Year-to-Date Sales Still Strong Despite Low Inventory
It’s finally starting to feel like spring! There’s so much going on around town and I’m excited to write this stats piece this month. There are a couple of other gems in here for you as well. Let’s start with a recent announcement that First American Title was named Best Places to work in Canada for the fourth year in a row. However, in Canada we are known as First Canadian Title…makes sense I guess. So, not only are we in the Forbes 100 Best Places, and the Denver Post Top Places in Colorado, but also the Best Places to work in Canada. This really is an amazing company.
I saw this next piece floating around somewhere, but I want to make sure to share it with you. It’s an interactive map of all the oil and gas wells in Colorado. I think this is worth saving in your bookmarks in your browser because you never know when you will need it for a client. People are getting very selective about buying property that might be near an oil or gas well. Click on this link to see it on the Denver Post web site.
Now to the stats. Yes the average price of single family and attached homes in Longmont keeps rising. When only 4 single family homes sold last month for under $300k it makes sense that the average would tend to rise. Given our long term trend of rising prices and low inventory, rising prices are simply no surprise. What if I told you there were only 7 attached homes that sold last month for under $300k? It’s true, and I’m as surprised as you are. Even more surprising is that one of those new townhomes out by Silver Creek was resold for $531,000.
The Boulder County plains area looks like it might be taking a breather, but it’s not. It’s as hot as anywhere else with Year-to-Date sales exceeding last year by 8.4%. The lowest sale in this area last month was $363k and it had 11 sales for over $1 million. The highest sale was a $3.5 million spread that was only on the market for 10 days!
The Carbon Valley is also full steam ahead. Of their 54 closed sales last month, 14 of them were new construction. The average price of those closed new construction homes is $465k. Year-to-Date closed sales out there are still ahead of last year’s pace and their average price is still increasing. It’s looking like this could be another robust summer of home sales if inventory keeps pace.
For this month’s graph, I updated one on inventory from two years ago. I dropped the 2007 data so we could see this year better. The high point in ’07 was nearly 900 listings in July of that year. Can you believe we are at only 236 now? When we say historic lows, this current inventory level really is shockingly low. Of those 236 listings, 135 are under contract and 27 are unbuilt new construction. That leaves us with a grand total of 74 active resale homes on the market. No that’s not nearly enough, especially when there were 84 sales last month. That’s less than a 1 month supply of homes.
I know these rising prices are not good for everyone, but we really don’t have it so bad. Just for grins I took a peek at what’s happening in Boulder. So far this year they have sold 191 single family homes, with an average days on market of 64, and a whopping average sales price of $1,255,790. That’s for the entire year and their highest sale was only $5.2 million. On the attached home side over in the People’s Republic 178 were sold so far this year at an average price of $590k and 61 days on market. Surprisingly, the highest priced closed condo was more expensive than the highest priced single family home at $5.5 million.
Let me know if I can help you with your real estate business. I’m a small business consultant, a former magazine publisher, an idea guy and your personal marketing assistant. All you need to do is call, text or email and we will find a time to have a confidential meeting. 720-534-8355 or email@example.com.