Monument, Colorado Real Estate Market Report:Q1 2018

Monument Colorado is a Northern suburb of Colorado Springs. Monument is a popular location primarily because it offers an exceptional quality of life. This is due to a number of factors, primary of which is location. Situated between Denver and Colorado Springs, it's an easy commute in either direction. The area is also close to National Forest, state parks and a short drive to world-famous skiing.

Additionally, area schools are very popular. Lewis-Palmer District #38 offers a wide range of programs and activities.

Here are the Monument, Colorado Real Estate numbers for the first quarter of 2018.

Number of Home Sales

Let's start with the number of home sales. This number has grown consistently over the last three years. Although Q1 isn't the strongest quarter for the Monument market, it's a great indicator of how the rest of the year goes and 2018 looks to be a very strong year.

Days on Market

Average Days on Market is a great indicator of market health. 120 Days on the market generally indicates a nicely balanced market. Over 120 is leaning towards a strong buyers market and of course below points to a strong seller's market. Here in the first quarter of 2018, we are definitely in a strong seller's market.

One thing to consider is the new construction can influence the Days on Market numbers. If the home is on the market while it's under construction the overall days on market will be longer. Given the amount of new construction in the Monument area, I feel like the true Days on Market is probably much shorter than 70 days. 

Here's a look at the last five years of Average Days on The Market.

Median Sales Price

Median Sales Price is where we see some of the most impressive numbers (if you are a home seller). $485,000 is the median sales price for the first quarter of 2018. This is up nearly 6% from 2017 impressive but if you look back to 2014, not quite four years ago the increase zooms up to 29%. That's an impressive number for an area that generally shows slow and steady appreciation. 

Conclusion

Although demand is still high in the Monument area, there is concern that the climbing median sales price may price many out of the market. There is a significant amount of new construction in the area which also supports higher median sales prices. This is because the cost of new construction is generally higher than resale but the lack of inventory is pushing both higher.

If you would like to stay informed on the Colorado Springs Real Estate market as well, you can sign up to receive our Quarterly Market Reports.

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.