Star View Real Estate

Overview of the Market for 5 acre lots in the Colorado Springs area

Overview of the Market for 5 acre lots in the Colorado Springs area

I am a real estate broker that focuses on homes that are located on acreage, small farms, ranches, land and horse properties. Part of my daily routine involves monitoring the real estate market in the Colorado Springs area.   I pay attention to what is going on in  El Paso county, part of Douglas county and Elbert and Lincoln counties.    I’ve decided to start posting my notes about the real estate market conditions on my website in case other people are interested in getting an overview of the real estate market for 5 acre lots.

In the analysis that follows, I’m summarizing what is going on with the sales of five acre lots in El Paso county, Colorado.    Similar to homes, a five acre lot’s location plays a major role in it’s value.  So, this information is a big picture overview.    Additionally, it is important to keep the following things in mind:

  • Most five acre lots that sell DO NOT have a water well on them. Those that do have an existing water well are more expensive than those lots without.
  • A five acre lot’s value is also impacted by the amenities available to home-owners and covenants.
  • For this analysis, I’ve only used data from the Pike Peak Association of Realtors MLS. As result, it will not include every sale that has occurred.
  • Finally,  although I attempt to be as accurate as possible when I pull my figures, the information should be verified.  Sometimes I can’t read my writing, I may read a number wrong or simply make a math error. However, for my purposes of monitoring the market – it doesn’t make sense to spend hours and days proofing my work.

2018

Over the last couple of years, there  appears to be a somewhat steady group of buyer’s purchasing five acre lots.  This trend is continuing in 2018.      In 2015, there were only 69 sales of 5 acre lots in El Paso County. In 2016 and 2017 – 85 five acres lots were reported as being sold each of those years.   The median and average prices for 5 acres lots appear to be climbing some compared to 2015.

5 acres lots in El Paso county, aka the Colorado Springs area, that are available for sale:

As of March 4, 2018:

Available for Purchase:

60 lots that are approximately 5 acres are available

Price range $30,000 – $650,000

Lowest price was in the Fountain/Hannover area

The lots in the area west of I25 were the most expensive.

15 Under contract

Price range $69,900 – $235,000

Areas:

6 Black Forest

5 Tri Lakes area

2 Falcon

2 Peyton

2018 Sold

January 5

February 6

Total: 11

Areas:

Black Forest 4

Falcon 3

Peyton 1

Tri Lakes area 1

Sold prices ranged from $50,000 – $240,000

Average- $119,182

Median – $110,000

In January/February of 2017, last year, 14 five acre lots had been sold.

————————–

2017 Sold

85 lots

Average price: $121,594

Median $109,000

 

 

2016 Sold

85 five acre lots

Average price was $116,964

Median price was $99,000

2015 Sold

69 five acre lots sold

Average price was $119,064

Median price was $112,900

 

If you have any questions about purchasing or selling a 5 acre lot in the Colorado Springs area, please feel free to call or email.

Sincerely,

Sondra Meyer

 

 

 



Leave a Reply

Your email address will not be published. Required fields are marked *