Real Estate in Denver and the Suburbs

Real Estate Market Reports for May 2007 - DOUGLAS COUNTY WEST CASTLE ROCK - Douglas County, Colorado - STATISTICS FOR HOME SALES IN THE AREA This report includes all areas of the MLS known as DCW : Douglas County - Castle Rock, parts of extreme western and southern Littleton, Larkspur and Sedalia Residential - Single Family Homes ACTIVE LISTINGS Total Active: 1448 Average Price: $680,890 New Listings: 609 SOLD LISTINGS Total Sold: 184 Average Price of Sold: $483,842 Sold at % of List Price: 97% Average Days on Market (DOM): 116 OFF MARKET Under Contract: 226 Expired: 64 Withdrawn/Other: 348 Residential Condos/Town Homes ACTIVE LISTINGS Total Active: 151 Average Price: $203,849 New Listings: 54 SOLD LISTINGS Total Sold: 22 Average Price of Sold: $198,193 Sold at % of List Price: 99% Average Days on Market (DOM): 81 OFF MARKET Under Contract: 26 Expired: 9 Withdrawn/Other: 33 So what does all this mean? An important number to look at is the absorption rate in an area. This is the number of months of inventory available in the market. The best way to calculate is to take the number of active listings and divide by the number of under contract listings over the last month. A typical method is to divide active's by sold's. I don't think it is as accurate since many of the sold's may have gone under contract 60 days ago or longer, not reflecting the present situation. This would indicate that there is roughly 6.5 months supply of residential homes in this area and roughly 6 months supply condos/townhomes. This is a lot of inventory so if you are a buyer there are plenty of options and probably deals for you. If you are a seller and you don't have 6 months or more to wait until you sell, then price and condition are crucial. *Statistics from MLS deemed accurate but not guaranteed. *These numbers may not include FSBO and New Construction.