I am a real estate agent that specializes in Colorado homes on acreage, horse properties, farms, land and ranches. I spend the majority of my time working in the Colorado Springs area, which is located in El Paso County and the surrounding counties. Within El Paso County, Colorado, the Black Forest is one of the most sought after areas for buyers of these types of properties.
For those who are not familiar with the Colorado Springs area, the Black Forest is located just northeast of Colorado Springs. Although the Black Forest is not incorporated, it is a census designated area.
About the Black Forest:
The Black Forest area is beautiful. The rolling hills in the area are blanketed with large, stately Ponderosa Pine trees. In the heart of the Black Forest, grassy meadows are interspersed among the pines. Some home sites have views of the mountains off to the west. Home sites on the eastern edges may have very few, if any trees. Some homeowners, especially those along the northern edge are able to enjoy views of interesting rock formations.
For those that love to go on long walks, to jog, to ride their mountain bikes or horses; the Black Forest also has some wonderful parks and trails in the area.
Many home owners enjoy the space and the overall beauty of the area. Others, especially those with the larger lots, enjoy being able to keep chickens, milk goats and/or a few horses.
Overview of 2018 Home Sales in the Black Forest
2018 was a very good year for homes sellers in the Black Forest and all for all of El Paso County. This overview captures all the activity of all homes sales in the Black Forest. Yet as you will see in the sections below, it is important to drill down into the statistics and look at the size of the lots and the price range that a home falls in. As always, it is important to remember that a home’s condition, age, quality and features also have a strong role in a specific home’s value.
That said, from an overall perspective – sales prices rose again in 2018. The days it took homes to sell was down. The inventory of homes available for sale in the Black Forest was and is still low despite the regular seasonal variations.
Details 2018 Black Forest Home Sales By Size of Lot
- 79 of the homes sold in the Black Forest were on 4 acres or less. Most of those homes sold were 2.5 acre lots. The average sales price for these homes was $665,937. It took an average of 49 days on market to sell a home on this size of lot. The sales prices ranged from $260,000 to $1,896,399. Sellers received an average of 98% of their listing (asking) price. The average price per square foot for homes in this group was $176 per square foot.
- 112 homes were sold that were on lots that were between 5 and 6 acres. The average sales price for these homes was $526,440. It took an average of 35 days on market before the home sold. The sales prices ranged between $262,500 and $1,530,000. Sellers received an average of 99% of their asking (listing) price. These homes sold for an average of $168 per square foot.
- 18 homes were on lots between 6-19 acres. The average sales price for homes on 6 – 19 acres lots was $599,664. In 2018, it took an average of 61 days for these homes to sell. The sales prices ranged between $349,900 – $1,250,00. The sellers received an average of 99% of their list price. These homes sold for an average of $188 per square foot.
- 11 homes were on 20 – 50 acre larger lots. The average sales price for a home in this group was $$888,755.It took an average of 163 days for homes on these larger lots to sell. This can be attributed to all the homes being above El Paso County’s average and median price points. The price range of homes on these larger lots was between $565,000 to $2,200,000. 9 of these homes sold for less than $1,000,000. Their owners received an average of 98% of the list price.
Historic Trends: Average Sales Prices in the Black Forest Area
Source of Data, PPAR MLS:
As you can see in the chart above, the average sales price of homes sold in the Black Forest has been rising since 2012. The Black Forest Fire, which burned over 14,000 acres and over 500 homes in June 2013, did not cause a big decrease in average prices in 2013 when compared to 2012. Average prices have risen more sharply since then.
Trends: Average and Median Days to Sell A Home in the Black Forest, CO
Source of Data, PPAR MLS:
Although there are monthly variations, the number of days it took for a home to sell in the Black Forest has also been decreasing. Again the decrease has slowed down some compared to the 2014 to 2016 time period. The days it takes or took to sell a home is dependent on the price range, the condition and if the home was properly priced when it was put on the market. Overall, buyers do not want homes that require lots of repairs or updates unless they feel like are getting an awesome deal on the home. Although there have been exceptions, the higher priced homes typically took longer to sell. The pool of qualified buyers decreases as the price point increases.
2018 Sales of Homes by Price Range the Black Forest
Source of Data: PPAR MLS
The great news seen in the above chart is that homes in the upper price ranges are selling. (I still remember when they were not.)
Historic Trends: Number of Homes Available for Sale Black Forest
Source of Data: PPAR MLS
In the chart above, you can see that January typically has the fewest number of homes available for sale. Compared to data from the last 10 years, we are still have very low levels of inventory of homes for buyers to choose from.
Forecast for 2019
Alright, I’ll be honest here. I am not an economist. If I tried hard enough, I can find economists that will paint rosey pictures of their predictions. I can find others that talk of doom and gloom. I spent the majority of my career working as a real estate broker and a certified public accountant, licensed in Texas. As such, I do tend to be very analytical and conservative. I also try to apply a dose of common sense.
Barring some sort of major natural disaster, such as another big forest fire, I am predicting that 2019 will be another good year for the real estate market in the Black Forest area. Yet, as you can see in the last chart above, buyer prospects still have a limited number of homes to select from. I HOPE that average and median sales prices will rise only slightly, as this is healthier in the long run.
Tips for People Thinking of Selling Their Home
If you are choosing to sell, the sooner you can get your home on the market, the less competition that it will have. Yet, if you have to choose between listing it as available for sale now or waiting until you can get the repairs, decluttering and freshening up done; wait. Buyers are aware that prices are high and have been rising. So, they expect to get value for the money they spend on a home. They are not desperate – especially in the price ranges that homes in the Black Forest fall within.
Are you curious what your home is worth? If so, please feel free to call, text or email me. I would be more than happy to assist you. We can also discuss strategies to help you sell your home for the highest price possible in a reasonable amount of time.
Sincerely,
Sondra Meyer
Black Forest rural homes sales trends and market report as of January 2019. January 16