Download October 2020 Market Stats
Land Sales Decrease from Previous Month, Higher than Same Month 2019: All market indicators for land sales between $100,000 and $1,000,000, including agriculture and residential land, are up year over year, including number of transactions, sold prices and sales volume. We did see a dip in land sales from September 2019. This is not unusual to see in October. September was a record breaking month.
Why the change?
It is my opinion the uptick in land purchases could be due to a few causes:
1) Inventory. There are not enough homes on the market in the Denver Metropolitan area and Buyers are purchasing land to build their new homes.
2) Covid & Work-From-Home. As more companies allow employees to work from home, many Buyers are moving out of urban markets into suburbs and rural areas.
3) Market & Election Concerns. Investors could be buying land in lieu of cash holdings.
Additional Data: The Average Original List Price for vacant land in Douglas County was $397,737 with a sales price of $370,010. This equates to a 7% price reduction from the original list price. The average Days on Market was 118 days. The longest days on market was 1044 days and the shortest 0 days.
What Buyers Need to Know Inventory is down and prices are slightly increasing. Expect a slow down in sales for November, but be prepared to make an offer. Speak with your lenders now or have your proof of funds ready for Seller review.
What Sellers Need to Know Buyers are purchasing land in Douglas County, but expect a slight slow down in November. Remember, land does not sell as quickly homes. If priced right, you should see offers in the first 30 days. If over priced, expect longer days on the market.