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Construction Bubble for New Homes in Colorado Springs?

by Alan T Daniels

Some people have been asking if there is a construction bubble for new homes in Colorado Springs.  If you are in the market to buy a new home in Colorado Springs and surrounding areas or know someone who is you may be asking yourself this question.  Is the pace of housing recovery unsustainable?  

Not according to Chief Economist of Realtor.com, Jonathan Smoke who explains: 

“The havoc during the last cycle was the result of building too many homes and of speculation fueled by loose credit. That’s the exact opposite of what we have today.”

We are still way below historic averages when looking at the number of housing starts over the last 30 years.  Especially when comparing the numbers of housing starts during the current recovery (2012 to now) to the massive numbers built during the run up to the housing bubble (2002-2006).

A housing start is defined as the number of permits issued for new construction units and we are comparing permits issued for single family housing starts for the most applicable comparison.

Now that we have seen the National comparison what is going on in El Paso County?  

  • Permits Issued in 2005 for El Paso County:  6,250
  • Permits Issued in 2015 for El Paso County:  2,939‚Äč
  • Permits Issued in July 2005 for El Paso County: 517
  • Permits Issued in July 2016 for El Paso County: 299

Source: Census Bureau 

Bottom Line

New homes (permits issued) in El Paso County are going up at about half the rate they were running up to the housing bubble.  Builders can’t keep up with current demand making it an extremely good market to buy new or resale housing in.  

If you are looking for new homes in Colorado Springs, Monument, Fountain and surrounding areas it is important to consult with a Realtor who specializes in new home construction to look at a number of variables which will protect your investment.

Click Here to Search New Homes For Sale in Colorado Springs and Surrounding Areas

Home Prices in Flying Horse for April 2014

by Alan Daniels

Home Prices in Flying Horse Colorado Springs for April 2014

Real estate market data for Flying Horse Colorado Springs provided by Alan Daniels of The Daniels Team at RE/MAX Advantage.

Flying Horse Home Prices

 

We have seen a steady increase on home prices in Flying Horse over the last 12 months and don’t expect things to slow down anytime soon with resale homes and new construction options.  The median sales price is up 3.58 percent in Flying Horse from this time last year.  If you are considering buying a home you can still find deals on a house in Flying Horse but having a good Real Estate Agent who understands the market is a must. Don’t wait on the sidelines for too long, many of our listings are selling within a few days of hitting the market. As you can see from the graph below, listings are not selling exactly for asking price. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Flying Horse home on which you are making an offer.

If you are interested in how much current inventory is on the market in Flying Horse you can find that information by clicking on the link. High inventory will suggest that homes are sitting on the market for longer. Currently in Flying Horse, homes have a median time of 115 days on the market before they sell which is down 6 days from this time last year. This would suggest that buyers are in a decent position to make an aggressive offer on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Flying Horse has multiple offers coming in on homes. I wouldn't expect home prices to run up quite as fast as they did back then as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise.

 

Flying Horse Real Estate Report Summary

Free Colorado Springs Coummity Reports

  • The median list price in April for all single family homes in Flying Horse is $547,000. The list prices increased by 1.48% from the previous month.
  • The price per square foot for listings in this area is $137.00.
  • The median sale price in April for single family homes is $475,194. The sale prices dropped by -34.15% from the previous month.
  • The price per square foot for sales in this area is $136.96.

 

 

 

 

Find Homes for Sale in Flying Horse Colorado Springs

Visit my website to search for homes in Flying Horse or to be notified when Flying Horse homes come on the market.

To find out what your home is worth in the current market Click Here or call 719-357-8550.

 

Our News 5 Appearance on NBC - Home Prices Are Up

by Alan Daniels

Here is the Video showing our appearance on News 5 this summer discussing the positive change in the Colorado Springs Real Estate market.  Some of their stats are off but it will give you an idea of what is going on in the market this year.  Thanks to our client Mark Stanforth for making an appearance on the spot!  Visit this link to see the real stats in the current market.

Briargate Real Estate Market Activity

by Alan Daniels

Briargate Real Estate Market Activity

There are many great signs in the Briargate real estate market.  Available inventory is less than half of what it was this time of year in 2009 while the number of Briargate Homes sold remains fairly constant.  Greatly reduced supply with the current demand should make for a great market in Briargate, CO.

Click Here to See a More Detailed Report for Briargate or any other Neighborhood in Colorado.

Colorado Springs Market Stat Report - Aug 2011

by Alan Daniels

Colorado Springs Real Estate Market Report (Includes Surrounding Areas):

  • The Inventory is down by more than 1300 homes for sale compared to this time last year with a decrease of new homes hitting the market.  This is good news for home sellers looking for less competition.
  • Total Days on Market has gone up but still remains below the worst peaks.
  • The total number of homes sold remains consistent over the last couple years.  The good news for home sellers here is that this is being done with 1300 less homes on the market meaning a larger percentage of the available listings are selling.
  • It is still a buyer market with the prices and interest rates, but things are looking up for home sellers in the Pikes Peak Region!
  • Checkout our new Market Snapshot Report that provides customized stats for your neighborhood.

Colorado Springs Home Values - New Listings Aug 2011

Colorado Springs Home Values - Homes For Sale Aug 2011

Colorado Springs Home Values - Days on Market Aug 2011

Colorado Springs Home Values - Under Contract Homes Aug 2011

Colorado Springs Home Values - Homes Sales Aug 2011

Colorado Springs Home Values - Home Prices Aug 2011

Colorado Springs Home Values - Total Sales Aug 2011

Colorado Springs Home Values - Summary Aug 2011

Black Forest Real Estate Market Update - February 2011

by Alan Daniels
Black Forest covers over 200,000 acres and borders the north end of Colorado Springs. Black Forest is an ideal area for those looking for a rural setting while still remaining close to Colorado Springs. Homes in Black Forest can be found in a number of different price ranges.  Abert Estates, Antlers Ridge Estates, Black Forest Estates, Black Forest Reserve, Brentwood, Camelot, Cathedral Pines, Cherry Creek Springs, Eagle Wing Estates, Elk Creek Ranches, Elkhorn Estates, Forestgate, Forest Edge Estates, Forest Green, High Forest Ranch, Highland Park, Longview Estates, New Breed Ranch, Paint Brush Hills, Prairie Vista, Sylvan Meadows, Timber Ridge,Terra Ridge, The Trails, Wildwood Ranch Estates, Wildwood Village, Walden Preserve, Wildridge, Willow Springs Estates, Woodlake, and Woodlake Hills are just some of the neighborhoods in Black Forest. 
Black Forest Real Estate Market Report | Homes in Black Forest
 
Black Forest Single Family Homes and Patio Homes
Monthly Listing Activity For Black Forest Real Estate 2010 Monthly Average Jan Feb
Available Homes in Black Forest 134

134

138
Median List Price For Homes in Black Forest $434,500 $408,700 $449,950
Average List Price For Homes in Black Forest $548,983 $524,394 $559,445
Listings Added to Market in Black Forest 35 34 26
Listings Pending Contract in Black Forest 15 9 8
Expired/Withdrawn Listings in Black Forest 37 34 30
       
Monthly Sales Activity For Black Forest Real Estate 2010 Monthly Average Jan Feb
Black Forest Homes Sold 14 10 11
Median Sales Price For Homes in Black Forest $349,975 $318,750 $444,000
Average Sales Price For Homes in Black Forest $380,992 $311,005 $488,172
Median List Price For Homes Sold in Black Forest $368,900 $344,950 $453,000
Sold Price / List Price 97% 96.20% 92.40%
Average Days On Market For Homes in Black Forest 130 101 155
 
 
Black Forest Condos and Townhomes
Monthly Listing Activity For Black Forest Real Estate 2010 Monthly Average Jan Feb
Available Condos and Townhomes in Black Forest none

none

none
Median List Price For Condos and Townhomes in Black Forest none none none
Average List Price For Condos and Townhomes in Black Forest none none none
Listings Added to Market in Black Forest none none none
Listings Pending Contract in Black Forest none none none
Expired/Withdrawn Listings in Black Forest none none none
       
Monthly Sales Activity For Black Forest Real Estate 2010 Monthly Average Jan Feb
Black Forest Condos and Townhomes Sold none none none
Median Sales Price For Condos and Townhomes in Black Forest none none none
Average Sales Price For Condos and Townhomes in Black Forest none none none
Median List Price For Condos and Townhomes Sold in Black Forest none none none
Sold Price / List Price none none none
Average Days On Market For Condos and Townhomes in Black Forest none none none
 
Black Forest Land and Rental Homes
Monthly Listing Activity For Black Forest Land / Lots Jan Feb
Available Land and Lots in Black Forest

147

168
Average List Price For Land in Black Forest $444,423 $394,536
     
Monthly Activity For Black Forest Rental Homes Jan Feb
Black Forest Rental Homes Available 3 1
Average Rental Price For Homes in Black Forest $1,866 $1,650

This representation is based in whole or in part on information from the Pikes Peak Association of Realtorsâ, the Colorado Springs Realtor Services Corp., or its PPMLS.  Neither the Association, the RSC, nor the PPMLS guarantees or is in any way responsible for its accuracy.  Data maintained by the PPMLS does not reflect all real estate activity in the market.
 
“Based on information from the Pikes Peak Realtor® Services Corp. (“RSC”), for the period 2011.  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.”
Southwest Colorado Springs and Broadmoor Real Estate - Well established homes mix with new homes along the stunning foothills and slopes of Cheyenne Mountain creating a unique area known as the Broadmoor and Southwest Colorado Springs.  The Broadmoor Bluffs, Broadmoor Bluffs Estates, Broadmoor Bluffs Park, Broadmoor Downs, Broadmoor Foothills, Broadmoor Glen, Broadmoor Greenhouse, Broadmoor Heights, Broadmoor Hills, Broadmoor Knolls, Broadmoor Mesa, Broadmoor Northstar, Broadmoor Plaza, Broadmoor Oaks, Broadmoor Ridge, Broadmoor Resort Community, Broadmoor Spires, Broadmoor Terrace, Broadmoor Valley, Broadmoor Village, Broadmoor Vista, Count Pourtales, Country Broadmoor, High Valley Park, Mountain Oaks, Neil Ranch, Penhurst Park, Pine Grove, Polo Park, and Roxbury Park are just some of the neighborhoods within the Broadmoor area.
 
Broadmoor Real Estate Market Report | Broadmoor Homes For Sale
 
Southwest Colorado Springs | Broadmoor Single Family Homes and Patio Homes
Monthly Listing Activity For S/W | Broadmoor Real Estate 2010 Monthly Average Jan Feb
Available S/W | Broadmoor Homes  268

272

 272
Median List Price For S/W | Broadmoor Homes  $532,686 $519,856 $539,948
Average List Price For S/W | Broadmoor Homes  $372,400 $354,450 $411,000
Listings Added to Market in S/W | Broadmoor  83 72  78
Listings Pending Contract in S/W | Broadmoor  37 31  34
Expired/Withdrawn Listings in S/W | Broadmoor  85 75  68
       
Monthly Sales Activity For S/W | Broadmoor Real Estate 2010 Monthly Average Jan Feb
S/W | Broadmoor Homes Sold  36  27  35
Median Sales Price For Homes in Broadmoor | S/W $233,350 $174,000 $282,000
Average Sales Price For Homes in Broadmoor | S/W $318,473 $286,066 $372,455
Median List Price For Homes Sold in Broadmoor | S/W $239,900 $174,900 $330,000
Sold Price / List Price 95.8% 95.3% 95.7%
Average Days On Market For Homes in Broadmoor | S/W 85   96  81
 
 
Southwest Colorado Springs | Broadmoor Condos and Townhomes
Monthly Listing Activity For S/W | Broadmoor Real Estate 2010 Monthly Average Jan Feb
Available Condos and Townhomes in Broadmoor | S/W  66

66

 64
Median List Price For Condos and Townhomes in Broadmoor | S/W $403,544 $381,010 $381,412
Average List Price For Condos and Townhomes in Broadmoor | S/W $172,750 162,665 $174,950
Listings Added to Market in Broadmoor | S/W  21 20  15
Listings Pending Contract in Broadmoor | S/W  9 4  9
Expired/Withdrawn Listings in Broadmoor | S/W  24 16  19
       
Monthly Sales Activity For Broadmoor Real Estate 2010 Monthly Average Jan Feb
S/W | Broadmoor Condos and Townhomes Sold  9  6  10
Median Sales Price For Condos and Townhomes in Broadmoor | S/W $143,000 $143,000 $165,750
Average Sales Price For Condos and Townhomes in Broadmoor | S/W $195,884 $155,066 $184,990
Median List Price For Condos and Townhomes Sold in Broadmoor | S/W $149,700 $145,250 $177,450
Sold Price / List Price

93.9%

98.9% 96.9%
Average Days On Market For Condos and Townhomes in Broadmoor | S/W  97  125  95
 
S/W | Broadmoor Land and Rental Homes
Monthly Listing Activity For S/W | Broadmoor Land / Lots Jan Feb
Available Land and Lots in Broadmoor | S/W

72

 77
Average List Price For Land & Lots in Broadmoor | S/W $192,000 $179,000
     
Monthly Activity For S/W | Broadmoor Rental Homes Jan Feb
S/W | Broadmoor Rental Homes Available 29 30
Average Rental Price For Homes in Broadmoor | S/W $1,295 $1,400

This representation is based in whole or in part on information from the Pikes Peak Association of Realtorsâ, the Colorado Springs Realtor Services Corp., or its PPMLS.  Neither the Association, the RSC, nor the PPMLS guarantees or is in any way responsible for its accuracy.  Data maintained by the PPMLS does not reflect all real estate activity in the market.
 
“Based on information from the Pikes Peak Realtor® Services Corp. (“RSC”), for the period 2011.  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.”

Briargate Real Estate Market Update - February 2011

by Alan Daniels
Briargate is a wonderful master planned community in Colorado Springs covering 10,000 acres on the northern edge of Colorado Springs, Colorado.   Homes in Briargate can be found in a number of different price ranges.  Anderosa Heights, Charleston Place, Charter Greens, Contrails, Cordera, Cumbre Vista, Fairfax, Gatehouse, Havenwood, Lexington Heights, Meadowridge, Misty Meadows, Pine Creek, Rampart Meadows, Rangewood, Sable Chase, Sagewood, Spring Crest, Stoneglen, Summerfield, Wedgewood, Windjammer, Woodside and Wolf Ranch are just some of the neighborhoods within the Briargate area.
 
Briargate Real Estate Market Report | Homes in Briargate
 
Briargate Single Family Homes and Patio Homes
Monthly Listing Activity For Briargate Real Estate 2010 Monthly Average Jan Feb
Available Homes in Briargate 240

230

227
Median List Price For Homes in Briargate $301,325 $315,375 $324,900
Average List Price For Homes in Briargate $332,681 $338,119 $343,148
Listings Added to Market in Briargate 87 66 63
Listings Pending Contract in Briargate 44 26 29
Expired/Withdrawn Listings in Briargate 85 72 70
       
Monthly Sales Activity For Briargate Real Estate 2010 Monthly Average Jan Feb
Briargate Homes Sold 44 28 27
Median Sales Price For Homes in Briargate $275,000 $269,950 $295,000
Average Sales Price For Homes in Briargate $295,023 $263,896 $290,529
Median List Price For Homes Sold in Briargate $279,995 $274,450 $300,900
Sold Price / List Price 98.10% 97.40% 97.70%
Average Days On Market For Homes in Briargate 88 91 120
 
 
Briargate Condos and Townhomes
Monthly Listing Activity For Briargate Real Estate 2010 Monthly Average Jan Feb
Available Condos and Townhomes in Briargate 23

19

20
Median List Price For Condos and Townhomes in Briargate $149,000 $141,000 $159,975
Average List Price For Condos and Townhomes in Briargate $168,809 $124,500 $185,031
Listings Added to Market in Briargate 11 4 7
Listings Pending Contract in Briargate 6 2 2
Expired/Withdrawn Listings in Briargate 12 9 12
       
Monthly Sales Activity For Briargate Real Estate 2010 Monthly Average Jan Feb
Briargate Condos and Townhomes Sold 6 4 6
Median Sales Price For Condos and Townhomes in Briargate $151,000 $122,000 $148,500
Average Sales Price For Condos and Townhomes in Briargate $173,202 $141,000 $146,666
Median List Price For Condos and Townhomes Sold in Briargate $155,450 $124,500 $155,450
Sold Price / List Price 97.20% 95.80% 90.90%
Average Days On Market For Condos and Townhomes in Briargate 114 125 185
 
Briargate Land and Rental Homes
Monthly Listing Activity For Briargate Land / Lots Jan Feb
Available Land and Lots in Briargate

3

10
Average List Price For Land in Briargate $295,000 $225,000
     
Monthly Activity For Briargate Rental Homes Jan Feb
Briargate Rental Homes Available 27 17
Average Rental Price For Homes in Briargate $1,400 $1,795

This representation is based in whole or in part on information from the Pikes Peak Association of Realtorsâ, the Colorado Springs Realtor Services Corp., or its PPMLS.  Neither the Association, the RSC, nor the PPMLS guarantees or is in any way responsible for its accuracy.  Data maintained by the PPMLS does not reflect all real estate activity in the market.
 
“Based on information from the Pikes Peak Realtor® Services Corp. (“RSC”), for the period 2011.  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.”

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