Come see this amazing, new home in Colorado (Fremont County)! Located in the quaint town of Florence, CO, this ranch style home at 120 Rose Drive will be open this weekend, Saturday April 20th, from 10:00AM – 3:00PM. Be one of the first to see the beautiful finishes and fixtures throughout the home. Amenities include hardwood flooring, vaulted ceilings, granite countertops, stainless steel appliances, and much more. All located within walking distance of downtown Florence, CO the Antique Capital Of Colorado!
Colorado Real Estate Market
3 Homes Coming Soon For Sale in Colorado Springs
The PeakDream Group at Berkshire Hathaway HomeServices Rocky Mountain Realtors has been working hard and with summer right around the corner, sellers are pulling the trigger and getting their homes on the market. Check out these 3 new listings, coming soon to the market in the Colorado Springs area.
611 Hilltop Drive, Colorado Springs, CO 80905 $233,000
Cute, ranch style home in Ivywild area (specifically in the Foothills neighborhood) would be a perfect rental property or ideal as a primary residence. The location is stellar, just up from Ivywild School, a hotspot for music and events which includes a brewery, distillery, and bar. This home includes 2 bedrooms, 1 bathroom, a large 2-car attached garage plus a carport, storage shed, RV parking & deck with a relaxing hot tub. Easy care wood laminate flooring in the main living area and carpeted bedrooms. Walking distance to Bear Creek Park for nature hikes, dog walking, or bike riding. Just minutes from Downtown Colorado Springs. For more details contact Southern Colorado Realtor Marion Meyer
https://www.peakdream.com/agent-detail/Marion-Meyer/109542/
320 Childe Drive, Colorado Springs, CO 80906 $799,000
Your castle above the city in Broadmoor Hills Park. This home boasts of amazing views all up and down the Front Range, including breathtaking landmarks like Garden of the Gods. Enjoy the Colorado days and nights on the custom deck, complete with outdoor kitchen and built-in grill. When dinner is over, relax in your warm hot tub and marvel at the starry night. Plus, you’ll be right at home with the stunning interior with high vaulted ceilings, wood floors, and luxurious working, living, and playing spaces. Perfect for a quiet night at home in your personal theater, or reading your favorite book in one of the many rooms spread out over 5,182 square feet. Complete with 4 bedrooms, 4 bathrooms, and plenty of character. For more information, contact a favorite local Realtor, Wayne Jennings
https://www.peakdream.com/agent-detail/Wayne-Jennings/109539/
4134 Anitra Cir, Colorado Springs, CO 80918 $300,000
Step out your door and you’re within walking distance from some of Colorado Springs’ Hot Spots, like University of Colorado at Colorado Springs or the outdoor experience of Palmer Park Open Space. Convenient location near parks, schools, golf courses and more in this 2,200+ square foot home in the Garden Ranch neighborhood. Versatile floor plan perfect for primary residence or an investment property in Colorado, with 3 bedrooms, 3 bathrooms and a 2 car garage. For more information, your experienced real estate agent is ready to help
https://www.peakdream.com/agent-detail/Wayne-Jennings/109539/
Recently Under Contract
Unusual Colorado Properties You Can Buy Now
Colorado real estate is diverse and unique, and the options are endless when you’re looking for an investment, primary residence, commercial property or even vacant land. Take a look at these unique Colorado properties that all have a unique real estate history and future.
Mobile Home Park Restored to Mid-Century Glory
Mid-Century Modern Mobile Home 
Mobile Home Park, Florence, CO 
Retro Design in Mobile Home
In the small town of Canon City, CO you’ll find the magnificent results of creativity in real estate. The Rosedale mobile home park sits on about 0.70 acres and includes 5 mobile homes, but there’s a twist.
Remember the Sears catalog colors like mint green, sea-foam, and cherry pink that often inspired the decor throughout homes? These popular mid-century colors were used in bathroom sinks, toilets, bathtubs, countertops, and even exterior house paint.
This creative owner decided to purchase used mobile homes and renovate them to their former mid-century glory. He purposefully uses as many original period pieces as possible, from countertops to wood paneling on the interior walls. Even the decor and furniture matches the era. The team of renovators (including the owner) have made the old feel new again.
Plus, his business plan was obviously successful, with extremely high occupancy of renters. From traveling nurses to VRBO and AirBnB guests, many have enjoyed this creative twist on retro. And the vintage theme fits right in to its surroundings, ironically located right next to the Antique Capital of Colorado.
The property is currently available for sale, including all 5 mobile homes and the land for less than $400,000: https://www.peakdream.com/homes-for-sale-details/1535-ROSEDALE-LANE-CANON-CITY-CO-81212/56853/468/
Antique Store with Living Options, Retail Space, and More
In the Central Historic Business District in Downtown Florence, CO the old Vendetti’s Building has housed many businesses over the years dating back to 1922 when it was built. Currently, the multi-use building is home to Salvage, Antiques, Vintage, Etc., one of the favorite antique stores along Main Street (State Hightway 115). Now, the owner is ready to sell, providing a huge opportunity for the right buyer.
First of all, let’s look at a real estate term: Mixed Use Building. This means the zoning has been labeled as a live/work space and is available both as a commercial property, but also with the option of adding the residential element. Whether you’re planning on continuing to run the antique business, or using the space for your own purposes, there are multiple advantages and features on this property that make it very flexible.
The front retail space includes large windows, two separate shop spaces, and private parking immediately in front of the store. Plus, there’s a small adjacent lot that is vacant and ready for creative ideas, additional buildings, etc. which is also included real estate.
Also, in front is a garage door which leads into the large warehouse space in the back of the building. This enormous space (which can also be accessed by a rear garage door loading area) includes 2-story tall ceilings, plus an unfinished loft space which could be a potential residential living space after converted.
Best of all, the location is key in the gorgeous town of Florence, CO the Antique Capital of Colorado. The bustling downtown includes excellent restaurants and shops, and recreation is just around the corner on the Arkansas River, Pathfinder Park, and other amenities. Tourist often pass through to shop, or en route to major attractions like Royal Gorge Bride and Park.
This Colorado property is currently for sale under $400,000. More details and property photos are available at https://www.peakdream.com/homes-for-sale-details/208-W-MAIN-STREET-FLORENCE-CO-81226/60153/468/
Historically Low Interest Rates
Are These Mortgage Interest Rates Low?
Thinking of purchasing a home? Make Your Move while rates are low
Mortgage interest rates are at historic lows, despite the slight climb in 2018. Although we’ve seen rates increase a bit over the past year, this chart is a reminder of how spoiled homebuyers have been, especially over the last few years. In the last quarter of 2018, we’ve seen rates gradually increase 2 to 3 tenths of a point each month. Even with the rates increasing more than 1 point during calendar year of 2018, be thankful that you are not paying the 18% or more that buyers were burdened with around the early 1980’s.
Is It Better To Wait Until Rates Go Down Again?
Also, it’s important to look at the trend for the last five years. Although there are some ups and downs, rates are gradually increasing. It’s a great time to talk to your favorite real estate agent about purchasing a home. Whether you are a Springs transferred military buyer considering using your VA benefits or a first-time buyer looking to get a conventional 30-year or 15-year loan, the past 5 years have shown us overall that the more time that passes, the more you will pay for the loan. Right now, people who were thinking of buying a home 5 years ago are kicking themselves for not taking advantage of those low rates. Thankfully, they still have the option of homeownership with the advantage of securing some of the lowest interest rates over the last 45 years.
30 year fixed rates since 1971
What If Interest Rates Go Back Up?
Talk to your agent and mortgage broker about locking in your rate so you secure the lowest possible mortgage interest rate without fear of it increasing during your contract period. We know this stuff can be confusing, but that’s why we’re here: to provide direction, advice and even professional hand holding for your next real estate transaction.
These enticing rates along with home sales slowing in the last quarter provide the perfect recipe for buying a home, condo, or townhome.
Other Articles You Might Like:
Real Estate Trends in Colorado Springs
Increasing Mortgage Rates: Make Your Move!
Take A Look Back: Record Breaking Real Estate Market
Horse Property in Colorado
Horseback riders and owners love the Colorado climate, which provides plenty of time during all four seasons to explore the Colorado mountains and plains on horseback. Horse owners are drawn to the endless trails and open space areas, plus the surrounding amenities and services for their beloved animals.
Just as important as recreational opportunities with horses is the need for affordable and adequate accommodations at home. Take a look at these exceptional horse properties, providing great spaces for everyone from equine to human.
770 Cedar Hills Rd, Penrose, CO 81240
770 Cedar Hills Rd, Penrose, CO 81240
More than 20 acres with a perimeter fence, this property in Fremont County includes: a nearly 2300 square foot home; detached 3 car garage and workshop; Cleary barn; horse barn with stalls; paddock; large chicken coop and shed; well. Great location with plenty of acreage to add more amenities or outbuildings, plus easy access to the Antique Capital of Colorado (Florence, CO), Canon City, or even Fort Carson Army Base. Enjoy mountain views of the Sangre De Cristo and Wet Mountains and privacy at your home on the range. Listed by Sylvia Jennings
40 Acres in Florence, CO 81226
TBD Address, Florence, CO 81226
40 acre ranch for less than $80,000! Property feels private and secluded, yet just minutes from downtown Florence, CO. With electricity at the property line and local services close by, it’s time to start designing your perfect house and pick the build site. Enjoy the beautiful mountain views and the warm moderate climate of sunny Fremont County. Plenty of amenities nearby, including Sumo Golf Village and outdoor recreation along the Arkansas River. Listed by Sylvia Jennings
705 N Petroleum Ave, Florence CO
705 N Petroleum Ave, Florence, CO 81226
An incredibly unique piece of property, located in Florence just 6 blocks from Main Street! The six bundled parcels make up 22 acres of land running along and crossing and Arkansas River! Zoned commercial and agricultural, this Colorado property has endless options and already includes a large metal building (5,760 square feet inside) with 3 garage doors, office area, and loft. Other existing structures include a pole barn and an secondary barn. Whether you’re an entrepreneur looking for a place to start a new business or a visionary wanting a barndominium, this lot provides a great backbone to start your adventure. In addition to the great location and unique terrain, the property includes 21 water shares from the Union Ditch. Listed by Wayne Jennings.
Brand New Homes At An Affordable Price
New homes in Fremont County
New homes are currently being built in Florence, CO (located in Fremont County just southwest of Colorado Springs). If you’re familiar with the Florence community, you probably know it’s hard to find new homes being built. Many of the homes in this area are historic, older homes especially within the city limits.
We want to change the housing trend because we know there’s a need and demand for affordable housing, including the recurring request for newer finishes and amenities. For instance, these new homes in Last Mile Estates are being built to include a large 3 car attached garage, granite countertops in the kitchen, hardwood flooring, fireplace, kitchen island, and much more. Even down to brand new stainless steel appliances in the kitchen, so there’s one less thing you have to worry about when you move into your new home.
Beautiful kitchen amenities
And don’t worry, we’re not neglecting the other important finishes that buyers are desiring. For instance, the master bedroom has a 5-piece attached master bath ensuite, creating a private retreat and relaxing getaway.
Perhaps most importantly, these homes provide open-concept living with large flowing spaces and thoughtfully designed living areas. The vaulted ceilings add to the spacious feel and well-positioned walk outs to deck patios provide additional living space in the moderate Colorado temperatures.
These quality homes are tried and true ranch floor plans, built by an experience and long-time builder who noticed the need for affordable new homes in the Florence area. The one-level living is ideal for any situation and can easily be your forever home in Fremont County.
Take a look at these listings and know there are more coming! We would love to talk to you about the options, time frames, and features.
203 Junior Court, Florence, CO 81226
https://www.peakdream.com/homes-for-sale-details/203-JUNIOR-COURT-FLORENCE-CO-81226/58978/468/
120 Rose Drive, Florence, CO 81226
https://www.peakdream.com/homes-for-sale-details/120-ROSE-DRIVE-FLORENCE-CO-81226/59006/468/
The Latest Real Estate Market Trends in Colorado Springs
This real estate market has taken Colorado Springs Realtors on a wild ride, but is this slight change in the market a hint of what’s coming in future months?
Real Estate Stats for Colorado Springs and El Paso County
We knew the skyrocketing prices and home values were not sustainable for very long and July brought some decreases in average sales price and more listings on the market. For the month of July 2018, our average sale price dropped $14,000 for single family homes to $347,517 which is a more significant month-to-month change than we’ve seen in over 2 years. Many of the past months have been constant increases and made for a highly unbalanced seller’s market. July has been the first we’ve seen buyers starting to feel some relief in our market, as sellers decrease prices and more people are selling. In fact, we exceeded 2,300 active homes on the market – an amount we haven’t seen since July 2017.
Interestingly, we have not seen a significant increase in “Days on Market” which means homes are selling just a quickly, but they are selling for less and there is actually more inventory (homes) to choose from. As of the end of July, our average days on market was 21 days for El Paso County. Keep in mind, various areas of town have different stats, like 45 days in Briargate versus 10 days in Central Colorado Springs.
So should you be worried? No. The market is correcting and finally allowing for a more balanced and fair market, for both buyers and sellers. Now, it should be more about the home and negotiations can become an interaction where both have to give a little. Also, this isn’t yet a verifiable trend – is just one month of changes – and we could see these trends reverse in August as families move before the beginning of school. We often see small ups and downs around this time of year, and then a quick pick up again in the Fall months.
For now, buyers, you should jump on the opportunity of lower prices before interest rates increase anymore. Sellers, most of you are still getting amazing appreciation on your home and full list price, but you may not have 15 offers within the first day…. But there are always exceptions!
Contact your favorite experienced real estate agent for more insights, stats and advice on how to handle your specific life changes and real estate transitions.
Other Articles You Might Like:
Growth and Changes in Downtown Colorado Springs
Difference Between AVERAGE Home Price and MEDIAN Home Price
Mortgage Rates on the Rise – Buyers, Make Your Move!
Pikes Peak MLS Real Estate Stats
As we launch into the summer season, it’s going to be easier to sell a home but tough as a buyer. The May 2018 numbers have been released, and we continue to have more home sales each month and fewer homes being listed. Although our days on market are down even from the previous month (April 2018), our average home price continues to increase.
Keep in mind, these stats are for the entire Pikes Peak MLS, which includes El Paso County as well as other surrounding counties including parts of Teller, Chaffee, Custer, Douglas, Elbert, Fremont, Lincoln, Park and Pueblo.
Average Home Price: $355,927 (Single family homes and patio homes – doesn’t include condos/townhomes)
This has increased from $348,527 only a month earlier in April 2018. As the average home price increases, we see more sales activity in the $300,000-$400,000 price range. Just a few months ago, almost half of the sales activity was in the $200,000-$300,000 price range. As of May 2018, each price range now make up about 30% of sales. That means over 60% of home sales between $200,000-$400,000. If you’re a buyer in this price range, you’re competing in an extremely competitive market, and homes on average are selling for 100.54% of list price (meaning, over the listed price).
Average Days on Market: Dropped to 22
If you’re just looking at El Paso County, the average days on market is 21. However, for our entire PPMLS area, it’s 22 days which is the average across all price ranges. This has decreased from April as well, so homes are selling quicker even in the past month. Also, if you’re in that “hot spot” price range of $200K-$400,000 the average days on market for the past 90 days = 6 days on market. Homes in that high demand bracket are selling in less than a week.
Sold Homes and New Listings Both Up
We saw an increase in the number of homes sold in May, jumping from 1,286 in April to 1,568 in May. So, nearly a 22% increase in sales of homes and as mentioned above, they’re selling for an average of $7,000 more than they sold in April.
Also, our total number of new listings in May was 2,080, just about 100 more new listings than we saw in April (1,972). It’s almost exactly what we saw in May 2017 as well, when we had 2,053 new listings so year-over-year there was no significant change.
What to Expect for Summer 2018
We have no reason to believe this market will slow down, even in the next few years. It will remain a seller’s market and prices will likely continue to increase with homeowners seeing drastic appreciation (probably averaging 13-18% per year). Whether you’re looking at statistics for single family homes, or condos and townhomes, all area appreciating very well and at a steady rate. It matters more on the area, rather than the style of home. Contact your favorite agent to find out stats on your specific neighborhood and how it’s appreciating in value.
Other Helpful Links:
Claim Your Home and Get 3 Instant Valuations
1st Quarter Real Estate Trends in Colorado Springs
Increasing Mortgage Rates: Time to Make Your Move!
COMING SOON 12928 Cupcake Hts, Colorado Springs CO 80921
12928 Cupcake Hts, Colorado Springs CO 80921 Open House Sunday May 27th 1pm-3pm
Flying Horse rancher coming soon at 12928 Cupcake Hts in The Villages of Siena!
Beautifully maintained patio home in highly desirable Flying Horse will be on the market within a matter of weeks. Your first opportunity to see this 5 bedroom, 4 bathroom, 3 car-garage home will be during the Open House event on Sunday May 27th from 1:00pm – 3:00pm.
This practical and spacious home was built in 2015 by Classic Homes. It’s known as The Landau floor plan and there’s plenty of usable space to spread out in this gorgeous 3,790 square foot ranch-style patio home. The Landau model comes complete with a main level master plus another 4 bedrooms which leave flexibility for an office, art studio, guest bedrooms or hobby room.
Flying Horse Patio Home for Sale
The large upgraded kitchen is complete with granite countertops, stainless appliances, and high ceilings. The open concept floor plan allows a great space for entertaining, including a private walk-out patio off the main living area.
Plus, consider the wonderful location of this Classic home, comfortably situated in The Villages of Siena in Academy School District 20. Close to shopping, entertainment, recreation and much more.
For more information, please contact the listing agent: Kym Palomba
Difference Between Average Home Prices and Median Home Prices
If you are following real estate market stats, you will see various terms thrown around – it’s the real estate jargon that you may not totally understand. That’s okay! And that’s why we are here to answer questions and help you understand the information so you know the best time to react and take advantage of the real estate market whether buying a home or selling a home.
So, what’s the difference between the average home price and the median home price?
Well, let’s start at the beginning. First of all, when you are seeing these real estate statistics, they are typically referring to homes that have sold (closed). The prices are based on the final agreed price for the home, not necessarily the listing price. Currently in the El Paso County market, we are seeing over 99% of homes sell for at or over the list price (year to date). However, there are exceptions where the home sells for less than the listed price.
But for this conversation and industry stats, we are only looking a SOLD homes (meaning, they have made it through the Under Contract phase of the real estate contract and gone to a successful closing).
So, let’s start with the AVERAGE PRICE. It takes us back to elementary school and most of us don’t remember the things we were tested on in 5th grade. When you are a looking at the average (in any industry or calculation) here’s the way to do it:
-
Average Sales Calculation
TAKE THE TOTAL SALES VOLUME AND ADD IT TOGETHER. So if you have 100 homes selling in a specific month, add together all the dollar amounts of the sales of the 100 homes. If each home sells for $300,000 you’ll calculate $300,000 + $300,000 +$300,000….100 times. Obviously, sales are all over the board in reality. So you’re adding together the $30,000 home sales with the 3 million dollar home sales, etc.
- TAKE THE TOTAL OF ALL SALES AND DIVIDE BY THE TOTAL NUMBER OF SALES. In our example, after you’ve added together all the different amounts, you’ll divide by 100 since there were 100 homes sold in the period you’re trying to figure out the average.
- THIS TOTAL GIVES YOU AVERAGE HOME SALES. Currently in our market, there are about 1200 single family homes selling every month in El Paso County. By taking all the prices of those 1200 single family homes, then dividing that total number by 1200 you’ll get the average home price. In April 2018, our average sale price for single family homes was $351,698.
So, what’s the MEDIAN PRICE? The median is the “middle price” – think of it as the median on the highway. It’s the middle!
The Median is the MIDDLE number
- TAKE ALL THE HOME SALES AND RANK THEM SMALLEST TO LARGEST. Again, we use the same stats of sold homes (those homes at $30,000 all the way up to the top dollar sale of 3 million).
- TAKE THE NUMBER IN THE MIDDLE OF THE TOTAL SALES. You literally want the middle number, so you could check off one number from the bottom of the list, then one number at the top of the list and continue until you reach the middle number. If you have an odd number of sales, it’s perfect and you take the middle number. With an even number, in order to find the exact median, you’ll take the average of the middle two sales.
- THIS GIVES YOUR THE MEDIAN PRICE. Again, in our current market, the median is higher than the average. Our median sales price in El Paso County for April 2018 was $305,000.
Also, make sure you’re paying attention to the data you’re looking at. Some stats might only show a specific area, like a neighborhood. Others may show all of El Paso County, and others may show an even larger area including all of Pikes Peak MLS, which includes multiple counties.
Statistics for our region are usually broken down further, showing single family homes and patio homes as one total, and condos and townhomes as a separate total.
Consider the time period as well, whether the information you’re considering is based on Year-To-Date, quarterly stats or simply totals for a specific month.
Overall, we don’t expect you to figure this all out yourself! Contact your favorite experienced agent to help explain and analyze the data on your behalf. We can help you understand trends for your neighborhood, city section, larger city, or your MLS. We also have data for the entire State of Colorado, so you can see how your home is valued compared to other counties throughout the State.
Watch for our newsletter every 2 months with local real estate stats, or contact us anytime for an in-depth valuation.
