The Black Forest area of Colorado Springs, CO. saw a relatively strong month in October of 2017. There were 17 home sales. We say "relatively" because although this number is down from the previous month as well as the same month from a year ago, the median price is up significantly, more on this later.
The primary issue impacting the number of sales seems to be an overall lack of affordability. Much of Black Forest rebuilt after a devastating wildfire in 2013. Since 2014, we have seen a significant increase in the Median Sales Price ($378,000 to $495,000). This has created an affordability issue. The Median Sales Price in the Black Forest is currently $495,000 while the Median Sales Price for El Paso County sits 59% lower at $270,000.
Our focus over the Winter and into the Springs will be to see if the area can maintain this strong valuation. Here is the breakdown of the statistics that matter for Black Forest through October of 2017
| Year | Homes Sold | Median Sales Price | Median Price Per Sq Ft | Average Days on Market |
|---|---|---|---|---|
| 2007 | 166 | $409,200 | $125.00 | 133 |
| 2008 | 152 | $377,000 | $115.52 | 173 |
| 2009 | 146 | $344,500 | $104.91 | 164 |
| 2010 | 168 | $350,000 | $104.23 | 159 |
| 2011 | 169 | $335,500 | $100.57 | 165 |
| 2012 | 184 | $361,597 | $110.47 | 149 |
| 2013 | 180 | $369,000 | $112.28 | 118 |
| 2014 | 201 | $378,000 | $119.18 | 120 |
| 2015 | 219 | $415,000 | $125.00 | 90 |
| 2016 | 257 | $450,000 | $135.22 | 70 |
| 2017 (YTD) | 169 | $495,000 | $150.27 | 61 |
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We have been compiling statistics both locally and nationally for many years. These reports are a collection of the last few years' worth of our Quarterly Market Reports so you can follow the Colorado Springs Real Estate Market.
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