Star View Real Estate

Black Forest, CO Real Estate Market Analysis

Black Forest, CO Real Estate Market Analysis

I am a real estate agent that specializes in rural homes on acreage, horse properties, farms, land and ranches.   In the Colorado Springs area, one of the most popular areas for these types of homes is the Black Forest area.  For those who are not familiar with the Colorado Springs area, the Black Forest area is located just north of Colorado Springs on the east side of I25.    It is a beautiful area that features rolling hills  that are blanketed with large, stately pondersa pine trees.  In the heart of the Black Forest, a few grassy meadows are interspersed amongst the pine trees.   Some homesites have views of the mountains off to the west.   Homesites on the eastern edges may be open.    Did I mention that the Black Forest is a beautiful area.   In order to best help my seller clients, I try to closely the residential real estate market is doing in the Black Forest.

The information below is from data that I pulled from the Pikes Peak Association of Realtor’s MLS.   (PPAR MLS).   Since I specialize in homes on acreage that is large enough for people to have room for horses, cattle, goats or other livestock, I have only included homes that have at least 5 acres in my analysis.    Basically, I am trying to keep homes with large yards from throwing off my analysis of the market demand for homes with acreage.  (That is not to say that I dislike large yards or estates.  I analyze those separately.).   There are numerous sources of market reports that has all the home sales lumped together.   If you are interested seeing one of those, please let me know.

The Bottom Line Up Front:

The Colorado Springs area, to include the Black Forest, has been enjoying a healthy real estate market.   It is definitely a sellers market especially in the lower price ranges.

  • For 2017, the average price of a home in the Black Forest was $558,400.  This is up from 2016’s average sales price of $448, 044
  • As of 1/14/18, buyers had 23 homes to choose from in the Black Forest area.   Only 5 of those are under the $600,000 price point.
  • 2018 has started off strong for Black Forest home sellers.   As of 1/14, eleven homes are currently under contract.  3 closings (actual sales) have occurred.
  • The total number of homes that sold in 2017 decreased compared to 2016 levels.   115 homes sold in 2017.    155 sold in 2016.   This appears to be directly related to the shortage of inventory of homes in the lower price points.

 

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Black Forest Real Estate Market Analysis  as of January 14, 2018

11 Homes currently under contract

3 Homes have sold between January 1 and January 14, 2018

23 Homes that are on at least 5 acres lots are for sale in the Black Forest.

 

Black Forest Homes for Sale Jan 2018
Number of Homes for Sale in Each Price Range

(Source of data – PPAR MLS.  using homes on lots that were 5 acres or larger)

The homes available are in the following price ranges:

$300,000 – $399,999.    1 Home

400,000 – $499,999.  – 2 Homes  ( One of these is a bank owned home)

$500,000 – $599,999.  – 2 Homes

$600,000 – $699,999.  – 4 Homes  (One of these is a new home to be built.)

$700,000 – $799,999.  – 3 Homes

$800,000 – $899,999.    none

$900,000 – $999,999.    2 Homes

$1,000,000 Plus            9 Homes  (There are some very nice homes to choose from in this price range.)

 

2017 Market Reports for Black Forest

 

2017 Black Forest Homes Sales by Price Range
Source of Data: PPAR MLS

 

115 homes on lots that were  at least 5 acres or more sold in the Black Forest area of CO in 2017.    The majority homes sold in the Black Forest are on 5 – 6 acre lots.  (88 out of 115 sales)

Homes Sold in the Black Forest, CO in 2017 by Month

2017 Black Forest Real Estate Market Report

(Source of data – PPAR MLS.  using homes on lots that were 5 acres or larger)

 

The Average Days on Market in the Different Price Ranges in the Black Forest

Due to the variety of homes in different price ranges, I felt that the average days on market for the Black Forest was confusing when the data for all the homes that were sold was lumped together.

I decided to look at the average days on market for homes in the different price points.   As was expected, the owners with homes in the lower price ranges received acceptable contracts in a much shorter time period that owners of larger, more expensive homes.

Average DOM in 2017 for homes in Black Forest
As you can see, sellers with lower priced homes are able to get their homes under contract much faster than those with homes at higher price points.

 

Conclusion

The real estate market in the Black Forest area of Colorado Springs is doing very well.   There is strong demand for homes on acreage.   The average and median prices increased over 2016 levels.   Homes at the higher price points are selling.

If sellers want to recieve the best price for their home, they still need to ensure that it shows well.   In order to minimize potential problems that could come up during the inspection process, sellers should take care of known repairs and maintenance issues if at all possible.

If you have any questions or could use any help in selling your home in the Black Forest, please feel to send me a text, email or call.

 

Sincerely,

Sondra Meyer

Real Estate Agent

Specializing in homes on acreage, horse properties, farms and ranches

719-761-6272

 

 

 

 

 



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