Mariana Wagner

Colorado Springs Real Estate Market Report ~ February 2008

The Colorado Springs real estate market is heading into spring with quite a bit of inventory on the market, and we are seeing half as many homes selling (49%) as going on the market for the month of February 2008.

New Listings: 782 homes for sale

Average List Price: $ 304,099
Lowest Average List Price: Southeast Colorado Springs (S/E): $140,785
Highest Average List Price: Tri-Lakes/Monument (TRI): $574,734

Read Also: Selling Your Colorado Springs Home: The Importance of Proper Pricing from Day One

Pending Sales: 252 homes went under contract in February 2008

Sold Homes: 219

Average SOLD Price: $254,455
The Tri-Lakes/Monument area was the closest to the average sold price, at $262,125

Lowest Average Sold Price: Southeast Colorado Springs (S/E): $121,846
Highest Average Sold Price: Northgate Colorado Springs (NGT): $409,575
(Northgate includes the Flying Horse neighborhood)

Median Sold Price: $214,500
The Powers area of Colorado Springs (to include Stetson Hills Real Estate) was the closest to median sale price, at $214,171

Average List Price:Sale Price Ratio: 95.91%
Median List Price:Sale Price Ratio: 96.55%

Lowest LP:SP Ratio: Tri-Lakes/Monument (TRI): 90.94%
Highest LP:SP Ratio: Northgate Colorado Springs (NGT): 99.3%

Average Days on Market: 106 Days (47-184 days)

Comments: The most active area was real estate in Fountain Valley (F/V), where 87 new listings went on the market and 70 homes went under contract or sold in February 2008. Fountain Valley is just south of Colorado Springs and immediately east of Fort Carson Army Base. The average home in Fountain sells in about 90 days for about $168,836.

Search Homes for Sale in Fountain
Under $200,000

Other Market Reports to Check Out:

• Stetson Hills Real Estate Market Report: Single Family Homes February 2008
• Stetson Hills Real Estate Market Report: Town Homes and Condos February 2008
• Greenhaven Real Estate Market Report: February 2008

Recent Colorado Springs Market Reports:

• Colorado Springs Real Estate Market Report ~ January 2008
• Colorado Springs Real Estate Market Report: December 2007
• Colorado Springs Real Estate: Market Report – November 2007

[KEY: BLA = Black Forest (Very Northeast of Colorado Springs), BRI = Briargate (Northern part of Colorado Springs), WES = Westside (West of I-25 and North of Fillmore), OCC = Old Colorado City (Western part of Colorado Springs, off Hwy 24), FAL = Falcon (Woodmen Hills and Meridian Ranch, just east of Colorado Springs, MAN = Manitou Springs - (just East of Colorado Springs), N/E = Northeast Colorado Springs, NGT = Northgate (Northernmost part of Colorado Springs, near the North Gate of the Air Force Academy), S/E = Southeast Colorado Springs, S/W = Southwest Colorado Springs]

March 1st, 2008 by Mariana Wagner | Leave A Comment

Colorado Springs Real Estate: Fort Carson to Get Over 800 New Base Houses

The Colorado Springs real estate market has always had a silent-sister market, just south of us in Fort Carson: Base Housing. Depending on the year and how many troops are deployed, Fort Carson often comes up short when it comes to base housing.

This year (2008) Fort Carson has started building 832 modular homes, per an article from the CSBJ: Fort Carson housing units arrive.

This is great news for soldiers stationed at Fort Carson, especially seeing as we are expected to see an influx of troops arrive here over the next few years, and not nearly enough homes for them and their families.

Are you going to be stationed at Fort Carson, but want to live off base? There are some great opportunities to buy a home in Colorado Springs and Fountain Valley neighborhoods that are just a short drive from Fort Carson.

Fountain Valley Real Estate Quick Searches:

• Search Homes for Sale in Fountain Valley – Under $200,000
• Search Homes for Sale in Fountain Valley – Over $200,000
• Search Town Homes and Condos for Sale in Fountain Valley

Fountain Valley & Colorado Springs Neighborhoods Immediately Surrounding Fort Carson:

• Search Homes for Sale in Cross Creek, Fountain CO
• Search Homes for Sale in Countryside, Fountain CO
• Search Homes for Sale in Heritage, Fountain CO
• Search Homes for Sale in Colorado Centre & Morning Sun, CO
• Search Homes for Sale in Security, CO
• Search Homes for Sale in Widefield, CO
• Search Homes for Sale in Spring Creek, Colorado Springs CO

Find Your BAH Rates for Colorado Springs: Fort Carson, Peterson AFB, Schreiver AFB, NORAD

February 19th, 2008 by Mariana Wagner | Leave A Comment

Colorado Springs Real Estate Definitions: Types of Real Estate Agent Representation

If you are looking to buy or sell a home in the current Colorado Springs real estate market, having professional representation by a competent real estate agent is a must, but you need to understand the different types of representation available.

As someone looking to buy a home in Colorado Springs, this is important because unrepresented buyers WILL NOT get the best possible deal on a home. Read Also: Top 5 Benefits of Having a Buyer’s Agent Represent You.

As a homeowner looking to sell their home in Colorado Springs, representation is important because, historically a competent real estate agent will get you MORE money for your home – enough to cover their commission, and then some.

But what kind of representation is available for Colorado Springs home buyers and sellers?

In Colorado Springs (and all of Colorado for that matter) we have several different types of relationships between home buyers/sellers and us, the real estate agents. Here is a breakdown of the different “Broker Relationships“, so that when you decide to buy or sell real estate you are better informed.

• Seller’s Agent (listing agent): This agent “works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, fidelity and fidelity. The agent negotiates on behalf of and acts as an advocate for the seller.” In other words, this agent is the Seller’s coach. Other than basic honesty, the Seller’s Agent owes the unrepresented Buyer nothing. Nada. Zip. Zilch.
• Buyer’s Agent: This agent “works solely on behalf of the buyer to promote the interests of the seller with the utmost good faith, fidelity and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer.” How a Seller’s Agent responds to an unrepresented Buyer is exactly how a Buyer’s Agent responds to an unrepresented Seller (FSBO= For Sale By Owner).

  When both a Buyer and Seller Agent are involved in a transaction, they communicate to each other on behalf of their clients. The Buyer should never have a reason to speak to the Seller. This is great because it removes deal-breaking “emotion” from decisions.

  Both Buyer and Seller agencies must be used when the agent is representing someone that they know – like a friend, family member or co-worker. The agent knows too much about the client to not act as their agent.

• Transaction Broker: This agent does not represent anyone in particular. “A transaction broker assists the buyer and seller in both throughout a real estate transaction by performing terms of any written or oral agreement.” Basically, their job is like a referee – no negotiating for either party.
• Customer: A customer is a buyer or seller who does not have any representation when buying or selling a home in Colorado Springs.

We build our business around being Buyer Agents for our Buyers and Seller Agents for our Sellers. We believe that it is too important to have ALL of your buy, sell and negotiate needs met and exceeded – which is not possible when acting as a Transaction Broker.

Read Also: Colorado Definitions of Working Relationships

Well, what happens when we list a house and an unrepresented buyer wants to buy it? Can we be a Buyer agent to the Buyer and a Seller agent to the Seller?

No. We can’t. In some states, that is allowed and it is called Dual Agency. Dual Agency is not allowed in Colorado because it is seen as a blatant conflict of interests.

How could we possibly represent one person’s interest to get as much money as possible for their home and simultaneously represent another person’s interest to pay as little as possible for the same home? It can’t be done.

This can play out in several ways:

• If we know the Seller very well and only know the buyer very casually, or not at all (maybe a friend of a friend), we can act as a Seller’s Agent for our seller and the Buyer would be an unrepresented customer. This is the most common approach that we use, as we feel it necessary to remain agents for our sellers. Of course, we are fair to the Buyer, but we do not represent their interests.
• If we know both the Seller AND the Buyer very well, it would be near impossible to consider only ONE as “representable” so we can do one of 2 things:
  • Become a Transaction Broker for both the Buyer and the Seller. We would step out fo the representation role and move into the role of just making sure the contract was written correctly, both parties had access to proper information and that it closed when and how it was supposed to.
  • Refer the Buyer to another agent. If we know both the Buyer and Seller so well that we could not realistically take off our “agent” hat (and that has happened), we will often refer the Buyer to another agent for representation in the transaction. We believe that it is more important for our friends and family to get comprehensive representation when buying a home in Colorado Springs, than it is to get both sides of a commission.

We, (the Wagner iTeam) take real estate representation VERY seriously. There is nothing worse than an incompetent real estate agent that puts commissions above commitment. When we represent our clients, we REPRESENT them. We always make sure that THEIR interests are above everyone else’s – including our own.

For more information on real estate agent relationships in Colorado Springs, you can reach us at: (719) 434-7525 or by email: [email protected]

Read Also:
Top Seven Questions To Ask Your Potential Buyer’s Agent
3 Easy Ways to Find a Buyer’s Agent to Represent You

January 19th, 2008 by Mariana Wagner | Leave A Comment

2007 Colorado Springs Real Estate Market Report: Annual Sale Price Data

Great News! Colorado Springs homeowners saw a healthy appreciation in 2007! The Colorado Springs real estate market saw an average sales price of $269,075. This is UP from the 2006 average sales price of $264,755. In fact, Colorado Springs has seen great appreciation since the MLS started recording data in 1994. The average sales price in Colorado Springs has jumped $100,000 since 1999!

Colorado Springs area neighborhoods with the HIGHEST sales prices:

• TRI (Tri-Lakes/Monument/Palmer Lake): $427,744
• NGT (Northgate): $399,094
• S/W (Southwest Colorado Springs/Broadmoor): $362,052

Read more information on the definitions of the different Colorado Springs MLS Areas and Boundaries.

Neighborhoods in and around Colorado Springs with the LOWEST sales prices:

• S/E (Southeast Colorado Springs): $139,897
• EAS (Eastern Colorado Springs): $180,767
• F/V (Fountain Valley/ Fort Carson): $180,523

Things are looking GREAT for Colorado Springs homeowners!

More from this Series:
2007 Colorado Springs Real Estate Market Report: Annual Days on Market Data
2007 Colorado Springs Real Estate Market Report: Annual Housing Inventory Data
2007 Colorado Springs Real Estate Market Report: Annual List Price to Sale Price Ratios

Read Also:  Existing-Home Sales Rise in November, Market Likely Stabilizing

January 4th, 2008 by Mariana Wagner | Leave A Comment

2007 Colorado Springs Real Estate Market Report: Annual Housing Inventory Data

In 2007, the Colorado Springs real estate market saw an average of 1,040 new homes go on the market every month and an average of 308 homes sell every month.

In 2007:

• 19,969 homes for sale went on the market
• 9,709 homes went under contract
• 9,547 homes sold

Most homes for sale in Colorado Springs went on the market in May of 2007: 2,234 homes.

The most homes for sale in Colorado Springs SOLD in April (943) and May (804).

Read Also: The BEST Times to Buy and Sell Real Estate in Colorado Springs

Colorado Springs neighborhoods with the most homes for sale were:

• PWR (East of Powers Blvd.): 2,373 homes
• F/V (Fountain Valley/ Fort Carson): 2,297 homes
• N/E (Northeast Colorado Springs): 2,019 homes

Read more information on the definitions of the different Colorado Springs MLS Areas and Boundaries.

The Colorado Springs real estate market saw an average of 47.8% of all homes for sale go under contract and sell in 2007.

Top 4 neighborhoods in Colorado Springs with the highest amount of SOLD homes (over 50%):

• BRI (Briargate and Wolf Ranch): 57.5% of the listed homes SOLD.
• N/W (Northwest Colorado Springs): 53.5% of the listed homes SOLD.
• EAS (Eastern Colorado Springs): 53% of the homes SOLD.
• N/E (Northeastern Colorado Springs): 51.4% of the listed homes SOLD.

Read Also: Existing-Home Sales to Trend Up in 2008

More from this Series:
2007 Colorado Springs Real Estate Market Report: Annual Days on Market Data
2007 Colorado Springs Real Estate Market Report: Annual Sale Price Data
2007 Colorado Springs Real Estate Market Report: Annual List Price to Sale Price Ratios

January 4th, 2008 by Mariana Wagner | 1 Comment »