Monument, Colorado is a small town located in El Paso, Colorado surrounded by US Air Force Academy, Colorado Springs and Pike National Forest. Initially, this area was established only as a stop station on the Rio Grande Railroad in 1872, it was settled as a town 7 years later.
Initially known as Henry's Station, it was later renamed as Monument and became one of the statutory towns of Colorado. Due to its rich history, scenic locality and numerous schooling opportunities, it has grown into a great residential community. There are different types of houses available in Monument ranging from economical townhomes and condos to estates.
The area is full of beautiful flora with Ponderosa Pines adding grace to the homes. The natural beauty of the area and its closeness to sought after destinations like Colorado Springs and Denver make the town an excellent realty market.
Median Home Price in Monument, Colorado
The median price of residential properties in Monument has been on the rise for the last five years. The overall price rise in the period has been almost 40% as the present median rates for a single-family/patio home reaches $515,585. While the rising prices offer good news for the house owners in the region, it represents a closing window of opportunities for those looking to buy.
Number of Sales
Although there has been a steady increase in the number of home sales in Monument, the number of sales per year isn't that impressive. The average sales per year for the past five years stands at 579 home sales, this number has remained fairly steady. The chart here illustrates this data. However, it may be noted that sales data from the newly built subdivisions have not been taken into account here.
Market Times
The market time or the "Days on Market" (DOM) is a statistic that represents the number of days it takes for a property to sell in a real estate market. With a decrease of 42% in DOM over the last five years, the housing market in Monument has definitely shown a great increase in the demand. When you combine this data with the 40% rise in prices in the same period, it shows that despite rising prices, the demand has in fact increased. This is a positive pointer for the prospective home buyers.
What Should Home Buyers Do?
If you're looking for a Monument, Colorado Home For Sale, you must understand the market dynamics before making an investment. It's important to note that, presently, the housing market in Monument, Colorado is a seller's market. It's because the home inventory available for sale in the town is less than a six months supply.
What it implies for you is that you must get after the property at the earliest after it becomes available for sale. If you don't have the time or inclination to read the market yourself, you must hire a Real Estate agent, who has adequate experience and can predict the market for you. You must check whether the agent understands topics like:
- How long does it take for homes to go under contract?
- How to impress a listing agent through your offer?
- How to bid smartly?
It's also important to make smart and timely moves in order to get the property that you want at the best rates.
Here are some articles that provide great advice to a home buyer, in any market condition. Bill Gassett over at Max Real Estate Exposure has published a fantastic First Time Home Buyers Guide. Jamohl Dewald shares 11 Of His Best Home Buying Tips and Eileen Anderson shares her First Time Home Buyer Tips. These articles are from highly experienced Realtors and provide a lot of valuable information.
Conversely, What Should Home Sellers Do?
Although it's a seller's market in Monument, it's important that you act strategically in order to maximize your home's sales price. A home seller must be wary of greed as it can lead you to make wrong or ill-timed decisions. Before you put your property out for selling, you must carry out an impartial valuation of it. A buyer will never want to pay more than what a property deserves and hence you must put the right price from the beginning itself.
When you ask for the optimum price for your home, you're likely to get multiple offers, which improves your chances of making the sale and getting the maximum profits. On the other hand, if you overprice your house in the hope that some desperate buyer will give you what you've demanded, it's likely to backfire. An overpriced property is likely to remain unsold for a duration, that's longer than normal market time. This will act against your property as the prospective buyers start thinking that there's something wrong with it.
As a result, your house starts getting overlooked by the buyers. This is when the seller reduces the price as the time-on-market continues to increase. This is what's known as chasing the market, in which the seller tries to catch up with the market by successively reducing the property prices. Ultimately, due to abnormally high days-on-market, the seller doesn't even get the right price that he/she should've got.
Irrespective of the market conditions, there's always a scope to buy and sell. This means that there's a competition within the buyers just as there's one among the sellers. As a seller, you must aim to keep your home in good condition and well-advertised through appropriate channels. You can find several articles on how to prepare your house before you put it up for sale. Links to some of the most useful articles are given here.
In Conclusion
Although there's no doubt that a rising median price is a great sign for homeowners, affordability is a worrying factor in such a scenario. When the market prices shoot up to get out of reach for a large number of buyers, the market starts correcting itself and the prices start to fall. The market hasn't reached there yet, but one must keep a close watch. We'll surely follow the market and regularly update our readers.
It remains to be seen what 2020 has in store for the real estate market in Monument. However, the signs look good at present. So, keep following our articles and we'll continue to provide you with the latest happenings as always.
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