First time home owners in the “Central” District 11 then, and now.

By
Real Estate Broker/Owner with Colorado Real Estate Advisers LLC CO ER100025633

Colorado Springs has a number of first time home buyers on its own and then there are those who don’t want to live in a big city like Denver or can’t afford to live in Denver.

 

First time home buyers who can’t afford district 20 may look at district 11, the Central district.

 

With the Colorado Springs market heating up let’s look at the last 3 months of 2015 and the most recent 3 months.

 

For this comparison I will focus on the most typical properties for first time buyers, those from $160,000 to $280,000 in district 20.

 

 

For the last 3 months of 2015:

 

510 properties sold

Median total square feet was 1,925

Median list price $210,000

Median sold price $209,875

Sales price to list price 99.28%

Median sales price per square foot $108

Cumulative days on market 32

Median year built 1971.

The oldest house sold was built in 1888.

 

 

For the most recent 3 months:

 

581 properties sold

Median total square feet was 1,852

Median list price $214,000

Median sold price $213,500

Sales price to list price 100.00%

Median sales price per square foot $113

Cumulative days on market 7

Median year built 1970.

The oldest house sold was built in 1888.

 

Transactions were up this Spring.

 

Median list prices and sale prices showed a slight increase but the median sales price per square foot is up $5 per square foot from $108 to $113.

 

On a 1,900 square foot that is an increase of $9,500 just since last Fall.

 

The drop in cumulative days on market is dramatic. Down a median of 25 days from 323 days last Fall to just 7 days this Spring.  199 of the Springs sales, 34%, were under contract in 3 days or less.

 

Compared to the median price in district 20 of about $250,000, the median price in district 11 of about $214,000 is much more affordable when every dollar counts for a first time buyer.

 

Not all houses at the same price level are of the same value. Buyers need to be working with a veteran broker who can educate them on the differences and help them with a strategy to get the house they want. 

Posted by

David Gibson, 

Certified Negotiation Expert (CNE)

Broker / Owner Colorado Real Estate Advisers LLC

Independent Real Estate Broker

Colorado (License # ER100025633) and Texas (License # TX 499067)

Email: broker719@gmail.com

Phone: 719-304-4684

3326 Sand Flower Dr, Colorado Springs, CO 80920

I help my clients buy "A Better House at Lower Cost."

 

Sellers ~ I offer staging, professional photography, drone photography and videos. I'd like to send you a link to our listings so you get an idea how great your house can look.

 

Call or text me at 719-304-4684, or email me at broker719@gmail.com for more house choices and better deals.

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Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning David. The cumulative days on market and sales price to list price ratio should be indicators to use a qualified agent if you want to be a successful buyer! Enjoy your day!

May 15, 2016 10:34 PM #1
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Rainmaker
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David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation

Relocation, Luxury & Lifestyle residential
I welcome your questions here or call or text me at 719-304-4684
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