Well, if you have been waiting for the real estate market in the Colorado Springs area to crash again; you are going to be disappointed. Despite this years snow and frigid temperatures in the teens; rural homes in El Paso County, Colorado, on 5 or more acres were still selling very well. The Colorado Springs area real estate market is hot. However the good news for buyers in the lower prices ranges, is that unlike a couple years ago, home prices don’t seem to be increasing like a wildfire burning out of control.
When I did my real estate sales analysis, on March 8, 2019; I pulled the data from the Pikes Peak Association of Realtor’s multiple listing service. I tried to be as accurate as possible, yet I can not guarantee that I did not make any typos. I do believe these reports will give you a general overview of the current real estate trends in El Paso County, Co.
As always, if please feel free to contact me if you would like information specific to your area. For example, prices for homes in the Black Forest area are completely different from homes in the Truckton or Rush area.
2019 Colorado Springs, CO Area Rural Homes Sales
January 1 – February 28, 2019
Homes old on 5 or more acres in El Paso County, Colorado
Number Sold: 53 Homes
Average Price: $454,312
Median Price: $400,000
Average Price Per Square Foot: $148
Median Price Per Square Foot: $143
Average Days on Market: 51 days
Median Days on Market: 26 days
Median Sales Price Trends
Homes on 5+ Acres
El Paso County Colorado
As of 2/28/2019
Source of Data PPMLS pulled by Sondra Meyer on 3/8/2019
As you can see in the chart above, the median sales prices have leveled out some. This is not a bad thing.
Remember, the median sales price represents the middle sales price figure. Half of all homes sold for over the median price. Half of all homes sold for less than the median price.
Often, the median price will be lower than the average price when some larger, more expensive homes sold.
Current Real Estate Market Status for Homes on 5 or more acres
Homes Sold Between January 1 – February 28, 2019: 53 (down from 56 last year) Sold prices ranged from $108,000 – $1,438,750.
Homes with Contracts Pending as of March 8, 2019: 70 homes. Price range is from $110,000 – $1,399,000.
Homes available for sale as of March 8, 2019: 96 homes. The listing price for these home is from $79,900 to $8,750,000.
Number of Homes for Sale on 5 or More Acres by Price Range:
As of March 8, 2019
$199,000 or less: 4
$200,000 – $299,999: 22
$300,000 – $399,999: 11
$400,000 – $499,000: 15
$500,000 – $599,999: 7
$600,000 – $699,999: 12
$700,000 – $799,999: 5
$800,000 – $899,999: 6
$900,000 – $999,999: 5
$1,000,000 -$1,499,999: 4
$1,500,000 plus: 5
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Number of Homes for Sold on 5 or More Acres by Price Range:
As of February 28, 2019
$199,000 or less: 5
$200,000 – $299,999: 13
$300,000 – $399,999: 8
$400,000 – $499,000: 8
$500,000 – $599,999: 7
$600,000 – $699,999: 6
$700,000 – $799,999: 3
$800,000 – $899,999: 0
$900,000 – $999,999: 0
$1,000,000 -$1,499,999: 2
$1,500,000 plus: 0
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So, as you can see their are no “gross imbalances” between the number of homes available for sale and the actual sales, year to date in any of the price ranges.
Thinking of Selling?
If you are thinking about selling this year, it looks like it will be a good year to do so.
As you are preparing to sell you house, consider what the average buyer is going to want for your price range. For example, while all buyers would love to find a home on acreage that is in perfect condition for under $100,000; that is not going to happen. The lower priced homes are typically in VERY rough shape. They will typically require a cash buyer.
Please remember, you homes condition and whether or not it has been updated will play a signficant part on how much your homes sells for.
Most buyers do not have the ability to make repairs themselves. Most buyers want homes that they can move into and enjoy. Yes – they might choose to repaint a few of the rooms. However, they do NOT want to feel like they HAVE TO repaint. The same goes for carpets, bathroom updates, etc.
Remember, now days buyer prospects have most likely spent time watching HGTV types of shows and spent hours looking at Pintrest dreaming. They expect homes to show well. In many cases, when they sold their homes – they took the effort to make their home show it’s best. So, these buyers have little patience for homes that are cluttered, unkept and require freshining up. They are willing to pay for a nice price for their next home. Yet, they are not desperate and willing to over pay.
Lastly, just because your house is on more land than other houses, does not automatically mean that you will get more for your home. A home on 5 acres might be just as appealing or even more appealing than a home of 35 acres or 80 acres.
Please realize that most buyers that are interested in a rural home simply are looking for a lifestyle that allows them the freedom from staring at their neighbor’s house every time they look outside. They might want to a lifestyle that allows a spacious yard, beautiful gardens, a few chickens, or a couple of horses or other small livestock. People that want to be able to see the stars at night, sunrises and sunsets. People that want away from the hustle, bustle, lack of privacy and/or noise associated with living in town. Thus, the condition of your home is VERY important.
Conclusion
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