Colorado Springs Market Snapshot: Home Values Dip While Prices Per Square Foot Grow – May 2024
House prices in the Colorado Springs real estate market dropped over the last 12 months.
The real estate market in Colorado Springs experienced a downward trend in average house values over the last 12 months. House prices were the highest in August of last year – approximately $465k – followed by a trough in January 2024, where values dropped to about $444.5k. Despite this dip in property values, the average sale price grew to $437k, which interestingly did not correlate with the decrease in the average property values during the same period.
Average values per square varied, ranging between $211 in January 2024 and $216 in March 2024.
Comparative Analysis with Nearby Cities
- In Fountain, the average property value held steady at $400,000 between March 2024 and April 2024. A slight ascension in the average value per square foot from $211 to $214 was noted, indicating a marginal appreciation in property worth in this region.
- In contrast, Manitou Springs experienced a significant drop in average property values, decreasing from $637,500 in March 2024 to $665,000 in April 2024. Despite this reduction in average value, the average sale price per square foot saw an increase from $365 to $370. This paradox could imply a growing interest in smaller, more valuable properties in the area.
- Cascade’s market illustrated a declining trend in average property values from March 2024’s $732,000 to April 2024’s $712,000. Simultaneously, buyers paid more per square foot, with an increase from $326 to $385, suggesting that properties in Cascade may be experiencing a trend toward higher-value on a per square foot basis, even as overall values descend.
- Peyton showed a more positive direction with increasing average property values from $575,000 in February 2024 to $565,000 in April 2024. This increment was complemented by a boost in the average sold price per square foot from $263 to $270. It indicates a healthy market where both the overall values and the value per square foot are on an upswing.
- Green Mountain Falls saw a decrease in both average property values, from $519,900 in March 2024 to $499,995 in April 2024, and in the average sold price per square foot, which went down from $425 to $388, suggesting a generalized cooling down of this market.
Current Property Values and Sales Volume in Colorado Springs and Environs
Housing Market Summary for Colorado Springs, CO
May 2023 | April 2024 | Change | |
---|---|---|---|
Median Listing Price | $480K | $435.6K | -9.24% |
Median Sold Price | $438.2K | $435.6K | -0.59% |
Homes For Sale | 1,240 | 1,574 | 26.94% |
Homes Sold | 6,434 | 5,619 | -12.67% |
As of April 2024, Colorado Springs’ average property value stands at approximately $458,104, with the average value per square foot at $214. A hefty number of properties, 1,574 to be exact, contribute to this figure. The sale figures are robust, with an average sale price of about $435,610 and an average sold per square foot value marked at $290, across a notably high count of 5,619 properties sold.
This high volume of sales, despite a reduction in average values, could indicate a buyer’s market where ample options may drive competitive pricing. Meanwhile, the nearby cities in April 2024 provide a vivid contrast.
Fountain exhibits stability with an average property value of $400,000 and an average value per square foot at $211. The market is active, with 279 properties sold at an average sale price of about $376,389 and an average sold per square foot value of $255.
Manitou Springs stands out with high values, pegging the average at $665,000 and an impressive per square foot value at $317. Sales in this area reflect exclusivity, as indicated by a smaller property count of 24 and an average sale price per square foot at an elevated $370, with 61 properties sold.
Cascade retains a high-end market status with average property values circling $712,000 and average value per square foot at $322.50. The average sale price rounds up to $589,534, with a significant sale price per square foot of $385 over a small bunch of 18 properties sold.
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Peyton’s growing market is signified by an average property value of $565,000 and a sale volume of 383 properties with an average sale price of $525,000. The per square foot value at $270 attests to an upward market trajectory.
Finally, Green Mountain Falls, with a succinct count of one property, presents an average value of $500k and a per square foot value labeled at $268. Sales wise, 11 properties exchanged hands at an average sale price of about $424,789 and a significant sale price per square foot of $388.
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