60% of Homes Sold in Longmont between $250-$400k
Back in May of this year I created the same graph as the one I have included in this month’s stats report. The difference is that the original had just one month’s worth of data. This one contains the year to date single family homes sold, so the data set is much larger to give us a clearer picture of where the action is. I added a couple of extra columns, but for the most part, the results are the same. In May, 63.5% of all sales were between $250,001 and $400,000. During the entire first two thirds of the year, 59.5% of all sales were in the same price range.
It would be interesting to track the days on market for each of these price ranges because that would give sellers a more realistic marketing time frame depending on their price point. We all know that the days on market for a home priced at $280,000 is much different than that at $530,000, so maybe we will visit that next month.
August 2016 Longmont Area Stats
Click here for .pdf file
For the time being, let’s go back to what we have in front of us. The most active portion of the pricing spectrum isn’t news. We’ve all pretty much known what sells, but it’s nice to see the numbers to back it up. What interests me are the outliers in the graph. For the lower end, there simply aren’t any. The one home that sold for under $150k was that boarded-up, uninhabitable place over on Coffman and 3 of the 8 between $150-$200k closed back in January. On the other end of the spectrum, there were two homes that sold for over $1M, both in Sommerset.
Average and median prices continue to climb on a year over year basis. The Longmont attached home inventory and days on market increases are still trending higher only because of the new attached inventory in the southwest part of town. Interestingly, both DOM and inventory are climbing in the BoCo Plains and Carbon Valley markets. We will have to keep an eye on those over the next couple of months. Only the Longmont single family market is holding steady in those departments. I have a feeling this will continue for another few months before the leftover demand from summer is fulfilled.
Onto another topic real quick before I wrap up. For some reason, and all of the sudden, I have been asked for our “What is Title Insurance” document several times. Agents are wanting this doc to provide it to their buyers or sellers so they know a little more about what is going on around them in the transaction. Here is a link to the .pdf doc (“What is Title Insurance”) so you can pull this and email it to them when they receive their title commitment (or forward them the link). The education of all parties in a transaction is important to all of us so they feel comfortable with the process and during the closing. If there is anything else I can provide to you to help you with your business, please feel free to ask and I will see what I can do.
I don’t know if anyone eles is ready for football, but Thursday can’t get here soon enough for me