Thursday, 28 May 2020

Banning Lewis Ranch Real Estate Market Outlook for 2020

Written by Posted On Sunday, 16 February 2020 13:04

Banning Lewis Ranch is an enormous subdivision located on the eastern edge of Colorado Springs. The western boundary of the area is Marksheffel Road and the area runs from Woodmen Road on the north to Bradley Rd. on the south.

Development n this area began slowly during the great recession. Ownership of the area has changed hands several times but in the past few years the area has stabilized and development and growth have started.

The area features a wide range of community amenities like parks, schools, and recreation centers. Commercial amenities are also cropping up around the neighborhood, which really helps with desirability. 

Number of Home Sales

Let’s start by taking a look at the number of sales for the area. We are going to take a 10-year view of sales in the area. Since Banning Lewis Ranch is home to so much new construction and it’s really difficult to get those numbers, so we are going to use those sales that were reported to the Pikes Peak MLS. This data contains a number of new home sales as well as most of the resale activity that takes place in this area. The number of sales for the area in 2010 was 144 compare this to 2019 where we saw 549 sales, this is a 281% increase. The last four of five years in the area have seen a nice mix of new vs. resale homes in the area. Here is a look at the 10-year number of sales.

Banning Lewis Ranch

Median Sales Price

The current median sales price in Banning Lewis Ranch is $371,222 as of the end of January 2020. This is just a little over 10% of the Median Sales Price for the entire MLS of $336,795. This means that home in Banning Lewis Ranch is somewhat affordable when compared to other new home areas that are significantly (60% to 80%) higher than the median sales price of the rest of the MLS. Here is a look at the Median Home Price in Banning Lewis Ranch over the past 10 years.

Banning Lewis Ranch

Median Days on Market 

Median days on market is a good measure of how healthy the market is. The longer the median market time the more buyer-centric the market is, while shorter market time favors home sellers. 

As our chart shows, the early days in Banning Lewis Ranch were significantly more friendly to home buyers. The previous five years have been extremely seller-friendly. This trend looks to continue through the rest of 2020.

Banning Lewis Ranch

Price Per Square Foot

Price per square foot is a dangerous statistic to use when your pricing a home to sell. Of course, each home is different and its amenities, features and here in the Pikes Peak region views. This is why applying a price per square foot isn't a good tactic when you're selling a home. The reason we use the statistic here is it's a good measure for homebuyers to get a feel for general pricing in a particular area. Here are Banning Lewis Ranch’s Price Per Square Foot numbers over the past 10-years.

 Banning Lewis Ranch

In Conclusion

Banning Lewis Ranch is positioned well as we head into 2020. They have a good stable of Builders, plenty of land to build on as well as an emerging base of local amenities. The only question mark we see in the Banning Lewis Ranch neighborhood is construction costs. Climbing material and labor costs drive up prices for new home thereby hurting sales which are the lifeblood of that area. Having said that, climbing construction costs also help resale prices, so if you're an existing homeowner in the area this is a good-news-bad-news scenario.

 The Banning Lewis Ranch neighborhood is an important part of our real estate market and we will continue to watch its growth and development over time.

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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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