Longmont Price Increases Outpacing Carbon Valley
Since there isn’t much to cheer about in regard to our beloved Broncos, let’s just focus on the real estate and all we have to be thankful for. One thing I’m thankful for and look forward to receiving is the yearly NAR Profile of Home Buyers and Sellers. It was just released and you will do yourself a huge favor to read (or at least flip through) it. NAR collects tons of data and they are getting much better at making it meaningful. I noticed several new and changing trends in my first quick look, but I’ll have to add this 144 page document to my holiday reading list.
In our local real estate market, I’m thankful for a strong market where prices are still trending up, days on market are settling in at around 60 days, and active listings are somewhat stable, albeit low. The attached October report clearly shows our markets are doing well. Last month I was looking at the data and seeing some discrepancies I promised to research. One was new home sales. Well, pulling data from the county records didn’t help. We have more new home sales reported in IRES than I could find in the county records. The more I looked, the more I realized that many of those homes sold are still categorized as vacant lots because their tax status hasn’t been updated. Nonetheless, we have nearly 90 new home sales reported through IRES. I’m sure that is lower than the actual total, so I’m thankful we have some representation in our numbers.
Each area in the stats report shows an increase in both median and average sales price. Home owners and sellers like seeing this trend. Buyers… not so much. The good news is that in Longmont single family home sales in October, there were actually 8 homes that closed for under $300k and the highest was only $807k, so the average isn’t being skewed by several $1M+ homes like we’ve seen in the past. The Longmont attached homes are just about the opposite. Three of them sold for over $500k with the most expensive at $659 and the least expensive being $195k.
I am always thankful for the graphs I’ve created for you in the past. I can update them or put a new twist on an old graph. I updated this months from a couple years ago. It shows the monthly average sales prices for Longmont versus the Carbon Valley. The graph starts in January of 2015, the only month on record where the average in the Carbon Valley was higher than Longmont. You can see the average prices climb for each area, but I also added a linear trend line that clearly shows the Longmont prices outpacing those in Firestone, Frederick and Dacono. Most reasonable people would attribute this to Longmont being in higher demand due to its proximity to Boulder. If you think otherwise, let me know.
It’s less than two months until the New Year. We all know that listings and sales start to drop off for the winter at this time. We also know that now is a great time to start reflecting on the results from the past year and plan for next. When you start your planning and want to kick your business into a higher gear, feel free to bring me into your research and planning. I’m a small business consultant with many avenues, ideas and tools for you to consider. First American Title is a company that partners with several marketing companies to bring you new ideas, reasonable prices and streamlined processes to your marketing efforts. Feel free to contact me any time to see if I can bring some fresh ideas into your business.