You can't look at Black Forest real estate values without addressing the fire of 2013. This fire burned 14,280 acres of ponderosa pine forest, destroyed 509 homes and killed 2 people.
Since this event, many have rebuilt but many have sold and moved on. Local builders were there to buy the land many of these lost homes were on.
Starting in late 2013, these builders built what homebuyers were looking for. Energy efficient homes with modern open floor plans and big garages on large lots. The market responded by buying these home up.
Number of Sales:
The Black Forest is a seasonal market. The first quarter (Jan-Mar) or "The Winter Months" are the slowest. The Spring through the Fall are the strongest selling months in the Black Forest. As you can see in the chart below the seasonality of sales tends to stay consistent, year over year.
Median Sales Price:
This surge in new construction helped the Black Forest Median Sales price grow 23% between 2013 and 2017. During this same time frame, the general El Paso County median sales price grew by 17%. Both healthy gains but the 6% advantage in the Black Forest numbers highlight the allure of newer homes on large lots.
Absorption
A 6 months supply of homes is the watermark for what we call a "Balanced Market". More then 6 months constitutes a "Buyers Market", Under 6 months is considered a "Sellers Market". Currently, in the Black Forest, there is a 2.71 Months Supply of homes for sale, this means we are in a "Sellers Market". Great news for home sellers but remember, we still have to contend with appraisers.
Appraisals
Remember that most home buyers will be getting a loan. The buyer's lender will require an appraisal of the property. Appraisers use comparable sales data to establish values. Appraisers generally look at sales that have occurred within the previous six months. This practice or guideline prevents prices from skyrocketing. So, even though it's a "Seller's Market", you need to consider the appraisal when choosing a price.
The Numbers
Here are the raw numbers for the Black Forest Real Estate Market over the previous 9 quarters.
| Quarter | Number of Sales | Avg Days On Market | Median List Price | Median Sales Price | Percent Difference |
| Q1 2015 | 47 | 118.7 | $395,000 | $394,900 | -0.03% |
| Q2 2015 | 60 | 80.2 | $446,000 | $432,500 | -3.03% |
| Q3 2015 | 73 | 71.5 | $425,000 | $420,000 | -1.18% |
| Q4 2015 | 39 | 70 | $419,000 | $412,500 | -1.55% |
| Q1 2016 | 41 | 75.8 | $471,186 | $465,000 | -1.31% |
| Q2 2016 | 74 | 62.9 | $437,450 | $434,250 | -0.73% |
| Q3 2016 | 66 | 53.7 | $462,500 | $457,500 | -1.08% |
| Q4 2016 | 76 | 69 | $467,500 | $455,500 | -2.57% |
| Q1 2017 | 38 | 84.6 | $482,250 | $477,500 | -0.98% |
Summary:
There were38 sales in Black Forest in Q1 of 2017.The Median list price was $482,250. The Median Sales price was $477,500.Sellers came off of their price by -0.98%. The Average Days on market was 84.6 Days. The Median selling price per square foot was $141.04
Quarterly Market Reports:
If you would like to receive our "Quarterly Colorado Springs Real Estate Market Report" just visit our website and download a free copy. You can also sign up to receive quarterly updates of this report.
If you want to talk about home prices or the market, please feel free to give me a call: 719-492-2577
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