Black Forest Colorado is a large community, located on the northeastern edge of El Paso County Colorado, just north of Colorado Springs. This area is known for its large dense ponderosa pine forest. A good portion of this forest burned in the historic 2013 Black Forest Fire.
The area bounced back since this fire and has become more popular for builders and homeowners alike. Areas like Black Forest Reserve and Cathedral Pines offer estate sized lots and large custom homes for buyers looking to build new homes in a treed setting.
|Average Days on Market||45|
|Median Sales Price||$542,000|
|Median List Price Per Square Foot||$176|
|Close Price to List Price Ratio||100%|
The 2nd. quarter real estate market is fairly inconsistent in the Black Forest area, this has to do with a number of factors the primary being weather. Tough winters tend to create slow starts for home sellers preparing homes and lots for sale. A light winter allowed home sellers to get off to an early start this year, the 2nd. quarter of 2018 saw a good number of sales 64.
This quarter generally sees sales numbers in the 40-50 range, so 64 is a really good number.
Days on Market
This number speaks mostly to supply and demand. Since demand in the Black Forest area remains so consistent, demand really ends up driving this number. As the chart below shows, demand for the Black Forest area has been on the increase, especially since the fire in 2013.
Median Sales Price
The Black Forest Median Sales Price is generally higher than the rest of El Paso County and Colorado Springs. Post-fire, this number has really taken off. Rising construction costs combined with increasing demand. From $367,500 before the Black Forest Fire in 2013 to $542,000 in the second quarter of 2018, this is a 47% increase.
Median List Price Per Square Foot
Median list price per square foot looks at the types of homes being built in the area. $150 per square foot is the entry point to higher quality custom homes. As the chart below shows, Black Forest has seen a significant increase in the quality of structures since 2013.
List Price to Sales Price Raito
The final number we are going to take a look at is the list to sales ratio. This is essentially, the percent of asking price the home seller get. The chart below shows home sellers in the Black Forest are essentially getting what they are asking for. The area is clearly a strong seller's market.
The Black Forest area is rapidly becoming one of the higher priced areas in all of El Paso County. The prices we are seeing have normally been reserved for the exclusive parts on the Broadmoor Area in Southwest Colorado Springs.
An encouraging sign for local Black Forest homeowners is the continued growth of commercial development close to the Black Forest area. The area is rapidly becoming a favorite for both local move-up buyers as well as relocating homebuyers.
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.