Colorado Springs, Briargate, Pine Creek area, Creekside Estates market report 5/1/2011 to 9/30/2011 compared to the same period in 2010

Creekside Estates adjoins the Pine Creek subdivision at the north end of the Briargate area. The subdivision straddles Old Ranch Road. Some of the houses back up to open space. There is a community park at the end of Amberwood Lane.

The 210+ houses in Creekside Estates were built from 1991 to 2003 with most constructed in the mid 90’s. Two thirds are two story and the rest are one story.

Minimum total square footage is 2,300+, the maximum 4,600+ and the average is 3,300+.

Between 5/1/2010 and 9/30/2010 there were 2 sales and for the same period in 2011 there were 6 sales.

2010                          2011

3,610           3,155 median square feet

$372,450     $264,003 median list price

$100.03       $91.60 median list price per square foot

$357,500     $272,461 median sales price

$98.83        $90.03 median sales price per square foot

95%               97% sales price / list price

77                    68  median days on market

ANALYSIS:

Creekside Estates is a bit of a specialty neighborhood. It is just to the northwest of the large Pine Creek master planned neighborhood. HOA dues are much lower. It is also very close to Mountain View Elementary, Challenger Middle School and the Pine Creek Playfield.

The 95% sales price / list price in 2010 was largely a factor of sellers wishing the market was better than it was. Sellers and listing agents did a better job of pricing the houses in 2011 as they got 97 percent of list price.

The median of 77 days on the market in 2010 was because the 2 sales were at the very upper value end for this subdivision. On the other hand the 68 days on market in 2011 were more indicative of buyers being a bit more cautious and taking a little longer to look.

The $8 drop in median sales price per square foot is interesting in that the houses sold in 2011 were smaller so the median sales price per square foot should have gone up not down. I think it is a direct reflection of how much excess inventory was available to buyers including short sales and foreclosures.

Creekside Estates remains a neighborhood with a good location and good value. Values should remain fairly steady and possibly increase slightly.