Broadmoor Real Estate Prices, Trends, & Forecasts 2023

In the southwest corner of Colorado Springs, right next to the Cheyenne mountains, lies the neighborhood of Broadmoor. The community is famously known for its historical Broadmoor Hotel, founded in the early 1900s. Along with the Cheyenne mountains nearby, on the northern end of Broadmoor is the Bear Creek Regional Park East, boasting plenty of hiking and biking trails, as well as a dog park and archery range. District 12 schools are ranked #1 in the State of Colorado - so it’s not necessary to pay for a private school!

With all this neighborhood has to offer, it is no wonder many want to invest in Broadmoor real estate. Before you delve too deeply into searching for Broadmoor homes for sale, it is essential to understand the current market trends in Broadmoor and the forecast for the rest of 2023.

When learning about market trends, it is crucial to understand the definition of buyer's and seller's markets. A buyer's market has a more extensive inventory of homes for sale than buyers, giving potential home buyers more bargaining power. Typical conditions of a buyer's market are homes staying on the market longer and sellers lowering prices to attract buyers.  Seller's markets, on the other hand, indicate the amount of buyers exceeds the number of homes for sale, leaving sellers with more bargaining power. In a typical seller's market, homes sell faster and at higher prices.

During the past few years, real estate has generally leaned more towards a seller's market, as there were fewer houses to purchase and higher demand from buyers. As a result, houses spent fewer days on the market and went for higher prices as potential home buyers desperately snatched up whatever was available. In 2023, however, there are predictions of the real estate market leaning more toward a buyer's market by the end of the year.

Currently, market trends across the state of Colorado and in El Paso County (where Colorado Springs and, ultimately, Broadmoor are located) support the prediction of a buyer's market by the end of this year.

Statewide, the average sales price for a Colorado home was $686,864 in March 2023, a 4.2% decrease compared to March 2022. In El Paso County, a similar trend was apparent, as the average sales price in March 2023 was $527,355, a decrease of 3.6% compared to March 2022. Colorado Springs specifically saw a reduction of 2.9% during the same time frame.

These decreasing home values indicate the market is starting to favor buyers across the board, meaning Broadmoor will be following suit. The falling home prices also pose well for potential home buyers heading into the peak spring and summer market season.

Although the Federal Reserve increased interest rates recently, this does not directly impact mortgage rates. In fact, mortgage rates are continuing to decrease in 2023. According to Freddie Mac, the average 30-year fixed rate for mortgages went down from 6.28% to 6.27% in mid-April of this year.

Another indication of the real estate market leaning to favor buyers is the decrease in mortgage rates, making homes more affordable for first-time home buyers.

With decreasing mortgage rates and average home prices, the real estate market is leaning towards favoring buyers. Another indicator of this is there are fewer new listings across the state, county, and city. In March 2023, Colorado saw a decrease of 19.9% in new listings compared to March 2022. El Paso County faced a decline of 30.3%, while the number of listings in Colorado Springs fell by 844 units.

In addition to the number of new listings going down, the length at which homes remained on the market increased. In Colorado, overall, houses remained on the market for 56 days throughout March 2023, a significant jump from 28 days in March 2022. El Paso County and Colorado Springs also substantially increased between March 2022 and 2023. El Paso went from 12 days on the market to 47 days, while Colorado Springs rose from 4 to 22 days. Houses staying on the real estate market for a more extended period further point to the market leaning to buyers.

With decreasing mortgage rates and increasing the number of days that houses remain on the market, median home prices declined. The median price of homes in Colorado overall was $551,000, a 4.2% drop from March 2022, while El Paso County went down by 4.1% with a median price of $465,000 in March 2023. Colorado Springs experienced a slightly smaller decrease, with the median home price falling 3.16% in March 2023 to $460,000.

Heading into the spring and summer, which are prime seasons for real estate, now is a good time to invest in the Broadmoor real estate market. Based on the current trends, there is a strong indication the markets will continue favoring buyers, especially as houses remain on the market longer than in the previous month. With Colorado, El Paso County, and Colorado Springs all following the same pattern, the Broadmoor real estate market is also on the same trajectory.

As you begin searching for property on the Broadmoor real estate market, hiring a realtor is crucial, especially someone who is a local expert familiar with the Broadmoor area. Trish uses her local knowledge to give her clients the competitive edge. For example, only a local expert like Trish can advise you on the soil conditions of a property so you know if it is or has been susceptible to landslides. These are critical issues that only a local Broadmoor real estate expert like Trish can advise you on.

Many listings are exclusive and are made known through realtor networks. Real estate agents also stay current on the local market trends while offering expertise and emotional support when finding your perfect home.

If you want to purchase property in Broadmoor, contact Trish Ingels, the Broadmoor Specialist. Having over 30 years of real estate experience in the Broadmoor area, Trish has rightfully earned her nickname with her breadth of knowledge. Connect with Trish Ingels today to find the best Broadmoor home for your lifestyle.