaching balance. For those considering selling their luxury properties or vacant land, now might be the perfect time to leverage this demand - homes here don't last long, spending a median of just 24 days on the market. The demand is high, and properties are quickly snapped up, making this an excellent time for sellers and a competitive environment for buyers. However, more than 1 in 4 active listings experienced a price reduction in the last 30 days.
Northern Colorado Springs is more than just a place to live—it's a community where quality, comfort, and convenience come together. Whether you're looking to buy or sell, understanding this market can help you make the best decision for your future. Embrace the lifestyle and luxury that Northern Colorado Springs has to offer, and find your perfect home today.
Seasonal Developments in the Local Housing Market!
In SEPTEMBER 2024, we're experiencing a slowdown in the Colorado Springs housing market as we near the end of Summer and approach the Holiday Season. A 2.1% reduction in new listings compared to the previous month indicates slowing momentum, which presents issues in meeting the housing needs of our community. Especially relevant for the 80921, 80908, and 80132 areas, this decline speaks to the ever-growing demand for quality homes.
With interest rates (currently at 6.44%*) fluctuating from month-to-month, 2024 looks promising for sellers because of low inventory and committed buyers in the market are ready to make a move in anticipation of September rate cuts by the Fed.
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As we navigate a dynamic landscape, understanding these trends becomes crucial for anyone looking to buy or sell in Colorado Springs. Let's dive into the latest data and see what it means for you.
Is Now the Time for Real Estate Decisions in the Pikes Peak Region?
The El Paso County real estate landscape has been on an intriguing path, and we are witnessing a complex interplay of factors. Fluctuating interest rates have tempered the once-frenzied pace of sales, leading to a more balanced market. This shift offers unique insights and opportunities for both buyers and sellers. With the US News & World Report recognizing the Pikes Peak Region as one of the "Top 10 Best Places to Live" (#3 in 2024-2025), demand remains high. However, the current 3.17 months of supply points to a persistently low inventory, maintaining seller leverage in negotiations. The elevated mortgage rates necessitate realistic pricing strategies and flexibility in negotiations for sellers.
As your dedicated local real estate specialists, Wolff Real Estate Group is committed to keeping you informed about these shifts and trends. Our expertise in luxury properties and vacant land in Northern Colorado Springs positions us uniquely to guide you through these dynamic times.