Average Price in Longmont Jumps to $397,144
I have a lot of little items for you this month, so this won’t be one of those smooth, flowing stories I usually write. I hope you enjoy and find value in this all the same.
First of all, take a look at the median and average price increases in all areas. They are UP in all cases between 8.1% and 21.9%. This is amazing to see this half way through the year in addition to the decline in sales volume in 3 out of 4 areas. Area 5 is leading the pack with increased sales for the month and year, higher DOM, fewer listings AND higher prices.
Now take a look at the average price for June in Longmont…$397,144! It’s on the verge of $400k! Who’da thunk it? If you think that mark is impressive, well, it’s almost exactly one third of Boulder’s average sales price last month of $1,192,530. Believe it or not folks, even with our higher prices, there is still value to be found in Longmont. I’m pretty sure this is the first time Boulder’s monthly average has been over $1 million. And if my calculations are correct, they are over $1 million on average for the entire first half of the year.
Both of the graphs I created for you this month show just first half numbers for the past five years. You can see the sales volume is down just a bit (7.4%). This has been the trend all year thanks to our slow winter months. There’s a small chance we can catch up, but I wouldn’t bet on it (because of inventory, of course). The interesting graph is on the right, which shows the overall average sales prices for the first half of the past 5 years. I inserted the trend line to show just how steady and consistent this increase has been. The percent increases are, in order, starting from ’12 to ’13 are: 8.7%, 8.1%, 9.3% and 11%. When you read articles about a healthy housing market, “they” say increases of 6%-8% are healthy and anything more than can lead to problems. Again, this is not an indicator of a bubble. Elliot Eisenberg said it and I’ll say it again – This market is built on wealth, not credit. There is no bubble.
June 2016 Longmont Area Stats
Click here for .pdf file
Thank you for the feedback and updates to my list of new home construction projects in the area. I’ll include the link to that page frequently over the next several months in case you lose it. When I get some time I will build a map so you can see where these projects are located. Here’s the link: Longmont Construction Map.
Well, that wasn’t as disjointed as it looked in my head before I started typing. Please let me know if you have any questions.
The year is half over and if you haven’t seen the results you expected from your efforts, think about this quote from James Allen: “In all human affairs there are efforts, and there are results, and the strength of effort is the measure of the results.”