Douglas County Real Estate Market Trends July 2021
Nationwide existing-home sales rose in July. This makes two consecutive months of increases, according to the National Association of Realtors. Single-family home sales increased to a seasonally adjusted annual rate of 5.28 million in July. This is up 2.7% from 5.14 million recorded last month, but down 0.8% from one year ago.
The median home price nationwide is $367,000 in July up 18.6% from July 2020. The West region led the highest median price home at $508,300 up 12.5% from last year followed by the Northeast where the median price home was $411,200. In terms of the most closed sales, the South led the way with 2,630,000. In Douglas County our median price rose 22.7% in the month of July to $305,000 compared to last July when it was $248,500. The median price was also up 5.5% over last month at $289,000.
Total housing inventory increased nationwide at 1.32 million units up 7.3% from June’s supply, but down 12.0% from a year ago. This could result in more properties for buyers to choose from and less multiple offers. This trend is also true in Douglas County where our inventory supply increased to 1.5 months.
Douglas County continues to see increases in new listings year-to-date at 1,386 vs. 1,283 in 2020. However, our year-to-date pending sales are down 1,109 vs. 1,141 in 2020. We follow pending sales because it is a good indicator as to how strong or weak the market will be in the next 30-45 days once offers begin to close. Our closed sales year-to-date have increased to 992 vs. 960 in 2020.
Comparing the first seven months of 2021 to 2020 In Douglas County, the average sales price has increased by +24.1% ($307,800 vs. $248,000). In July the average sales price increased to $328,900, which is the highest price I have seen in the 48 years that I have been practicing real estate. When I started selling real estate homes were $7,000. I’m amazed that over the years that price has increased 40 times. Also, the cost of a new home was $10.00 a square foot and now it is over $250.00.
OUR AREA IS STILL SEEING A LARGE INCREASE IN SALE PRICES (DOUBLE DIGIT INCREASES IN MOST CASES). IF YOU WANT TO TAKE ADVANTAGE OF THESE INCREASES, GIVE US A CALL!
Please greet and thank the National Guards that have stepped up and are helping at Mercy Medical Center. We appreciate them and the vital role they play working alongside our heroic medical staff. As you know, Douglas County has had an increase in COVID cases, and the hospital is at full capacity. Please do everything you can to keep yourself and those around you safe.