Star View Real Estate

El Paso County, Co Rural Real Estate Market Conditions as of March 3, 2018

El Paso County, Co Rural Real Estate Market Conditions as of March 3, 2018

As a real estate agent that specializes in rural property, I monitor the market conditions on a daily basis. I’ve decided to start sharing my notes with my readers. Basically, I am trying to monitor what is attracting buyers, what isn’t, how fast are properties going under contract and of course what the actual sales prices are. I also pay attention to the homes of sellers that accept contracts but then the deal falls apart.

 

As of March 3:

Overview of homes in El Paso County that are on at least 5 acres:

I am only using data from the Pikes Peak Association of Realtor’s MLS. The information is a snapshot based on the time that I pulled it. Changes will occur throughout the day.

El Paso County, CO: Homes for Sale on 5+ Acres: 89

The following is a list of the number of homes in the different price ranges as the morning of March 3, 2018.

$50,000 – $99,999 – 0

$100,000 – $199,999 – 6 homes

$200,000 – $299,999 – 13 homes

$300,000 – $399,999 – 9 homes

$400,000 – $499,999 – 10 homes

$500,000 – $599,999 – 6 homes

$600,000 – $699,999 – 7 homes

$700,000 – $799,999 – 9 homes

$800,000 – 899,999 – 5 homes

$900,000 – $999,999 – 3 homes

$1,000,000 – $1,299,999 – 7 homes

$1,300,000 – $1,499,999 – 2 homes

$1,500,000 – $1,999,999 – 5 homes

$2,000,000 – $2,999,999 – 3 homes

$3,000,000 – $3,999,999 – 2 homes

$4,000,000 plus – 2 homes

65 Homes on 5 + acres with a Contract Pending

$50,000 – $99,000 – 1 home

$100,000 – $199,999 – 3 homes

$200,000 – $299,999 – 20 homes

$300,000 – $399,999 – 12 homes

$400,000 – $499,999 – 9 homes

$500,000 – $599,999 – 9 homes

$600,000 – $699,999 – 8 homes

$700,000 – $799,999 – 0 homes

$800,000 – 899,999 – 0 homes

$900,000 – $999,999 – 1 homes

$1,000,000 – $1,299,999 – 0 homes

$1,300,000 – $1,499,999 – 1 homes

$1,500,000 – $1,999,999 – 0 homes

$2,000,000 – $2,999,999 – 1 home

$3,000,000 – $3,999,999 – 0 homes

$4,000,000 plus – 0 homes

Homes on 5 + Acres that Sold in 2018

January February Total
$50,000 – $100,000 –      0               0                0

$100,000 – $199,999 –     3              0                3

$200,000 – $299,999 –     9               6.              15

$300,000 – $399,999 –      4.             6.              10

$400,000 – $499,999 –       6              9               15

$500,000 – $599,999 –       3              3                6

$600,000 – $699,999 –        3             2                 5

$700,000 – $799,999 –        0             1                 1

$800,000 – 899,999 –          0             1                 1

$900,000 – $999,999 –        0            1                 1

$1,000,000 – $1,299,999 – 0            1                  1

$1,300,000 – $1,499,999 –  0           0                   0

$1,500,000 – $1,999,999 – 0            0                  0

$2,000,000 – $2,999,999 –  0           0                  0

$3,000,000 – $3,999,999 –    0         0                  0

$4,000,000 plus –                   0        0                  0

 

 

Sondra’s Thoughts on the current rural home real estate market:

The Colorado Springs area real estate market is still experiencing very low inventory levels. So, buyers do not have all that much to select from.

– For person’s seeking to live in the country on acreage, there are few homes that are available close in. For sellers that have homes on the outer edges of El Paso County, buyer prospects are still expressing concerns about their commute. It will be interesting to watch what happens over the next few weeks.

– Several homes in the upper $200,000 price range were place on the market last Thursday and Friday, just in time for the weekend. Fortunately, the weather was really nice in the upper 50s and 60s. It will be interesting to see what homes, if any, buyer prospects decide to place offers on.

– Sellers of homes under $200,000 didn’t get any of their properties under contract last week. The homes in this price range require significant work or they are properties that will not qualify for conventional, FHA or VA homes loans. In other words, the interested buyers don’t have the necessary cash.

– In the last few days, investors that bought a couple of homes last fall as fix it uppers completed the renovations they were working on. The freshly renovated homes look amazing. I anticipate they will be among the first to go under contract this week.

– Homes over $700,000 are still selling much more slowly than homes in the lower price ranges. Historically, these price ranges area always going to sell more slowly as there are fewer people that can afford the homes. The good news is that there are some homes under contract and some sales in the upper price ranges. I’m hoping to an in depth analysis of these homes later in the week.

– The warmer temperatures this weekend have been very pleasant. Granted, here in Calhan the wind is horrible today. We need are also very much in need of moisture – either snow or rain.

-I drove out to the Ramah Reservoir yesterday (Saturday, March 2) to check on its water level. It was a very sad sight. Nearly all the water has dried up.

 

Even though the water is nearly gone, I saw two different sets of people enjoying the park with their dogs.

Ramah CO lake is nearly dried up
March 3, 2018 Nearly dried up due to lack of moisture.

If you have any questions or if you would like to know what your home is worth, you can either call me or email.

 

Sondra

 

 

 



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