Pikes Peak Park is in a large neighborhood located in southeast Colorado Springs. This neighborhood was developed primarily in the 70s. Construction in this area was sporadic through the 80s and on into the 2000s.
Number of Home Sales
Sales in this area have always been good but over the last five years, the area has seen a strong uptick. In 2018 there were 215 Home sales. Demand in the area was strong but the supply was not, this number could have been significantly higher had there been more inventory.
Median Home Price
The Median Home Price in Pikes Peak Park has climbed 62% over the last five years. Great news if you are a homeowner or a home seller, not so much if you are looking to buy in Pikes Peak Park.
While the median price is climbing, it is still 28% below the median price for Greater El Paso County which is at $306,000.
Inventory
A Sellers Market is defined as one that has a 6 month or greater supply of available inventory. Pikes Peak Park has been in a serious seller's market since 2013. As the chart below shows, the past five years have seen an increasingly stronger seller's market.
The number of home sales and the number of active properties have consistently been converging over the last five years. In 2016 the gap was all but eliminated and finally in between 2017 and 2018 demand outpaced supply.
Pikes Peak Park is in a unique situation because of the median sales price. Even though it's $220,000, it is still below the median sales price for El Paso County. This relative affordability is what is driving demand in the area. Unfortunately, the number of people selling is not keeping pace with the demand. This is subsequently driving median sales price and more interestingly the price per square foot.
In Conclusion
Pikes Peak Park has always been a popular area for value-driven homebuyers. Lack of inventory and continued growth along the entire Front Range of Colorado has really driven home sales in areas like Pikes Peak Park.
We are concerned about continued affordability. We will continue to monitor this neighborhood and keep you informed.
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