Market Report - Colorado Springs – Rockrimmon - Comstock Village

Market Report - Colorado Springs – Rockrimmon - Comstock Village

The prime selling season for all neighborhoods in Colorado Springs runs from the middle of May through the middle of September.

Comstock Village is one of the largest subdivisions in the Rockrimmon area. There are 595 homes nestled in the foothills of the Front Range of the Rocky Mountains. In keeping with Colorado Springs heritage of parks, trails and open space, there are forty four acres of common areas and trails encompassed within the boundaries of Comstock Village.

The majority of the houses were built from the mid 70’s to mid 80’s. The smallest are 1,500+ square feet, the largest 4,500+, with an average of about 2,700+ square feet.  25% of the houses are larger than 3,000 square feet.

Since most of these houses were built 20-30 years ago some are in original condition but some have been extensively updated.

Because of the variety of sizes and updates, asking prices range from the low 200’s to mid 300’s with a median in the high 200’s.

At the north end of the subdivision is Foothills Elementary School and Foothills Park. Eagleview Middle School is about a mile away. All Comstock Village homes are zoned to highly commended Academy District 20 schools.  There are numerous special programs and activities depending on a student’s interest and needs.

For May 20 to September 20

                      2010, 2011, difference

UNITS SOLD    4, 6, +2

1 STORY    0 = 0%, 1 = 16%, +1   

2+ STORIES    4 = 100%, 5 = 83%, +1,   

AVERAGE # OF BEDROOMS    3.6, 4.33, +0.53

AVERAGE # OF BATHROOMS    3.2, 3.66, 0.46

AVERAGE # OF GARAGE SPACES        2, 2.5, +.5

AVERAGE SQUARE FEET            3,038.2, 3,209, +171

AVERAGE LIST PRICE            $287,460, $319,216, +$31,756

AVERAGE SALES PRICE            $281,380, $300,916, +$19,536

AVERAGE LIST PRICE PER SQUARE FOOT        95.06,     99.30, +$4.24

AVERAGE SALES PRICE PER SQUARE FOOT    92.61,     93.77, +$1.16   

ANALYSIS:

This subdivision can be a bargain for those wishing to be in Academy District 20 and be on the west side on I-25.

Several variables point toward a positive, improving trend.

6 homes sold in 2011 vs. only 4 in 2010

The average square footage, garage spaces, bedrooms and bathrooms were all larger.

In 2011 sellers tried to lift the market by pricing their houses $4.24 per square foot higher than 201 but buyers were only willing to pay $1.16 more than 2010.

Though many buyers realize that a significant turnaround is not expected quickly, they took advantage of falling interest rates and motivated sellers to buy the larger houses that had been updated and were in good condition.

A great location, semi-rural setting, proximity to I-25 and popular schools close by should keep Comstock Village a popular neighborhood for quite some time.