The most surprising number in the otherwise other-worldly performance of the EAS MLS area in 2016 was that price did not move commensurate with other similarly-priced areas. In 2015, the EAS MLS area was up 12.5%, so a 5.8%, which lagged the MLS gains of 6.5%, seems surprising. This is a straight up mystery as to why. Sales were 17% higher than a year prior. On average, the probability of sale was staggeringly high, homes were gone from the market in three or so weeks and there was basically no negotiating on price. There is not data to support this theory, but some guessing would lead to some interesting conclusions. Quite a bit of EAS terrain similar to N/W. Lot sizes are larger than more-expensive and nearby PWR and they also have trees. EAS is also seen as a possible close-in-but-more-affordable option for the downtown buyer. In the case of N/W, we saw first hand a large number of buyers “settle” for a house simply in the zip code that they wanted to be, because that’s where they wanted to be. N/W had a similarly rapid time on market and oversized probability of sale with a very similar percentage increase in price. This leads us to believe that despite the smallish average rate of appreciate, the real rate of appreciation is actually larger because the demand from buyers was (and remains) so significant.
Standard Disclaimer: The Where to Buy Project is an Annual Creation of WelcomeWest.com for Selley Group Real Estate. It uses data extracted from the Pikes Peak RSC Multiple Listing system for the previous calendar year and compares it to the prior calendar year. For the 2017 report, the effective data range is January 1, 2015 to December 31, 2016. The information is then visualized and comprehended using Focus1st.com Pricing Software. Information is deemed reliable, but not guaranteed.
How to Use The Where to Buy Project: For a resource guide on how to better comprehend the Focus1st Graphs, please refer to the Where to Buy Project Source Video . In all cases, Days on Market is measured differently in Focus1st than in the RSC MLS: It is the length of time between initial list date and day of close. The RSC MLS measures this date in marketing days, the number of days between initial listing and the day of contract. To standardize measurement, subtract 40 days from the Focus1st measure to provide an approximate equivalent to the same measurement in RSC MLS.
If you can’t afford Patty Jewett or Divine Redeemer, you might want to consider Highland Park and nearby Audubon. This area is regularly in the $200,000 to $300,000 price range and offers mid-century homes on tree-filled lots. It lacks the proximity to downtown that the downtown areas afford, but is the closest-in of the East-side neighborhoods. Because of the value is offers, it has seen a steady rise in popularity with the traditional downtown buyer marketplace. While prices are not rising dramatically, it’s a solid investment based on present popularity and proximity to the city’s core.audubon
While our sales over the years have been infrequent, a growing number of buyers are curious about the possibilities offered around the southern entrances of Palmer Park in an area traditionally referred to as “Country Club”. The appeal of the neighborhood is large mid-century homes often on oversized, flat lots and in some circumstances, some of the very best views of the city that include the entire Front Range, downtown and even Garden of the Gods. The Country Club of Colorado is found here and with it, the local amateur competitive golf scene. Additionally, the urban oasis of Palmer Park can be found here, several hundred acres of free-to-roam, organized park areas and some of the premier urban mountain biking in North America. A caution on the area is that certain blocks sit quite close to the historic underground Cragmoor Coal Mine and mine subsidence insurance should be considered.country-club
Hello again, popularity. Old Farm during the Recession was unsettled, with a mixed bag of sales and foreclosures. That’s no longer the case. The last several years have seen buyers returning in droves as the area offers suburban convenience (30 year old or newer homes) with killer views to the west along the ridgelines of open space. Given that it’s so close to the Powers Corridor as well, it is particularly blessed with modern conveniences and amenities within a mile or two. With nice yards and homes that benefit from improvement, this is an area with a long-term rise still ahead.old-farm
One of the first suburban developments in Colorado Springs, this vast area encompasses a variety of different neighborhoods by definition (Homestead, Holly Hills to name a few) but is generally south of Austin Bluffs to South Carefree, east of Academy. Buyers in this area are drawn to a decent sized home on a quiet, suburban street that enjoys trees. That requirement is a big deal for someone looking to make improvements to a house. If something is on one of the Carefrees or Oro Blanco, it’s not going to resell in the future as well as something tucked away on one of the interior cul-de-sacs. Village Seven has pockets of much higher value scattered about due to open space (like the Homestead Trail) and bluffs that dramatically enhance privacy. Homes with long-distance views, because they’re not common, will also sell at a disproportionately higher value.village-seven