Last year was a strong year for real estate in Colorado Springs and in The Broadmoor area. Most of the strength came early in the year as a continuation of the 2021 boom. Rising interest rates, mid-year and lower inventory, impacted the pace of sales as was expected. The higher interest rates effect all buyers whether getting a loan or not. That said, 2023 looks to be similar to 2022. Early indications show sales to be slower than normal in the first quarter with an increase in pace beginning in the spring. The Knock, Buyer-Seller Market Index predicts Colorado Springs to be #2 in the top 5 buyer markets for 2023, along with Phoenix, Las Vegas, Dallas, and Denver. Those interested in the Broadmoor area will see good opportunities to buy at prices not as strong as was seen in 2021 and early 2022.
We are fortunate to have continued growth in the Colorado Springs area. It’s not a surprise, however, to those of us who work with buyers and sellers here in our distinctive and historic Broadmoor neighborhoods. We know it is our dramatic mountain scenery, proximity to the five-star Broadmoor Hotel and Resort, a strong local economy and great outdoor recreation that attracts families to our region.