Monument, Colorado-Real Estate Market Outlook Q1 of 2020

Written by Posted On Wednesday, 29 April 2020 09:04

Monument, Colorado is a small town located just north of Colorado Springs, Colorado. Because Monument is very close to I-25, the primary highway into both Denver and Colorado Springs, the area has become very popular, especially for those that need access to both areas. Additionally, soaring real estate prices in the Denver market have made Monument a popular alternative. It helps theat the area offers a superior quality of life in addition to having a very popular school district, Lewis Plamer School District #38.

The first quarter of 2020 was very strong for the Monument real estate market. The "Stay at Home" Orders in Colorado were issued late enough in the first quarter that most of the Q1 transactions were already in process

We expect to see the negative fall-out show up in the Q2 of 2020 numbers. So, here are the basic real estate statistics for the Monument Real Estate Market for Q1 of 2020:

Monument, Colorado Real Estate Statistics for Q1 of 2020
Number of Sales 140
Median Sales Price $526,450
Sales Price Per Square Foot $152
Average Days on Market 63

The actual town of Monument is very small and there aren't a lot of property sales. The majority of the sales in Monument occur in outlying areas the use the Monument zip code and mailing address but are actually located in El Paso County.

Here are the real estate statistics for some of the most popular areas around Monument.

Forest Lakes

Forest Lakes is a newer subdivision located on the west side of Monument. The area is very popular because it is close to the mountains and national forest as well as Interstate highway 25. Additionally, the area has recreational lakes in the neighborhood, a rarity in the Pikes Peak region.

Here are the real estate number for Forest Lakes for Q1 of 2020.

Forest Lakes Monument Real Estate Statistics Q1 2020
Number of Sales 5
Median Sales Price $650,000
Sales Price Per Square Foot $158
Average Days on Market 124

High Forest Ranch

High Forest Ranch is a gated luxury community located on the east side of Monument, Colorado. This area is popular because of its towering ponderosa pines and stunning views of the front range and Pikes Peak.

High Forest has the added advantage of being close to Colorado State Highway 83. This highway serves as a more scenic alternate route to Interstate 25

Here are the real estate number for High Forest Ranch for Q1 of 2020.

High Forest Ranch Real Estate Statistics for Q1 of 2020
Number of Sales 3
Median Sales Price $1,200,000
Sales Price Per Square Foot $177
Average Days on Market 105

Jackson Creek

Jackson Creek is a large development located in the southern part of Monument. Jackson Creek offers a wide range of housing options from smaller condominiums and townhomes to large semi-custom homes. Jackson Creek is also in close proximity to a wide range of amenities like shopping and restaurants.

Here are the statistics for the Jackson Creek neighborhood for the first quarter of 2020:

Jackson Creek Monument Real Estate Statistics for Q1 of 2020
Number of Sales 6
Median Sales Price $426,000
Sales Price Per Square Foot $119
Average Days on Market 58

Kings Deer

Kings Deer is a luxury golf course community featuring estate grade homes on large 2.5 acre plus lots. Kings Deer offers some of the best views in Monument and is located minutes from I-25 and Highway 83.

Here are the statistics for the Kings Deer for the first quarter of 2020:

Kings Deer Monument Real Estate Statistics for Q1 of 2020
Number of Sales 1
Median Sales Price $920,000
Sales Price Per Square Foot $183
Average Days on Market 91

Lake of The Rockies

Lake of The Rockies is a small community situated around Monument Lake on the west side of Monument, Colorado. The lake of the Rockies was developed and built by Century Communities, a national homebuilder currently building in the Pike Peaks region.

Here are the statistics for Lake of The Rockies for the first quarter of 2020:

Lake of The Rockies Monument Real Estate Statistics for Q1 of 2020
Number of Sales 4
Median Sales Price $470,113
Sales Price Per Square Foot $121
Average Days on Market 123

Palmer Lake

Palmer Lake is not actually located in Monument but is a small neighboring town. Because of its relatively small size and close location, we group it into the Monument statistics.

Palmer Lake is a quaint old railroad town. The lake was built by the railroads and was used to re-supply steam engines. The lake is still in place today and now provides the town with a valuable source of recreational opportunities.

Here are the statistics for Palmer Lake for the first quarter of 2020:

Palmer Lake, Colorado Real Estate Statistics for Q1 of 2020
Number of Sales 3
Median Sales Price $365,000
Sales Price Per Square Foot $197
Average Days on Market 87

Promontory Pointe

Promontory Pointe is a newer subdivision located just east of the Jackson Creek area. Promontory Pointe offers semi-custom and higher-end production homes on larger 1/4 to 1/2 acre lots.

Here are the statistics for Promontory Pointe for the first quarter of 2020:

Promontory Pointe Monument, Colorado Real Estate Statistics for Q1 of 2020
Number of Sales 3
Median Sales Price $530,000
Sales Price Per Square Foot $156
Average Days on Market 36

Woodmoor

Woodmoor is the heart of the Monument, Colorado real estate market. This subdivision gained in popularity in the early 1970s featuring custom homes on heavily treed lots. Woodmoor is what people think of when the think of Monument.

Here are the statistics for The "Woodmoor" subdivision for the first quarter of 2020:

Woodmoor Monument, Colorado Real Estate Statistics for Q1 of 2020
Number of Sales 25
Median Sales Price $585,000
Sales Price Per Square Foot $143
Average Days on Market 43

In Conclusion

The Monument, Colorado Real Estate market had a great first quarter of 2020. Most of the sales recorded for Q1 were already underway when the "Stay at Home" orders went into effect. We don't expect to see the bad news until Q2 and Q3. Having said that, there has been a lot of interest from both buyers and sellers in getting back into the market here in the Pikes Peak region. We will continue to report on the condition of the market.

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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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