July 2011 Longmont Statistics
Click here to see the report: July 2011 Longmont KS
Longmont area sales look pretty impressive this month versus 2010. I told you this would happen several times – do you believe yet? The Predictor also has turned out to be a pretty darn accurate tool as well. Where do we start this month? There is so much going on and even more that I have discovered… so let’s begin.
First of all, the July sales total exceeded The Predictor’s number of 101, again confirming my outright optimism for the market. Secondly, July saw its highest monthly sales total in four years! This fact alone should not be taken lightly. We had no incentives to drive this market, so it is a view of our “new normal” and a leading indicator of a positive future. Thirdly, this is the fourth month in a row that the monthly sales totals have exceeded The Predictor – which is built on 8 years of averages and trends. And lastly, the yearly sales total is exceeding The Predictor by 4% so far this year versus 2010 indicating an above average performance for the year…again a positive for the market. All of the other markets in this report are acting similarly. Look closely – it’s beautiful!
Now some observations and facts. Last month I viewed all of the listings sold in Longmont and noticed a large number of out of town brokers in the list. This month I dove deeper into the data. I did it a few days ago, but the two additional sales reported since I looked will not affect the point here. Of the 109 sales I looked at, here is what I found:
Longmont Agents Listings Sold = 56
Longmont Agents Buy Sides = 53
Out of Town-ers Listings Sold = 53
Out of Town-ers Buy Sides = 56
Odd, isn’t it? It is perfectly believable that Out of Town agents would have a lot of buy sides. That is from people moving into Longmont. But, for Out of Town agents to have nearly the same number of listings as Longmont based agents is mind-boggeling. The typical response from agents is that they are listing all the REO’s and Bank Owned properties. This just isn’t true. There were 14 bank owned sales in Longmont in July and only 8 of them were sold by out of town agents. There were 2 HUD homes sold last month, both by out of town agents. There were about 4 that were misidentified as “Other Owner” that we’ll throw in for good measure, so that brings our total back up to 14 “distressed properties” listed by out of town agents…a far cry from 53; leaving 39 listings out there worth a little over $9M and representing about $250,000 in commissions that left town. Bummer.
I have several clients who are busy. Those who are the busiest are working with both buyers and sellers. I have also run into a number of agents who won’t touch a short sale (listing) with a ten foot pole. I definitely understand this, but this is a seller and a chance to make a commission. If you don’t want to mess with one of these, fine. But find yourself someone locally to refer them to. You still have the chance to make a check from this and take care of a friend or client in need. The icing on this cake is that the local economy benefits all the way around…and so do you.
The Predictor says: August = 104