One of the most common questions I get is: “How is land selling?”
Short answer: Land in El Paso County, also known as the Colorado Springs area, sold well in 2018. Compared to 2017, the total number of land sales increased. The average and median sales prices increased. The average and median sales price per acre went up. Additionally, the number of days that piece of land was on the market before it sold decreased. Please note, these real estate market results only includes information for properties that were five acres or larger.
Background: El Paso County, CO Land Sales Report
Hello. My name is Sondra Meyer. I am a real estate agent that has specialized in selling country homes and land that is on five acres or larger. My office, Star View Real Estate, is conveniently located in Calhan, CO. That allows me to drive to most places in El Paso, Douglas, Elbert and Lincoln counties in less than an hour. This is important because El Paso County, Colorado is spread out over approximately 2,130 square miles. In other words, El Paso County consists of 1,363,200 acres. It is a big county with a lot of rural land and diverse topography.
When I talk about the real estate market in the El Paso county area, I am talking about an area that includes: Colorado Springs, Palmer Lake, Monument, the Black Forest area, Ramah, Calhan, Peyton, Falcon, Ellicott, Yoder, Rush, Fountain, Hanover and Manitou Springs. El Paso county also includes a number of old, little communities that may show up on some maps but not other maps. Edison and Alta Vista are two such examples.
In 2018, El Paso county real estates sales were really good for sellers of residential properties, rural residential properties and land. Both land and home sales values went up in 2018. Yet, buyers were not acting desperate. Properties that were in poor shape and/or overpriced lingered on the market for months IF they sold at all.
Since I specialize in handling homes and properties that are five acres and larger, that is what this market report will cover. This report will only include sales of land that that consisted of a 5 acres or more. If you need data that includes all land sales, to include all the small residential lots in town, feel free to send an email and I can help you get that information.
Current Land Availability as of January 6, 2019
- There were 158 lots available for sale.
- 20 lots in El Paso County were listed for sale but already have contracts pending.
How much did land sell for per acre in El Paso County?
In 2018, 259 properties that were at least five acres sold in El Paso county. By the end of 2018, the overall AVERAGE price per acre for land in El Paso County was $3,309 per acre. The overall median price per acre was $3,139. The price per acre that buyers paid was dependent on the size of the lot and the location.
2018 Highlights
- 77 lots that were around 5-6 acres sold. For rural 5 acre lots, the price per acre ranged from a low of $2,454 per acre in the Hanover area. A five acre lot in the Black Forest sold for $75,000 acre. There was a 5.4 acre lot in the Woodman Valley area, in Colorado Springs, that sold for $76,287 per acre.
- 107 lots that were 35-40 acres sold. The price per acre ranged widely for this size of property also depending on the location. The lowest price per acre was for a lot located in the Foxx Valley subdivision, which is located in a very remote area in the Southeastern part of the county known as the Edison area. (Remember what I said about needing old timers to explain exactly what a community’s boundaries were? Edison is one such area.) Anyway, the lowest price lot sold for $540 an acre. The high end price for 35-40 acre tract was $27,127 per acre for a place on Hayfield Drive, which is located west of Interstate 25 between the Air Force Academy and Monument.
- 13 properties that were between 120 – 160 ish acres sold. In February 2018, the lowest price per acre for a property in this category was a 160 acre place on Fossinger that sold for $468 per acre. That is also in the Southeastern part of the El Paso County. The high end in the category was for a 152 acre place on Gusty Ridge Road in Calhan. It sold for $1,908 per acre, with water rights, in September.
- 2 properties that were over 1,000 acres sold. One was in the Edison area, mentioned above. The 1,275 acres sold in August for $402 per acre. It had been on the market for 666 days. The other was on Johnson Road, on the Eastern edge of the county, south of Rush. It sold for $541 per ace in August.
As you can see, location and size of the property has a significant impact on how much it sold for. The proximity to Denver and Colorado Springs, the mountains and trees all had and will continue to have a significant impact on El Paso County land values.
Over View of 2018 Land Sales Compared to 2017
If you have any questions, please do not hesitate to ask. To find out what your land that is located in El Paso County is worth in the current market, feel free to email me at sondra@starviewre.com or call 719-761-6272.
Sincerely,
Sondra Meyer
Owner/Broker
Star View Real Estate
Note:
This real estate market data for El Paso County, CO is provided by Sondra Meyer of Star View Real Estate. The data analyzed has been pulled from the Pikes Peak Multiple Listing Service. It does not include transactions that did not have a Realtor involved. While it should be accurate, Sondra can make any guarantees with regards to the accuracy.