Archive for March, 2017
Amy Aschenbrenner of the Longmont Association of Realtors and Kyle Snyder are proud to deliver to you, our 2016 Longmont Housing Affordability Study. Please take the time to read the introductory letter in addition to reviewing all of the data. If you have any questions please feel free to contact Amy or myself. Click on the link below to see the report:
Additional commentary by Shay Castle of the Daily Camera and Times Call can be found here: No Entry Level Housing Options
Among Realtors and other industry participants, the big talk these days is about data sharing, or the lack thereof. In the short-term, this will be inconvenient at best. In the long-term, well, I’m on the side that hopes that some form of data share returns very soon. The best solution will include two years sales history, not just six months as it was most recently. I am lobbying for this solution for all my appraiser friends. Not all appraisals can be done with just six months of data, so even the most recent iteration of data share necessitated dual MLS membership.
Thinking ahead to March 2nd, I was Johnnie-on-the-Spot this month to grab REColorado sales data before it was gone. I don’t typically pull the stats until after the 3rd of the month due to the 3-day update rule at IRES. Even though I captured the data, I had to massage it a bit because I didn’t think far enough ahead. The results: the median sales price is actually a weighted average of two medians. When looking at the data that went in and came out, I like the results even if they aren’t perfect. This is just one of many ways a lack of data share can affect us even if a median sales price is of way less concern than a Realtor properly exposing a listing to the market. We have all gotten used to the data share and can hardly anticipate all the ways it will affect us. So, when given the chance, let your voice be heard and demand this issue be resolved.
February 2017 Longmont Area Stats
Click here for .pdf file
The chart we created this month is the same as last February and it corresponds to the results of the 2017 Housing Affordability Study that’s about to be published by Amy Aschenbrenner and myself. For the second year in a row, Longmont is one of the top performing cities in the study. You will notice the average increase (13.5%) for Longmont is 1% higher than what I published last month in my ’15 vs ’16 report for Longmont (12.5%). This is another effect of the data share. About a year ago, REColorado realized they were providing IRES with two years of data instead of the 6 months that had been agreed upon, so I don’t have full year REColorado data for either report.
I could go on and on about how bad the lack of data share is, but I won’t. Instead, I’ll let you check out the second consecutive month where the average single-family home price in Longmont is over $400k; the 3rd consecutive month where the median sales price of an attached home in Longmont is over $270k; the 3rd time in a row the average price in the BoCo Plains is over $700k and the 3rd time in a row where the average price of a single-family home out in the Carbon Valley is over $340k. Think about this for just a second, the months I’m referencing here are December, January and February. Those are typically our slowest and least competitive months where prices and averages usually take a hit. If this keeps up I will have to revise my estimate of 8% upward price growth for the year.
I hope your year is off to a great start.