As a real estate agent, I specialize in rural properties in Colorado. The single most common question I get asked is, “How is the real estate market doing? In this article, I will be discussing the rural Colorado Springs real estate market as of May 31, 2019. If you are a seller, you will be glad to know that the rural real estate market in El Paso County, Colorado is still doing great.
If you are a buyer, you are probably wishing that you could have bought your house a few years ago. Yet mortgage interest rates are at a 52 week low, so it is still a great time to buy. Well that is unless you are a buyer that wants to wait for prices to go up even more.
When you see the data below, please keep in mind it only includes homes that are on lots that are 5 acres or larger and in the Colorado Springs area. Specifically, it only includes home located in El Paso county. Unless otherwise noted, the data is from the Pikes Pikes Peak Association of Realtors multiple listing service (PPAR mls) database. It does not include any transactions that did not include a Realtor.
Back in February, for the buyer’s sake, I was hoping that rural home price growth would be slowing down some and leveling off this year. Yet, despite this springs winter weather, politics and trade war issues; prices are still rising for homes on acreage as long as they have been well maintained.
As always, the actual value of a home depends on its location within El Paso county. For example, prices for homes in the Black Forest area are completely different from prices for a home in the Rush area.
Overview: Colorado Springs, CO Area Rural Homes Sales
January 1 – May 31, 2019
Homes sold on 5 or more acres in El Paso County, Colorado
Number Sold: 197
Average Price: $474,701
Median Price: $430,000
Average Price Per Square Foot: $163
Median Price Per Square Foot: $160
Average Days on Market: 51 days
Median Days on Market: 24 days
Average Home Price Trends
The number of rural Colorado Springs area home sales increased (199 last year vs 97 this year)
Average home sales price up from $457,502 in 2018 to $474,701 this year (2019)
Average Days on Market: Jan – May 2019
It is taking about 7 fewer days,on average, to sell a home this year than it did for the same time period last year. It is taking 51 days this year for a home to sell, on average; compared to 58 days last year.
Median Sales Price Trends
However, both the median sales price and the median number of days to sell a home has increased. Median number of days in 2019 is 24 days vs 15 last year.
The median sales price for homes on acreage in El Paso County was $430,000 as of May 31, 2019. This means that half the homes sold were sold for less than $430,000. The other half sold for more than $430,000.
Median number of days for a home to sell in 2019 is 24 days. It took 15 days for the same period last year. This increase is not anything to be concerned about. This appears to be attributable to the number of homes that sold this spring that fell within the lower and upper ends of the price ranges.
Home Sales By Price Range
Typically, higher priced homes, especially those in the million dollar plus price range take longer to sell. At the same time, the “super cheap” fix-it upper properties also take longer to sell. As result, the increase in the median number of days for homes to sell appear to be correlated to the increased number of sales of homes in both of those categories.
Homes Sold: Between January 1 and May 31, 2019; 197 homes on lots that were on at least five acres were sold. The prices ranged from $75,000 to $1,697,500.
Most of the homes at the lower end of the price scale would not be habitable without a SIGNFICANT amount of work. The lowest priced home was on 40 acres in Yoder. Even though the $75,000 property was listed as a residential property, the price received reflects the value of a 40 acre land with a water well and utilities in the Yoder area.
The highest priced home was located on an exceptional 45 acre lot in the Black Forest. The home was a nicely updated 2,324 square feet home. The new owners are able to enjoy their beautiful 45 acres lot that included a small lake and gorgeous mountain views. Congratulations to the new owner.
These pictures are from the Pike Peak Multiple Listing Service. The home was on the market for 37 days.
If you are thinking about selling this year, this is an excellent time to do so. The real estate market is doing great. Compared the last few years, the pastures and fields are exceptionally lush and green. The leaves are out. The weather is great. As of yesterday, June 7, 2019 – mortgage interest rates were at a 52 week low.
Although buyers are not acting desperate, they are ready and willing to purchase well priced homes.
Land sales in El Paso County are also doing well. Compared to the same time last year, prices per acre are up. Median days on market is down. Inventory is at some of the lowest rates within the last 10 years.
If you are ready to sell or if you have any questions, please do not hesitate to contact me.
Disclaimer: I try to be as accurate as possible Yet,I can not guarantee, with absolute certainly, 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. If you have any questions, please do not hesitate to ask.