Where values have risen at Denver-esque levels in the Pikes Peak Region is in Southeast Colorado Springs. The average home has now appreciated 25% in the last two years. Out of 100 listings, 93 were likely to sell. The average house ended up selling above asking price and did so in a couple of weeks. Southeast Colorado Springs however only represents 5% of all sales in the city and there is a bit of trepidation in the new year about those “bubble rumors.” For a bubble to happen, prices have to accelerate at a pace that exceeds the consumer’s ability to buy. In the Southeast portion of Colorado Springs, a larger percentage of low-downpayment financed loans are used to buy properties. A wise buyer with a 100% Loan-to-Value VA Loan needs to make certain that they are not simply setting the new benchmark for the highest-priced home in their neighborhood. That makes the already hard situation for a low-cash buyer even harder. Not only does a buyer have to consider that there are more buyers than sellers in the market, but they really need to make certain that they’re not over-paying for a home. The market might catch up to such a price. But it also might not. Those are the rules smart buyers play by in Denver, after all.
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.
Eastborough & Southborough
Stretching to the east of Academy towards Powers, affordability is the rule in both of these areas. The recent real estate boom market has impacted this area in a manner more notable than most other parts of the city with rapid appreciation. This is an area that is largely dependent upon affordability, so gains that happen too quickly or interest rate gains that happen rapidly could impact this area more significantly than others.southborough
Just across Circle Drive and south of Platte is a 1950’s to 1970’s suburban neighborhood that offers buyers the proximity to downtown at a fraction of the price. Park Hill has been a top performer for the last couple of years, both in terms of probability of seller success at selling and in resale price appreciation. “Character Homes” that are “not 80’s/90’s boxes” are the rule here: slightly larger lots, mature landscaping with trees that have had up to a half century to grown and fill in, and sometimes homes with original hardwood flooring.park-hill
Pikes Peak Park
South of Valley Hi Golf Course and along Fountain Blvd is Pikes Peak Park.The neighborhood was a large suburban expansion built in the 1960’s through mid-1980’s from west to east. Year after year this market usually represents one of the most affordable entrance into single-family homeownership in the city. Of late, it has also seen some of the most rapid growth in prices. Part of this is due to investors purchasing homes in this area, part of this is due to improvements made to existing residences. But another part has been due to very low interest-rates that have made it possible to own a home for less than the cost of renting.pikes-peak-park
One of the more expensive neighborhoods in Southeast Colorado Springs, Soaring Eagles is located just to the west of Powers Blvd near the Hancock Expressway. Most of the homes were built by prominent local builder Classic Homes in the early 2000’s. Soaring Eagles generally has a starting point in value tens of thousands of dollars above the average price of homes in the S/E MLS area and then usually continues higher another $100,000 from there. Some of the larger homes in the region are found here, as is a community park and an elementary school of the same name.soaring-eagles