Today we received a mailer from Boylan and Company, a realtor in the local area. On the advertisement from them it listed a website with information and statistics about our neighborhood (Ridgeview at Stetson Hills). I was fairly certain that our neighborhood had held its value over the past few years despite the housing market and economy. I didn't have much to back up my claim other then my observations on what the listing and selling prices of houses have been in our neighborhood. I was happy to find out that the market statistics back up what I had thought to be true. The website, various links, and statistics confirmed that our home values had at least stayed the same and also filled me with confidence that buying in this neighborhood was a good decision.
The website has a great video summary of our neighborhood. Some of the better quotes from these realtors about our neighborhood are:
- stable home value is the unexpected bonus
- continues to be a stable neighborhood in terms of real estate values and market activity
- the micro-market of Ridgeview at Stetson Hills will do well in 2010
- a terrific seller’s market because demand is high
- through the course of the current real estate market downturn, this area has been extraordinarily insulated holding value and seeing strong resale activity
- this area has proven its ability to withstand the worst of economic markets
Statistics (as of February 2010)
Ridgeview at Stetson Hills vs. Colorado Springs (+ or - for us)
Housing Inventory
3 Months vs. 7 Months (+)
Median List Price
$211,000 vs. $185,000 (+)
Average Sale Price
$229,000 vs. $207,000 (+)
Listing Discount
1% vs. 3.4% (+)
Days on Market
51 days vs. 86 days (+)
Additionally, the average sale price for our neighborhood has been around $100-$110 per square foot. That's a little too high for our house in my opinion. If it were $90 per square foot we'd break even. So, the value of our house has essentially remained unchanged despite the housing market crash. Additionally, selling a home in our neighborhood doesn't seem to be a problem and from a sales/market perspective, a desirable place to buy a house. I'm glad to know on many levels that I was right.