Powers is an area characterized by it’s newness. The “old homes” in the area date back to 1994, and with the modern consumer thinking about 10 to 15 years of ownership (ought to put that record-low interest rate to good use), the lure of newer construction is promising. For investors, the same holds. Powers is an area where homes rent well and because the homes are newer, in theory at least, they should have less maintenance. So it’s little surprise to see some of the higher probabilities of sale and large numbers of units sold in these areas.
One very interesting theme we noted: the software used to construct these graphs lumps together our MLS’s U/C (under contract) designation with the active listings. These are properties that are under contract but supposedly are continuing to show to buyers. Well in many areas, we saw the number of under contracts in early January was 2 to 3 times larger than the monthly rate of sale for the area. In other words, 2012 was ending with a bang carrying over into 2013 in many of these MLS areas.
Indigo Ranch: this area consistently produces most of the sales over $300,000 in the Powers area. It’s one of the newest areas, and the homes sell at the highest dollar per square foot in the region.
Ridgeview: One of the newer stretches of Powers, Ridgeview sits to the west of Indigo Ranch. It had more regular pricing than Indigo, but similar probability. Almost comically, the best time of year to sell in Indigo Ranch of Ridgeview? Anytime. They’re always seeing properties move.
Stetson Hills was divided into three north-south areas, West, Central and East, with West characterized as West of Charlotte; Central between Charlotte and Peterson; and East, east of Peterson.
West Stetson Hills: a bit of a surprise, this area did not sell as well (probability-wise) as the two Stetson Hill segments further east, or compared to any of the PWR areas. The surprise due to the fact that it was a little less expensive than other areas on average.
Central Stetson Hills
East Stetson Hills
Springs Ranch was divided into two east-west areas, North Springs Ranch, north of N. Carefree; and South Springs Ranch, south of N. Carefree
North Springs Ranch
South Springs Ranch
Some MLS Marketwide baselines… Probability of sale last year for the entire MLS was 63.8%. That was the highest probability since 2005. These graphs sometimes reflect mostly lower numbers, but that is because the software counts under contract properties as still “active”. In essence, these are contracts, and in certain cases, we notated what happens to months of inventory and probability of sale if you “count the contracts” that are there at the start of the year. Saying that, for the most part, Northgate inventories are low carrying over into 2013, but there are not a lot of under contracts in these neighorhoods outside of Flying Horse.
If you would like any of these slides emailed to you for specific information, hit me up at Benjamin@BenjaminDay.com. Yes, we realize that they read a little small, but we’re preciously attached to our WordPress format, so, sorry.
The software used to create these graphs is from http://www.Focus1st.com and we used a date range of January 1, 2012 to January 11/14, 2013 for all of the searches, doing as many as possible on two different business days to get a competitive comparison for a single snapshot in time.
Disclaimer time: Benjamin Day composed this blog post and is solely responsible for it’s content. This information reflects data and opinion of real estate licensee in The State of Colorado. Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period January 1, 2012 through January 21, 2013 . RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.