Northgate, Colorado Springs Real Estate Market Report and Outlook Q1 of 2020

Written by Posted On Thursday, 23 April 2020 16:47

The Northgate area of Colorado Springs is one of the fastest-growing areas in the entire Front Range of Colorado. There is a wide range of both residential and commercial development bringing more people to the area as well as more amenities including shopping, restaurants, and recreation. Named for it's proximity to the north gate of the United States Air Force Academy, this area began and a haven for Air Force retirees but has grown into a relocation destination for a wide range of people.

In spite of the current situation caused by the COVID-19 virus and Colorados Stay at Home Order, the Northgate real estate market has stayed strong. Having said that, most of the Q1 transactions were in process when the stay at home order went into effect, so the bad news is likely to materialize in Q2 and Q3 of 2020. Let's take a look at the Q1 stats for Northgate:

Northgate/Flying Horse Real Estate Statistics for Q1 of 2020
Number of Sales 131
Median Sales Price $499,865
Price Per Square Foot $151
Average Days on Market 81

Standout Neighborhoods

While the entire Northgate area has seen very strong activity over the past few quarters, there are several select neighborhoods that are worth taking a more detailed look at.

Flying Horse

The Flying Horse Ranch subdivision is a newer development that started the resurgence of growth in the Northgate area. Flying Horse is a Golf Course community featuring a Tom Weiskopf designed 18 hole course. Additionally, there is an Athletic Club which offers a state of the art Fitness Center, Heated Pool, Dining Facilities, and Tennis. The Golf Club is a separate facility with Dining facilities as well along with a wide range of additional amenities.

Here are the Real Estate statistics for the Flying Horse Neighborhood:

Flying Horse Real Estate Statistics for Q1 of 2020
Number of Sales 31
Median Sales Price $610,000
Price Per Square Foot $155
Average Days on Market 136

Gleneagle

The Gleneagle neighborhood was the true beginning of the Northgate area. This neighborhood started as a golf course community featuring custom homes in close proximity to the Air Force Academy. Eventually, the golf course closed but Gleneagle continues to be a popular area for homebuyers. Here are the statistics for the first quarter of 202 in Gleneagle:

Gleneagle Colorado Real Estate Statistics for Q1 of 2020
Number of Sales 13
Median Sales Price $490,000
Price Per Square Foot $147
Average Days on Market 72

Northgate Highlands

Northgate Highlands is another newer subdivision that consists of semi-custom and higher-end production homes. This neighborhood offers great views in a convenient location. Here are the real estate statistics for the first quarter of 2020 for the Northgate Highlands:

Northgate Highlands Real Estate Statistics for Q1 of 2020
 Number of Sales  3
 Median Sales Price  $565,000
 Price Per Square Foot  $121
 Average Days on Market  32

Stone Crossing

Stone Crossing is very similar to Northgate Highlands as far as the types of homes found in the neighborhood, mostly semi-custom and higher-end production homes. The infrastructure of this subdivision is first-rate, the neighborhood is well thought out and is attractively landscaped complete with water features and mature trees. Here are the real estate statistics for the Stone Crossing neighborhood for the first quarter of 2020:

Stone Crossing Real Estate Statistics for Q1 of 2020
Number of Sales 1
Median Sales Price $699,000
Price Per Square Foot $161
Average Days on Market 203

Sun Hills

Sun Hills is a very uniques neighborhood for the Northgate Area. Sun Hills feature Custom Home on 5 acre plus lots with both trees and views. Sun Hills began development in 1959 but the average home in the neighborhood was built in 1989. Here are the real estate statistics for the Sun Hills neighborhood:

Sun Hills Real Estate Statistics for Q1 of 2020
Number of Sales 2
Median Sales Price $527,250
Price Per Square Foot $160
Average Days on Market 80

The Farm

The Farm, Colorado Springs is an exciting new community in the Northgate area. The Farm is located in the middle of much of the commercial development taking place in the Northgate area. This means that while The Farm has the feel of a suburban neighborhood, it's just minutes to a wide range of amenities. The Farm consists of higher-end production homes and the neighborhood is still under construction. Here are the real estate statistics for the Farm:

The Farm Colorado Springs Real Estate Statistics for Q1 of 2020
Number of Sales 15
Median Sales Price $590,000
Price Per Square Foot $155
Average Days on Market 168

Trail Ridge

Trail Ridge is a semi-custom and production home neighborhood located in the southern part of the Northgate area. Trail Ridge was developed in the late 1990s with the average home being completed in 1998. Here are the real estate statistics for Trail Ridge for Q1 of 2020

Trail Ridge Colorado Springs Real Estate Statistics for Q1 of 2020
Number of Sales 2
Median Sales Price $523,500
Price Per Square Foot $140
Average Days on Market 3

In Conclusion

As we mentioned in the introduction, we think most of the pain from the Stay at Home Order in Colorado will be felt in the second and third quarters of 2020. Having said that, so much of the real estate activity in the Northgate area is new construction, this area may not see as much bad news as areas that are purely re-sale neighborhoods.

Check back in July to see how Q2 ends up.

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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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