The first quarter of 2017 is over and we have compiled the Monument, Colorado real estate stats. Q1 is traditionally slow in the Monument or Tri-Lakes area. The weather, school year and market seasonality all play a part in this slowdown. Conversely, the second quarter is usually the strongest, for the same reasons. As you can see in the graph below, the Monument real estate market is generally consistent.
The good news is that the "Median Sales Price" for the Monument market is up 25% from its market crash low in 2010. The median sales price in the first quarter of 2017 was $438,750 the low of $351,433 was in 2010.
The Monument median sales price is generally 40% higher than Colorado Springs. The chart below shows that this gap has stayed fairly consistent over the years.
The Colorado Springs housing market has been very hot. We are seeing all-time lows in our inventory. This is certainly the case in Monument but to a lesser extent. Higher priced homes are taking longer to sell but are still selling. The main factor in the upper-end market is value. A well priced, well staged home in a good location always sells.
$600,000 and up is generally considered to be the "Luxury Market" in El Paso County, Colorado. Year to date (1/1/2017-5/10/2017) in El Paso County there have been 141 sales over $600,000. The chart below shows how the luxury market has grown in El Paso County since 2011.
What we find interesting is the growth in the Monument luxury market. You can really see that segment of the market take off starting in 2013. Monument has traditionally been a distant second to the Southwest or Broadmoor area. In the chart below, we see that since 2014 Monument has actually edged ahead of the Southwest area. Monument has seen 25% of the areas luxury home sales since 2014 compared to the Southwest at 22%.
Much of this growth in the Monument luxury market is due to newer subdivisions. Areas like: Forest Lakes, Promontory Pointe, and Sanctuary Pointe. Additionally, the competitive Denver market has made Monument look like a great option.
If you have any questions about Monument real estate, please don't hesitate to give me a call. 719-492-2577
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