Greenshoots 2013: Downtown Colorado Springs

We were selective in the area we are sharing information on in Central (CEN) Colorado Springs. The focus was on areas that we repeatedly show in. This restricted our reporting to five neighborhoods: Old North End, Bonnyville, Patty Jewett, Divine Redeemer, and north of Memorial Park.

Downtown runs counter to much of the Colorado Springs market. As much of the city is suburban, this is one of the only semi-urban areas in the county. As the average age of a dwelling is 1982, most of these homes are pre 1950, and laughably, most of the Old North End was built in 1898 (a banner year for permits! This is some misnomer of history). Last year, the probability of sale was lower in these areas with a considerably number of failed-to-sell listings in some areas. The big “but” in that statement is that good homes, in good shape, with modern updating… started selling for a whole lot more than they did in year’s past, and for quite a bit more in terms of gross dollars.

Old North End: There were only 2, but the $200 a square foot, over $500,000 home returned to downtown last year. The average price was only $440,000, low for Old North End standards, but there was a sharp uptick in transactions over $500,000.

Old North End Scattergram Old North End Buying Pattern Old North End Seasonal Pattern Old North End Time to Sell

Patty Jewett: “Patty” is always a popular place to hunt for homes, but a lot harder to find a good one. That only seems to be increasing with a precious single property for sale the day we ran the reports. Increasingly, we are hearing from buyers that “wish they could find a 3000 square foot home with a garage” in Patty Jewett. An interesting comment for a city that hasn’t seen much gentrification.

Patty Jewett Scattergram Patty Jewett Neighborhood Pattern Patty Jewett Buying Pattern Patty Jewett Time to Sell

Bonnyville: “Pull a price out of the air, and it’ll stick”. Welcome to Bonnyville.

Bonnyville Scattergram Bonnyville Neighborhood Patterns Bonnyville Buying Patterns Bonnyville Time to Sell

Divine Redeemer: Divine Redeemer sold at nearly the same probability as Patty Jewett, but at a lower average sales price than the tiny homes in Bonnyville.

Divine Redeemer Scattergram Divine Redeemer Neighborhood Patterns Divine Redeemer Buying Patterns Divine Redeemer Time to Sell

North of Memorial Park: Note, this is a select ribbon of homes four blocks wide between Boulder and Pikes Peak north of Memorial Park. It’s an area we show and sell in all the time, but it has the craziest price spectrum of any neighborhood in the county.

North of Memorial Park Scattergram North of Memorial Park Neighborhood Pricing North of Memorial Park Buying Pricing North of Memorial Park Time to Sell

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s