Eastern Colorado Springs is nearly as large as it’s northerly brother, N/E. This is also an area where we will admit to editorializing a bit what areas we included. We have seven neighborhoods documented here, and perhaps most other REALTORS would put St. Andrews or Rustic Hills in the mix, but truthfully: we never show in either area. For some reason, our buyers just don’t match up. Correspondingly, we are sharing where our buyers look for property.
Audubon: Like some of the neighborhoods in Briargate and Northeast, there was a multi-market effect in Audubon, with three different markets operating here: there was a remodeled market, an average, tidy condition market, and a below market-quality but “good enough floorplan and lot to work on it” market. Persistent appreciation can be seen in the seasonal buying pattern.
Country Club: some of the largest variances in price can be found in Country Club, an area that backs up to the golf course, Palmer Park… and Circle Drive. This is an area with a lot of variables. Considering that the price was well-above average for the MLS area, the probability of sale, while lower than the MLS, was pretty respectable.
East of Wasson (Century Heights): the only real difference between Audubon and Century Heights, other than proximity to Circle Drive (this area is east of Circle) was that there was sightly more elasticity in pricing in this area with values tending to sell at a slightly larger premium above the predicted “average” price in the trendline. Why that’s so interesting: the average price was actually $10,000 less in Century Heights, but there were similar “comps” in both areas showing a likely interchange with buyers. The probability of sale and seasonality of buying patterns was also pretty similar.
Homestead: Two markets, again: a market for homes that have been improved; and a market for homes worth-improving.
Old Farm: The Time to Sell Pattern shows an interesting anomaly about Old Farm: almost all of the sales were between $180,000 and $225,000, a pretty tight little ballpark of price. However, there were three outliers in price. So even within pretty well-defined areas, there are exceptions.
Villa Loma: this area actually bucks many of the pricing regularity trends seen in Homestead and Old Farm because pricing is much more stratified: the median price was almost 10% lower than the average price, but then there were a cluster of sales around $180,000 and another cluster around $200,000 to $225,000, and then a few more above that. The Scattergram shows the larger homes actually breaking further away from the predicted trendline price showing buyers willing to pay a premium to get both square footage and high-quality.
Village Seven: The same trend in Villa Loma was mirrored in Village Seven. For example: in October, there was a sale at $150,000 and another at $360,000, and at least one sale in each $50,000 bracket in-between. It’s not just like there are outliers… there is a wider variety of pricing than in previous years.
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.