Marksheffel Colorado Springs Market Report-Q2 of 2018

The Marksheffel area of Colorado Springs is an extremely large landmass located on the eastern edge of Colorado Springs.

The area was formerly known as the Banning Lewis Ranch, a large cattle ranching operation. The ranch was sold and after years of turmoil, eventually underwent development.

The area currently consists of two major subdivisions, Banning Lewis Ranch and Claremont Ranch. Significant building started in this area around 2010.

This makes it an interesting case study for residential real estate statistics. Additionally, Builders are still very active in the area especially Banning Lewis Ranch. So, when we look at resale statistics for the neighborhood they are strongly influenced by Builder activity.

Number of Sales

The chart below clearly shows the consistent growth in the Marksheffel area, especially since 2013. The area has gotten more popular in recent years with the addition of shopping and other amenities.

The ratio of sold to active listings in the Marksheffel neighborhood in a very healthy zone. There is currently a 5.4 months inventory of available homes in the area. A Balanced market is considered 6 months of inventory, so the Marksheffel market is in a slight "Sellers Market".

Average Days on Market

Average Days on Market is another good indicator of market condition. The lower that number, the faster sales are occurring. As the chart below shows the Days on Market is at an all-time low for the area.

Median Sales Price

Median Sales Price is a good indicator of area desirability. The numbers show strong desirability in the Marksheffel area.  $335,750 is a new high median sales price for the area, this is driven primarily by some on the newer filings being released in the Banning Lewis Ranch neighborhood.

List Price Per Square Foot 

The list price per square foot has been climbing in the Marksheffel area since 2011. In the second quarter of 2018, the list price per square foot is $134. Luxury price per square foot has traditionally started right around $150 per square foot, so $134 is not that far off the luxury mark. 

List Price to Sales Price Ratio

This is the difference between list and sales price. The closer this number is to 100% the better news it is for owners. Marksheffel has been at 100% for the last couple of years. This statistic is influenced by the fact that there is so much new construction occurring in that area. Since builders don't negotiate, especially in a seller's market, the sales prices reported are generally equal to the initial asking price.

In Conclusion

The Marksheffel market is probably the most balanced market in the Pikes Peak region. Driven by a healthy number of resale properties as well as brisk builder activity and plenty of buildable land, this area has abundant options for potential home buyers. If you would like to learn more about the area, please give SpringsHomes a call, we'd love to introduce you to this great area.

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We have been compiling statistics both locally and nationally for many years. These reports are a collection of the last few years' worth of our Quarterly Market Reports so you can follow the Colorado Springs Real Estate Market.