Black Forest has always been a popular area, especially for those looking for privacy, trees and views. The area has a median sales price higher than Colorado Springs and the overall Pikes Peak Region. We are going to take a look at the median price sales data in Black Forest over the last decade.
Back in 2006 the median sales price in Black Forest was $411,048. That number is actually quite high, but it is important to remember that this number was fueled by easy “pre-crash” money and hot new subdivisions like Cathedral Pines and High Forest Ranch. Value in the area increased another 1.8% into 2007 before dropping 18% over the next four years to $339,500 in 2011.
Black Forest slowly began taking back some of the losses, along with the rest of the Colorado Springs real estate market, from the end of 2011 until June of 2013 and the tragic “Black Forest Fire”. Post fire, the fear in the real estate community was that values would see a negative effect based on the loss of trees. This was initially the case, especially with land values, but not so for the overall real estate market. The post fire median price in Black Forest has jumped a whopping 26.8% since the fire.
There are a number of factors contributing to this aggressive rate of appreciation. First of all, some of the areas most drastically affected by the fire were some of the oldest and most affordable neighborhoods in Black Forest. Once these areas were rebuilt and sold, the home prices were more in line with the rest of Black Forest. Additionally, many people did rebuild in order to sell or just flat out sold to builders, who in turn built to sell. Either way, these sales were modern construction on very large lots, and the land prices as well as the lot sizes are really responsible for driving up the median sales price.
Moving forward, we anticipate values stabilizing, although demand looks to remain high in the area as new amenities move closer and closer.
If you are interested in talking to us about Black Forest Real Estate, please feel free to contact us, we would be happy to help.