Douglas County 2024

Real Estate Market Update

If you’re thinking of buying or selling in the Douglas County area of Colorado, then you’re not going to want to miss this market update to learn about how these market trends affect YOU specifically.  I’ll answer some of your biggest market questions and offer some hidden opportunities in this real estate market!

Market Overview

Alright let’s start with sort of the overview or high-level perspective of the market.  One of the main things that drives pricing and certainly effects your buying/selling experience is inventory. 

In Douglas County we currently, we have a 2.43 Months Supply of Inventory.  This means that if no new homes were listed, it would take just under 2/12 months to sell all the homes on the market. 

We typically say that 4-6 month’s inventory is a balanced market; less than 4 means that there’s not a lot of inventory and so that can drive the prices up, making it more of a sellers’ market.  And more than 6 months inventory means lots of inventory driving home prices down and making it a buyer’s market. 

That would mean that we would classify this as a seller’s market.

Now something that I think is worth noting is that this number is up 23% from last month and 66% from this time last year, which is good news for buyers as we are seeing an increase in availability and therefor more choices.  And if you are a seller, really think about the advantageous of listing when there’s less inventory.  

Average Price

The biggest thing people seem to want to know is price.  First of all, keep in mind that the numbers I’m reporting here are for all types of residential properties meaning that this includes townhouses, condos, multi-family homes as well as the single-family residence.

In Douglas Countyy, the median sold price was $678,000.  With just a 2.5% difference from last month, prices seem to be holding pretty steady.

And I personally think it’s interesting to compare this to  average for the rest of Colorado which is $584,524 and the rest of the nation which is $415,500.

List to Sale Price Ratio

The List to Sold Price percentage is another area of interest.  In Douglas County it’s is an impressive 99.3%, which means that homes are selling very close to their asking price. This is great news for sellers, as it shows that there is still strong demand in the market.  And it really speaks to the accuracy of pricing reflecting the actual market value.

Interest Rates

Now on to interest rates……Oh interest rates😊so in February we saw interest rates in the mid sixes and low sevens depending on the type of loan.  I guess the best thing I can say here is, talk to your lender about rate buy downs and then keep that in mind as you’re shopping.  If you aren’t familiar with buy downs, let’s chat.  Bottom line, there are options so that you don’t have to pay the current rates.

Days On Market

Days on the market is a pretty important number for sellers as they try to navigate how long they can expect it to take for their home to sell.  The median days on market for Douglas County is 42 days, which is relatively fast compared to other areas.  And this number is down nearly 20% from last month which means that if you are a seller, and your home is priced right, it’s   likely to sell quickly. 

Conclusion

In summary, we are still seeing a seller’s market. The low inventory is keeping pricing steady and that isn’t expected to change.  As we enter the spring market, everything tends to pick up from a seasonal and historical perspective, so with that in mind, it wouldn’t surprise me if we see even greater demand as more buyers start to venture out creating more competition and thus higher prices and even multiple offers and bidding wars. 

On a ground level, we are already seeing houses priced appropriately, selling within hours and getting multiple offers.  

So, for all you sellers, I’d suggest getting the house ready and meeting with your realtor asap to put together a plan.  And for all of you buyers, here’s the thing:  Even though I have mentioned several times that this is a sellers’ market there isn’t a lot of indication that this is going to change.  In my opinion, this is a basic supply and demand issues and for the foreseeable future, at least in Colorado, more people want to live here and own a home than the number of available homes, which as we have discussed here and in other videos, keeps housing prices steady. 

That doesn’t mean things might not become more and more balanced, but I would not be waiting for prices to fall, the market to crash, or for a huge swing to make it a “buyer’s market”.  What I would suggest is figuring out if you can get into a home NOW before we see that influx of new buyers.  Before the spring market is in full swing.  Before interest rates drop which means we will definitely see more competition. 

Compare listings

Compare