Saturday, 28 March 2020

Briargate Colorado Springs Real Estate Market Outlook-January 2020

Written by Posted On Saturday, 15 February 2020 13:37
Briargate Colorado Springs Briargate Colorado Springs

Briargate Colorado Springs is a popular residential subdivision located in the northern part of Colorado Springs, Colorado. This area is popular for a number of reasons but primarily it’s about amenities and Academy District #20 Schools.

The Briargate area has seen a surge in commercial projects over the last couple of years. Bringing amenities like restaurants, shopping, and Recreation. Each New Edition seems to make the Briargate area increasingly more desirable. 

Median Sales Price for Briargate, Colorado Springs

Let's start by taking a look at the median sales price in the Briargate area over the past 10 years. The area has seen a 60.48% increase in the median sales price over the past 10 years. In January of 2020, the median sales price is $417,250. This number is 23.8% higher than the median-priced home in the Pikes Peak MLS which stands at $336,795.

Here is a look at the median sales price in Briargate, Colorado Springs from January of 2010 through January of 2020.

Briargate Colorado Springs Median Home Sale Price



Number of Home Sales for Briargate, Colorado Springs

Over the past year, Briargate has averaged 100 home sales per month. While January of 2020 saw 72 sales which are slightly under average, this number is still significantly higher than the 60 sold last January in 2019. 

This gives us a clue that the market in Briargate maybe even stronger in 2020 than it was in 2019. The number of sales in Briargate tends to be driven more by Supply, not demand. Demand for this area seems to remain consistent, so the market vitality becomes about the number of available listings. This is, of course, determined by those needing to sell as well as the number of starts the local Briargate home builders are willing to commit to. This would be in areas like Cordera and Wolf Ranch. These are the two primary new home communities remaining in Briargate.

Here are the number of home sales in the Briargate area over the last 12 months.

briargate colorado

Days on Market

The median number of days home sits on the market in Briargate in January of 2020 is 25 days. When compared to the summer months, this might seem like a long market time. it's important to remember that Briargate much like the rest of Colorado Springs is a very cyclical market. We tend to see most of the buying and selling activity happen in those months just before school starts. So, you can expect to see the median days on the Market drop as we head into the summer months here in Briargate. 

Here is a look at the previous 12 months’ median days on market numbers. 

briargate colorado springs

Price Per Square Foot

This number is a good indicator of Market Health as well. It tends to strip away a lot of the Superfluous data that surrounds sales prices and reduces the area to a simple number. While we would never use price per square foot to price a home we were putting on the market, it's a good indicator for homebuyers to use when they are trying to figure out how much they're going to need to spend in a particular area. As of the end of January 2020, the Briargate Colorado price per square foot number sits at $156 per square foot. 

briargate colorado springs price per square foot

Outlook

As we look down the road at the rest of 2020, it's hard to imagine the Briargate Market not remaining strong. Low-interest rates combined with new jobs are good indicators that demand will remain high for the Briargate area. The school district in conjunction with a growing list of amenities and great location for anybody needing to get to Colorado Springs or Denver makes Briargate a good bet for 2020. 

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Joe Boylan

I have been a Colorado Springs Realtor since 1997 and as a first-year agent, I received the Real Trends Magazine, "Rookie of the Year" Award. Since then I have participated in hundreds of real estate transactions. 

https://www.springshomes.com
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