The Colorado Springs Real Estate market is always changing, and each Colorado Springs neighborhood changes in a different way.
This is a comprehensive update on how average home sale prices in Colorado Springs compare, from the month of April in 2005 - 2008. I only am comparing April sold data from year to year. The areas that I chose to compare were large parts of Colorado Springs with similar homes within the area and plenty of real estate activity from 2005-2008.
Black Forest Colorado Springs Real Estate Market
- 2005: $296,324
- 2006: $343,178
- 2007: $324,232
- 2008: $415,499
Although there was a decrease of -6% from 2006-2007, the Black Forest real estate market saw an average sale price INCREASE from 2005-2008 of +40%. That is an average of 13% increase a year!
Briargate Colorado Springs Real Estate Market
- 2005: $259,678
- 2006: $278,698
- 2007: $318,739
- 2008: $294,111
The Briargate real estate market saw an average INCREASE in average sales price from 2005 - 2008 of +13%, or about 4.3% a year. However, comparing April of 2007 and April 2008, there was a DECREASE in average sales price of -8%.
Northeast Colorado Springs Real Estate Market
- 2005: $203,895
- 2006: $258,077
- 2007: $214,145
- 2008: $226,823
The Northeast Colorado Springs Real Estate market (to include Garden Ranch, Wagon Trails and Sundown neighborhoods) saw an average INCREASE of +11% since 2005, or about 3.6% a year. However, this includes the DECREASE in average sales prices in this area from 2006-2007 of -17%.
Northgate Colorado Springs Real Estate Market
- 2005: $336,643
- 2006: $398,067
- 2007: $429,998
- 2008: $300,765
The Northgate Colorado Springs Real Estate market (to include Gleneagle, Northgate Highlands, Flying Horse and the Trail Ridge neighborhoods) saw a steady increase in April sale prices from 2005-2007 of about 28%, but overall there was a DECREASE in average sold prices comparing April 2005 - April 2007 of -11%, which was evident in the sharp DECREASE from 2007 to 2008 of -30%. Ouch.
Powers Area Colorado Springs Market
- 2005: $198,592
- 2006: $232,663
- 2007: $199,533
- 2008: $209,847
The Powers Area Colorado Springs Real Estate market (to include Greenhaven, Stetson Hills and Springs Ranch) has been all over the board when it comes to average sales prices in April. There was a large INCREASE in sales price from 2005 - 2006 of +17%, a DECREASE from 2006-2007 of +14%, and a 5% INCREASE from 2007-2008. Overall, the Powers area saw a +6% INCREASE (2% a year) in April sales prices from 2005-2008.
These are average numbers and do not account for variables within each area. Some smaller Colorado Springs neighborhoods within the above mentioned neighborhoods. Some sub areas have experienced both higher and lower sales averages from 2005 - 2007. But these numbers will still give you a good idea of what house prices are doing in 5 major Colorado Springs neighborhoods.
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Clients' Choice Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate.
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Derek & Mariana are Associate Brokers with Keller Williams Clients'Choice Realty
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Your numbers for Black Forest show a 28% increase in average sales prices from 2007-2008, one of the worst real estate years on record in the area. So there must be much more to the story, like really low volume with a few very expensive houses slewing the average way, way up. Hence the more common use of median price instead of average price as a more representative indicator of price trends. It's disingenuous to extrapolate a good news story in the current environment from these very misleading stats.