Way back in 2008, when I first started reporting these real estate statistics for the area, the only chart I used was just like the one in this month’s report. You might want to click on the link at the end of this sentence to see what local sales looked like 10 years ago in November of 2008. Don’t pay any attention to the logo on the bottom of the page but do look at the bars in the graph. Those bars are a perfect representation of a declining market. The bars in today’s graph are not. Oh, and if you think your sellers are getting impatient with 50 days on the market now, look at November of 2007…110 days! Attached homes were sitting for 203 days, which is more than 6 months!
I like looking back at stuff like that old stats report. A more recent quick peek back has to go to my stats report and post from March of 2018. It shows I predicted the average price of a home in Longmont would rise 5-7% by the time 2018 is complete. Sadly, we aren’t going to make it that low, so yes, I was wrong, but not by much. The good news is that the paragraph below will arm you with the information you need over the holiday
season to answer the question you will get asked while at parties and family gatherings: “How’s the market”?
So far in 2018, with 11 months in the books, the average price of a single-family home has increased about 8.9% and the median price has risen about 9.5%. As for attached homes in Longmont the average price has risen 11.8% and the median price has gone up 10.7%. And, because you were about to ask, the average price in Longmont for single family homes is $459,487. For attached homes it’s 354,098. And since we are keeping score this month, I nailed those two price predictions in last February’s post. With one (slower) month left in the year, I feel comfortable that these numbers won’t change much when we factor in the December sales, so you should feel comfortable using them while talking business. Look for the complete Year-over-Year report in January’s email.
A Rant before Christmas
I keep hearing from agents that the market is slow. If you are asked “How’s the market?” at a holiday party, please don’t say it’s slow…because it’s not. In November, we had the same number of sales as we did last November. In 2018, we’ve had 12.9% more single family and 16.8% more attached sales than we had in 2017. Days on market is lower than it was last year. What part of slow do you see in this report? We could go back to 2007 where you had to wait over 100 days to sell a house…now that’s slow. The market is in its normal seasonal pattern. Our prices are not increasing as rapidly as before, but they sure aren’t going down 18.7% like they did in November of 2008. Have a positive message to the people you are speaking with. Answer the big question with: “The market is great. Why do you ask?”. I’d much rather you have that conversation instead.
Merry Christmas and Happy New Year!