In 1915, Spencer Penrose obtained permission from the Department of Agriculture to build the “World’s Highest Highway” to the summit of Pikes Peak at a cost of $283,000. Penrose opened his new highway with the inaugural Pikes Peak National Hill Climb on August 10, 11 and 12, 1916. Over a century later, visitors still come to witness this historic competition, now known as Broadmoor Pikes Peak International Hill Climb, and cheer on racers from all over the world. The official collection of race cars and memorabilia of the iconic Race to the Clouds can be seen year-round at El Pomar’s Penrose Heritage Museum.

Source: The El Pomar Foundation

The real estate market in Southwest Colorado Springs has shown consistent activity, with trends indicating a stable market. Home prices in the area have remained competitive, reflecting a steady demand for properties. Data from our local Multiple Listing Services (MLS) suggests that homes are selling relatively quickly, when priced right, contributing to consistent market performance. Additionally, new listings and inventory levels have remained balanced, providing opportunities for both buyers and sellers.

The broader real estate market in Colorado Springs is entering a transitional phase, with higher interest rates slowing down demand and reducing buyers’ purchasing power. This shift has led to an increase in listings, longer market times, and more frequent price reductions as sellers respond to the changing conditions. Economic uncertainties, including inflation and a potential broader economic slowdown, are contributing to a more cautious approach among buyers and sellers. While the area remains desirable with strong long-term potential, the current market is seeing slower price growth and more price negotiation.

If you have questions about the market or are considering buying or selling, please give us a call.

August in Colorado Springs is a vibrant time of year, with a host of exciting events and delightful summer weather. As the city basks in the summer sun, daytime temperatures typically hover around the mid-80s, perfect for enjoying outdoor festivities. From the melodic tunes of the OneRepublic Concert (August 9-11) to the dazzling cars at the 2024 Car Show on August 10, the warm, sunny days create an ideal backdrop. The UCCS Farmers Market on August 16 and the Pikes Peak Regional Airshow on August 17 both benefit from clear, pleasant weather, while Comic-Con on August 23 offers a cool, indoor escape from the heat. Soccer fans can cheer on the Switchbacks against New Mexico United on August 24 and Memphis 901 FC on August 28, and the month will close with the breathtaking Labor Day Lift Off on August 31, where colorful hot air balloons grace the skies. With its mix of lively events and perfect summer weather, Colorado Springs is the place to be this August.