Market Analysis for Petyon, CO. Peyton is a nice little town that lies about 45 minutes to the North East of downtown Colorado Springs. The area has a very diverse landscape that includes views of Pikes Peak, Bijou Basin, and rock formations. Some of the lots are covered in pine trees. Other lots in Peyton have no trees or just a few trees.
Most homes that sell in Peyton are on lots that range from 5 acres to 35 acres. The area is very popular with horse owners. For example, about half the homes that sold between January 2015 -January 2016 had a barn, stable and/or a loafing shed.
As of Tuesday, February 16, 2016: There were 8 existing homes for sale and 8 homes that currently have contracts pending in Peyton. The prices of the homes that are for sale range between $349,000 and $649,900. They are on lots that range between 5 acres and 36 acres. Only one of the active listings in Peyton is showing to have a barn. One listing has a loafing shed and three of the listings have shops.
In the last 13 months, (January 2015-January 2016), data that I pulled from the Pikes Peak Association of Realtors MLS showed that 59 homes sold. It was interesting to note that five homes sold in January 2015 and five sold in January 2016.
As usual, it is important to note that the MLS data will not reflect all homes that may have actually sold.
When I was reviewing the data, one home sold for $1,000,000. It had a residence, barns and was on 147 acres. That particular home had been on the market for 812 days and the sellers received 83% of their asking price at the time the offer came in. Since this sale is not typical of the area, I removed it from the statistics cited below.
Excluding the home mentioned above:
For 2015
The average home price was $331,417. The median home price was $324,417. (With median price - half the homes cost more and half the homes cost less than $324,417. In 2015, it took an average of 86 days for a home to sell.
For 2016
I'm encouraged by how 2016 has started, especially taking the snowy weather into account. (Peyton seems to get more snow than Colorado Springs itself does.)
Compared to January 2015 and January 2016
5 homes sold
Median Price went up from $219,900 to $260,000.
Average price went up from $289,560 to $335,560.
Days on Market went down from 92 -75 days.
Average acreage that the sold homes was on went down from 10 acres to 6 acres.
The next two charts show the activity by price range.
Please let me know if I can answer any questions.
Sondra
Post researched, photographed and written by:
Sondra Meyer, CPA
Star View Real Estate
Colorado Horse Property Specialist
719-761-6272
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