Saturday, 23 February 2019
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Colorado Springs-Pikes Peak Park

Written by Posted On Wednesday, 06 February 2019 07:03

Pikes Peak Park is a large subdivision located in the southeast part of Colorado Springs, Colorado. Originally developed in the early 1970s this area is popular because of its proximity to Fort Carson and Peterson Air Force Base.

Affordability has also been a major attractor to Pikes Peak Park because the median home price for this area is significantly lower than the rest of El Paso County.

Like the rest of the region, the Pikes Peak Park real estate market is changing. Here is a quick wrap up of the Pikes Peak Park neighborhood for the year of 2018 and a look ahead to what we can expect in 2019.

Pikes Peak Park 2018 Overview

Pikes Peak Park 2018 Real Estate Market Overview
Number of Sales 215
Median Sales Price $220,000
Months Inventory 1 Month
List Price Per Square Foot $143

Number of Sales 2014-2018

The chart below shows the previous five years of home sales in the Pikes Peak Park neighborhood. 2018 would most likely have been a stronger year but the are suffered from a serious lack of inventory. This is a great situation for Home Sellers but not for home buyers.

Pikes Peak Park Number of Home Sales

Pikes Peak Park-Median Sales Price 2014-2018

Since 2014 the Median Home Sale Price for the Pikes Peak Park neighborhood has climbed a whopping 62% from $135,000 to $220,000. Wonderful news if you are currently a homeowner in this neighborhood but a little frustrating if you are searching for a home for sale in Pikes Peak Park.

Pikes Peak Park Median Home Price

Pikes Peak Park-Months of Inventory

 6-Months of standing inventory is the industry standard for a "Balanced Market". More months on the market constitutes a "Buyer Market" and fewer means we are in a "Sellers Market". 

Since Pikes Peak Park has been close to 1 month of inventory for the previous three years, we could call it a severe seller's market. 

Pikes Peak Park Months Inventory

This lack of inventory is what is driving prices upwards. The area is in a situation where there is greater buyer demand than there is inventory. This demand is driven by price. Although Pikes Peak Park has gotten more expensive, a median price of $220,000 is still below the median price in El Paso County.

Here is a good look at the inventory situation from a supply vs. demand standpoint. The chart shows that the inventory has been thin since 2016.

Pikes Peak Park Active vs. Sold

Price Per Square Foot

The last statistic we want to take a look at is "price per square foot". This statistic is also driven by supply and demand. This number has increased 62.50% since 2014. Once again, great news if you are a homeowner or a home seller.

Pikes Peak Park List Price Per Sq. Ft

Conclusion

While Pikes Peak Park is still a relatively affordable neighborhood, the rate of appreciation is a little alarming. We are hoping to see an uptick in the inventory levels for 2019. This would help with the affordability issues we worry about in the area.

We will continue to watch this market and keep our clients up to date. 

 

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Joe Boylan

I have been a Colorado Springs Realtor since 1997 and as a first-year agent, I received the Real Trends Magazine, "Rookie of the Year" Award. Since then I have participated in hundreds of real estate transactions. 

https://www.springshomes.com
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