How is the real estate market in Peyton, CO? The real estate market in the entire Colorado Springs area, to include Peyton, was very kind to sellers last year. The prices of both homes and land were up.
As a real estate broker that works exclusively with properties that are on at least 5 acres or more; the Peyton real estate market is one that I watch closely. Additionally, I also take a special interest in Peyton since I used to call it home. I probably would have stayed in Peyton, except I got to a point that I wanted to live on a larger ranch so that I could have pigs and cattle. Peyton Pines, the subdivision I lived in did not allow homeowners to raise pigs or cattle. Granted, a 5 acre lot is too small. The Peyton Pines subdivision is a great place for equine enthusiasts though….
When I analyze the real estate market, I try to look at the sales and the real estate activity from several angles. They each present a slightly different snapshot of what is going on at any given time.
This market report summarizes the current real estate trends and activity for homes with Peyton, CO addresses that are on five acres or more. This is as opposed to the Peyton area that had been defined by the Pike Peak Multiple Listing Service (PPMLS) boundaries in the past. I wanted to note this difference in the event you look at some of my older real estate market reports. They may be based on what had been defined as the Peyton area.
I pulled the land sales data on January 11, 2019. I pulled the residential data on January 26, 2019. Except for the 4 Way Ranch, which is located in Peyton on Elbert Road, this data will not include any sales or listings for homes that do not include a participant of the PPMLS, such as those that have unrepresented sellers. While I strive to be as accurate as possible when I prepare my market summaries, I can not guarantee 100% accuracy.
Just so that buyer prospects are aware; there are a LOT homes with Peyton addresses, available that are 2.5 acres or less. Most of these are located in or very close to Falcon. These homes typically offer more of a suburban feel.
Out of curiosity, I just pulled a current MLS report. As of today, there are 120 homes with Peyton address that are available for sale.
- 22 of the homes are on 5 + acre lots.
- 9 are on lots between 1 -4.75 acres
- 89 are located on small lots in “town.”
My reports are designed to give both you a general idea of how the real estate market is doing in Peyton if your home in on at least 5 acres. At the same time, there are a number of other factors that will affect your home actual resale value. These factors include specific location, property condition, water rights, and the condition & desirability of other amenities such as barns, shops, and fencing.
January 2019, Peyton Residential Real Estate Market Update
As of January 26, 2019:
• 22 homes on 5 or more acres are currently available for sale in Peyton.
They sit on lots that range from 5 acres to 43 acres. Listing prices are from a low of $170,000 and go up to $1,400,000. The $170,000 is a unique home that will require a cash buyer. The sizes range between 1,296 square feet to 4,291 square feet.
The homes in Peyton will frequently have dog runs, storage sheds, loafing shed and a barn/stable. Some may have a shop and/or a greenhouse.
• 10 homes in Peyton have contracts pending on them. The owners of these homes received acceptable contracts from as quick as 2 days up to as long as 170 days. The asking price for these homes ranged between $274,000 and $637,000.
• 5 homes have actually closed between January 1 and the 26, 2019. The sales prices have ranged between $175,000 and $690,000. I will do a more detailed analysis of Peyton’s January home sales after the month ends.
For Sale
Peyton, CO Homes on 5+ Acres
by Price Range
as of January 26, 2019
Price Range Number Available
in thousands
$100 – $199 1
$200 – $299 5
$300 – $399 5
$400 – $499 3
$500 – $599 4
$600 – $699 2
$700 – $799 0
$800 – $899 0
$900 – $999 1
$1,000 plus 1
Total: 22
• 10 homes in Peyton have contracts pending on them. The owners of these homes received acceptable contracts from as quick as 2 days up to as long as 170 days. The asking price for these homes ranged between $274,000 and $637,000.
• 5 homes have actually closed between January 1 and the January 26, 2019. The sales prices have ranged between $175,000 and $690,000. I will do a more detailed analysis of Peyton’s January home sales after the month ends.
Peyton Land, 2019 Real Estate Market Update:
As of January 11, 2019 –
- 8 smaller lots are available for sale in Peyton. They range from 5 acres to 40 acres. The prices range from $87,500 to $313,000.
- 2 lots are currently under contract.
The 4 Way Ranch is also for sale.
I can easily argue that is the VERY best land deal available in El Paso County right now. The 4 Way Ranch comprises 6,033 +/- deed acres with water rights. The ranch is still being used to graze cattle. They are asking $2,500 an acre.
The ranch is completely surrounded by development. It is in an area where 15-50 acre lots sold for an average of $4,403 per acre in 2018. Five acre lots sold for an average of $15,833 per acre. This country girl does not even want to think about what residential lots in the neighboring neighborhoods were selling for. (I am more into keeping ranches as big as possible and assembling smaller places into a larger place.)
Anyway, it is my understanding that the ranch is not subject to any restrictive encumbrances. This ranch could be of interest to conservationists, developers, and/or maybe someone that would be interested in doing both.
Alright….shifting back to houses. Last years sales…..
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2018, Peyton, CO Residential Home Sales
The average sales price of a home in Peyton, CO on lots 5 acres and up increased again in 2018. Average home prices increased by almost $31,000 over 2017’s average value. The average sales price of a country home in Peyton was $379,472 in 2018. The average sales price in 2017 was $348,488.
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Number of Homes Sold by Price Range in 2018
January 1 – December 31, 2018,
Price Range Number Sold
in thousands
$100 – $199 0
$200 – $299 33
$300 – $399 39
$400 – $499 23
$500 – $599 12
$600 – $699 5
$700 – $799 0
$800 – $899 0
$900 – $999 0
$1,000 plus 0
Total: 112
On average, sellers received 99% of the price they had the home listed for. Home owners received acceptable offers within an average of 33 days.
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Number of 2018, Homes Sales in Peyton by Lot Size
- 5-6 acre lots: 73 home sales
- 6.01 – 12 acre lots: 21
- 15-33 acre lots: 3
- 35 – 40 acre lots: 15
Homes on 5-6 acre lots:
As you can see, the majority of homes in Peyton are on 5 acre lots in rural subdivisions. Homes on 5 acre lots sold for an average of $366,023. That worked out to an average of $155 sf. Sellers received acceptable offers in an average of 27 days. The offers were 99% of the asking price.
As time permits, I hope to do a breakout of the sales results for the larger subdivisions in the Peyton area.
Homes on 35 – 40 acre lots:
The homes on 35 to 45 acre lots sold for an average of $465,134 in 2018,. This worked out to $173 per square foot. Sellers received an average of 97 % of their asking price.
The sellers of one home received an acceptable offer the same day it was put on the market. At the other extreme, it took a seller 443 days and multiple price reductions before they received an acceptable offer. That home started out at $875,000. They received a full price offer after the asking price was reduced to $585,000 – which worked out to $220 per square foot. This home highlights the fact that although it is a sellers market, buyers are not willing to overpay. When these two homes were removed from the equation, it took an average of 32 days a seller of a home on 35-40 acres in Peyton to receive an acceptable offer. Since these homes were more expensive than Peyton homes on 5 acre lots, it is not too surprising that it took about an extra week to find a buyer.
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2018, Peyton Area Land Sales
Land prices for lots in Peyton, Colorado also increased in 2018,.
As mentioned above, most homes in Peyton are in subdivisions with 5 acre lots.
- 5-10 acre lots sold for an average of $15,833 per acre.
- The larger properties (17 – 50 acres lots) sold for an average of $4,403 per acre.
- Few unimproved lots are available for sale. Thus, only 23 land listings old in Peyton in 2018,. That is down from 37 sales in 2017.
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2018 Peyton Area Land Sales & Values Compared to the Rest of El Paso County
As you can see in the next chart, Peyton is the third most sought after rural area in El Paso County. As you can see below, Peyton follows the Tri-Lakes area and the Black Forest. Those two areas are not only beautiful, they are situated closer to Colorado Springs, I25 and they are both a little closer to Denver. Peyton is not that much further out, but if someone is commuting regularly – an extra 10 to 15 minutes adds up.
I would describe Peyton as being located on the edge of the eastern plains. So, the topography is very diverse. Some areas are prairie land. Others are covered with the Ponderosa Pines. There are a few places with interesting rock formations.
Some homes toward the north-eastern part of Peyton can enjoy the beauty of the Biju Basin. Many home sites are able to enjoy beautiful mountain views.
If you have any questions or if you would like to buy or sell a home in Peyton, I would be more than happy to help you.
Sincerely,
Sondra
Sondra Meyer
Star View Real Estate
sondra@StarViewRE.com
719-761-6272