University Park, Actives and Solds
University Park is a beautiful neighborhood tucked away in a small community on one of the numerous hills in Colorado Springs. It sits on the north end of Colorado Springs. It has an average elevation of 6,639 feet above sea level. And there is a bustling business district less than a mile away, including a very active, full service YMCA, at the bottom of the hill. Schools servicing that area are the prestigous Colorado Springs District 11 schools.
University Park is a master planned community, started in 1998 and completed in 2009. The homes in this neighborhood start at around $400,000 and go up to over $1,000,000. The economic downturn has not caused a lot of foreclosures in this neighborhood, however there are a lot of homes on the market.
Active listings last month provided the neighborhood with over 2 years of inventory. Currently, there are 25 active single family listings at this time. Sold listings for this year totale 9 homes. At this rate there is still approximately 24 months of inventory. Sold prices are $350,000 on the low end and $675,000 at the top end.
While the market is improving, most active sales are in homes under $200,000. The $200,000 to $300,00 is seeing some improvement, but the upper end of the market is as slow as it was in 2008.
University Park is one of Colorado Springs' most fabulous neighborhoods. And in time, we'll see a recovery to a more balance market, even in this higher end area.
Marianne Snygg, GRI, ABR, ASP
ERA Herman Group Real Estate
Colorado Springs and Monument Real Estate