Colorado markets update – October 2016 data
The numbers are in for October 2016. The median sold price is holding steady, and the average days on market has only gone up 1 day. There were fewer new and active listings compared to September, but that’s to be expected.
What really matters to you as a seller is that home prices are still on the increase from last year, even in the Colorado Springs-Pueblo area. That’s good news for you. Buyers, yes, there are fewer homes on the market, but sellers listing at this time are serious so don’t give up. Give me a call at (720) 504-8000 and we’ll help you find what you need.
Read on for the latest housing news plus a neighborhood spotlight on the Tri-Lakes area.
Have a great week,
— MJ McCarthy
General Manager, Redefy Real Estate Colorado
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Term of the week:
Appraisal: A document of opinion of property value at a specific point in time. (Source: Realtor Magazine)
Neighborhood spotlight: Tri-Lakes
The Tri-Lakes area in El Paso County comprises three neighborhoods and corresponding lakes: Monument, Palmer Lake and Woodmore. Sitting at the base of the Rampart Range along the Palmer Divide, Tri-Lakes is at the highest elevation point between Colorado Springs and Denver, Tri-Lakes. For commuters, it offers a mountain setting just 20 miles from downtown Colorado Springs and 40 miles from Denver.
The Palmer Lake Historical Society says Army Major Stephen Long’s expedition in 1820 first brought the area to light. It’s said he discovered the state flower, the Columbine, in the Tri-Lakes area. Ranches and farms date back to the 1860s, with the first official homestead in the Town of Monument in 1865.
General William J. Palmer, who founded Colorado Springs and the Denver & Rio Grande Railroad, purchased the land that would become the Town of Palmer Lake in 1871. The lake was used to supply water to the railroad’s steam engines and became a tourist destination for Denver passengers.
Woodmore was once planned to be land set aside for Air Force Academy retirees’ homes. Tri-Lakes continued to be a ranching and agricultural area until the 1980s when suburban developers took advantage of the I-25 corridor.
Median sale prices: Monument $365,000; Palmer Lake $242,150; and Woodmore $365,000. (Trulia)
Local housing news
Highlands Ranch residents try to halt C-470 expansion, go before judge. Citing a lack of noise study and seeking a wall from University Boulevard to Quebec Street, an attorney representing nearly 100 households went before a federal judge to halt the project before it begins. (Denver Post)
Denver council rejects preservation bid for Jefferson Park house, siding with owner. While it’s nice to save history from developers, homeowners can find themselves unable to sell a historic property if they can’t afford the costly repairs of landmark status. One such homeowner found herself victorious despite a councilman’s attempts to label it historic. (Denver Post)
Colorado Springs homebuilding declines in October, but remains strong for the year. Despite a drop in October, home construction is ahead of last year’s pace and is now the best year in a decade. A record 2,811 permits were filed through October, ahead of 2,739 for all of 2015. (The Gazette)
Read this week’s US housing news
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