The Manitou Springs real estate market is interesting for a number of reasons first of which is its size. Manitou Springs is a small yet desirable area, so we see some pretty serious fluctuations in the sales data. For example, the year-over-year median sales price has dropped nearly 33% from $367,500 to $245,000.
In a larger area like the Colorado Springs Real Estate market, this would be some serious cause for alarm. Since Manitou Springs cease 3.5 sales on average for the month of January the drop isn't quite so alarming. The sale of 1 smaller home impacted the median sales price for that month. Now, on the other hand, what is a little alarming especially for home buyers is the median price per square foot jumped just over 24% from $171 up to $212
Here are the basic numbers for the Month of January (2017 vs. 2018)
| January 2017 | January 2018 | |
|---|---|---|
| Number of Sales | 5 | 4 |
| Average Days on Market | 58 | 16 |
| Median Sales Price | $367,500 | $245,000 |
| Median Price per Square Foot | $171 | $212 |
Here's a good look at the Median Sales Price from 2008 to 2018 YTD
In a market that sees an averages 9 to 10 sales per month the sale of one smaller or bigger home can impact the sales price number dramatically. January is traditionally below that 9 to 10 average when it comes to the number of sales. Here is a historic look at the number of home sales in Manitou Springs for the Month of January:
Another interesting aspect of an area like Manitou Springs is that a single sale can dramatically change the stats from month to month. Here is the Median Price Per Square 2007-2018. As you can see, there is a dramatic spike at the beginning of 2018.
Once again this was caused by the single sale of a smaller home, smaller homes tend to sell at a higher price per square foot rate. We expect this to even out as we move into our Spring and Summer selling season.
As we've seen here smaller markets lend themselves to dramatic increases and decreases for housing statistics. We will continue to monitor the Manitou Springs real estate market so check back here often.
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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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