Peyton, Colorado is a town located on the eastern plains of southern Colorado. Peyton is about a 30-minute drive northeast of Colorado Springs, Colorado. This short commute in conjunction with an abundance of buildable land has made Peyton a popular area for new construction in the Pikes Peak region.
Most of the data we share in this report is based on resale properties or speculative builder homes that were put into the MLS.
Number of Sales
The most disturbing statistic is a 68% decrease in the number of sales between January of 2019 and January of 2020. We are speculating this is the result of people purchasing new homes directly from the builder. These sales don’t necessarily show up in the MLS and our data comes directly from the Pikes Peak MLS.
Median Sales Price
Good news for homeowners is that the median sales price is up 11% over January of 2019. This number is impacted by the cost of new construction. While demand continues in Peyton, we expect to see prices continue to rise.
Price Per Square Foot
Another promising statistic for homeowners is the price per square foot figure. This number is up to $159 per square foot which is 24% higher than January of 2019. Great news if you currently own a home in Peyton Colorado. On the other hand, if you’re looking to buy in the area this is not great news. The concern is that at some point Peyton will become unaffordable for most home buyers.
The Peyton market is strong. Availability of land creates opportunities for homebuilders. Unfortunately, rising construction costs are affecting the overall pricing in the area. The concern is not so much about demand or Supply but affordability. Peyton has traditionally been a very nice community where one could find an affordable new home. The concern is that at some point buyers can no longer afford to buy or build in Peyton.
We will certainly keep an eye on the Peyton Colorado real estate market. It’s a cornerstone of our business.