Low Inventory Continues in January 2014
A new year always brings about a bit of change. This year you’ll see changes to the graph portion of my stats report. I get a lot of comments from people who like the graph in the center of this piece. But after 8 years of data accumulation it has gotten a bit squished. So, instead of removing some bars of old data to make room for 2014 I decided to mix things up. From now on I will create a rotating stable of different graphs to show what is going on in the different sectors of data. It should be fun, but until I get used to it, you will be stuck seeing a bright pink bar once in a while.
This month’s graph is simple and straight forward. It is a depiction of the total single family sales volume in Longmont over the past 12 years. You can clearly see the top of the market was 2004 and 2005. If Uncle Sam hadn’t stepped in and offered a first-time home-buyer’s tax credit in 2010 I’m confident we would have seen a clear bottom that year. What we do see though is a clear trough defining the bottom between 2009 and 2011. What this graph can’t show is the 35% drop in sales volume between ’04 and ’09. The good news is we are experiencing a 29% increase since then. Show that graph to your friends and clients and they will be impressed.
January 2014Longmont Area Stats
- Sales Volume UP 29% since 2009
- 6.0% Increase in Median Sales Price ($265,000)
- Only 25 Active Attached Dwelling Listings
- Average Attached Dewlling Sales Price $215,996
- 72.0% Increase in Sales Volume in Tri-Town area
Notable numbers in January 2014 are the lower single family home sales in Longmont. I have to think that a lot of this is due to the extremely low inventory that was low last year and is now down an additional 25%! Look at the attached dwellings in Longmont…25 active listings? It’s no wonder why the sales numbers are so high in the Firestone, Frederick and Dacono area – there is nothing to buy in Longmont.
Speaking of nothing to buy in Longmont. I did some poking around when doing some year-end stats for the paper. The 208 Active Listings in this report includes all Active/Backup. I do this because it isn’t sold until it closes, so things can change. If you take out those A/B’s, there are only 118 truly active listings in town. Of those 1 is mis-mapped into Longmont and 22 are new construction that aren’t even built. That leaves us with an actual inventory of 95 homes. Here is the most shocking number to me – only 54 of 118 active listings in Longmont are listed by Longmont agents (46%).! We can all do math, but if 54% of our active homes are listed by out-of-town brokers, it’s time to call your neighbor and convince them that a local agent has the most knowledge of this market and is the one who can get them the highest price for their home. If you are looking for listings, they are probably sitting across the street or down the block from you right now. It’s time to make the calls and kick your business into high gear. It’s a new year, bring on some change.