Mariana Wagner

2008 Annual Black Forest Real Estate Information – Sales Price Data

The Black Forest real estate market saw a slowly declining 2008 annual average sales price from $375,193 in January to $257,748 in December. The average median sales price was generally lower than the average sales price, and those prices went down as well.

Note: Black Forest will always have quite a discrepancy between median and average sales prices, as there is a HUGE price range difference in different parts of the area. There are some areas with custom built multi-million dollar homes all the way down to areas selling production homes under $200,000.

Here we see how this was broken down by month:

Black Forest homes were getting the highest prices in the beginning months of 2008 and this slowly tapered down as the year progressed.

Buyer Tip: Black Forest homes are getting more affordable … at least for now. We may not be at the absolute bottom of the shifting market, but there are some amazing deals to be had right now.

Seller Tip: Regardless of the trending downturn in home prices, the summer months are seeing a higher sale price. This may be due tothe fact that families with school aged children are looking to buy a home in Black Forest (Academy School District 20) before the school year starts. Consider having your Realtor® heavily promote the school district when marketing your Black Forest home for sale.

The following graph shows the difference between what a Black Forest home was listed for (list price/asking price) compared to what it actually sold for in 2008:

The current Black Forest real estate market, like the rest of the Colorado Springs real estate market, saw a level of slowdown in 2008. The annual average list price/sale price ratios peaked at 99.4% in March of 2008. The lowest was in June 2008 when the average list price/sale price ratio was only 95.4%.

Buyer Tip: Based on this graph, Black Forest home sellers tend to overprice their homes by 3% … So you may want to take this into consideration when making an offer. And, don’t be afraid to offer what you and your Realtor® deem to be a fair asking price.

Seller Tip: Homes priced at market value (NOT ABOVE) will get more reasonable offers. If you price your home effectively, you are more likely to get the best offers in Spring and Fall.

The Black Forest real estate market has historically been one of the most expensive Colorado Springs neighborhoods, so the shifting market has just brought these homes closer to the range of affordability.

Read Also:

• 2008 Annual Black Forest Real Estate Information – Homes for Sale
• 2008 Annual Black Forest Real Estate Information – Average Days on Market

“Based on information from the Pikes Peak REALTOR Services Corp. (”RSC”), for the period Jan.1 – Dec.31, 2008. RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market.”

Search All Homes for Sale in Black Forest

January 30th, 2009 by Mariana Wagner | Leave A Comment

This entry was posted on Friday, January 30th, 2009 at 9:29 pm and is filed under Black Forest, Market Reports. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply