Breaking News

125 Year Old First American Title Opening Office in Longmont

I am thrilled to announce I have joined First American Title and will be opening an office in Longmont. This change is made even better with Jennifer Engelking and Lenise Jacobs on the team, as Closer and Assistant. We are all very excited for this opportunity to provide you with superior customer service. I’ve done my best to contact agents and lenders we’ve worked with for so many years, but wanted to use this stats piece as the official announcement of our move. For those of you who I’ve not spoken with yet, my apologies, we will surely catch up soon. My new contact information is below, so please feel free to call or email me at any time.

First American Title is a national title company with a stellar reputation. They have been underwriting in the state for many years and have had direct closing offices open in Colorado for the last 8 years. First American has been in business since 1889 and is based in Santa Ana, CA. They are a Fortune 100 company with outstanding people, support and systems. The management team is amazing and decision making is done on a local level, so we will be able to handle your questions on title work easily and quickly.

The new First American office in Longmont will be open on Monday, July 17th. You can find us at 512 4th Avenue, Suite 102, a half block east of Ziggy’s. Just look for the eagle on the door. If you need to place an order before then, you can email it to Jennifer Corsentino atjcorsentino@firstam.com. If you need me to come pick up earnest money, just shoot me an email at ksnyder@firstam.com or a text at 720-534-8355. I will get more details out next week once the office is finalized.

There are many great things I want to tell you about First American Title and our decision to join them, but that will have to wait until a later date. This email is about stats! Yes, these are the official stats of the Longmont Association of REALTORS®. These are correct and approved for use, so sit back and enjoy.


June 2017 Longmont Stats (.pdf)

June 2017 Longmont Stats (.jpg)


The end of June marks the end of the first half of the year, so I created charts to compare first half sales this year to those in the recent past. I did the math from the data in the chart on the left and can you believe the average price of a single family home in Longmont has risen 60%(!) since 2012? That is simply amazing. The chart on the right clearly shows the fewer sales total for the first half and we all know this is due to both lack of inventory and rising prices. You may notice the total sold in the chart on the right does not match the total in # Sold YTD. The total in the graph of 529 was pulled specifically for this report and is correct. The 510 number in the grid is comes from adding each monthly total together, but IRES does a great job of cleaning up the sales at the end of each month so the monthly number can go up or down depending on what they find. Also, some agents don’t get their listings updated by the time we publish. I usually update these in July and again in December to account for the slight monthly changes.

The monthly resale closed in the Longmont attached category is very low, but the yearly sold total is still ahead of last year. I’m pretty sure this is due to the increase in average price. If you think about it, this makes sense. Today the average price of an attached home in Longmont is about $50,000 higher than the average price of a single family home in 2012. There are fewer lower priced options for the attached buyer and those who’d love to sell are possibly being priced out of the single family homes… if they can find one.

The Boulder County Plains and the Carbon Valley numbers are still suffering from being underreported. There are many sales in both of these areas that occur in the other MLS only, but we are informed this lack of data will be fixed by the end of the year so we will go back and recalculate when we get the data back. But even without the complete data, which I estimate to be at least 20% of each market, it looks as if both areas would look strong. Overall, we are going to have to use these numbers more as a guide for the next few months.

Thank you very much for your support.

Kyle Snyder
First American Title Insurance Company
Account Executive
720-534-8355
ksnyder@firstam.com

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April ’14 Stats – Record Low Days on Market

This month’s exercise in graph making was a little challenging, but revealing nonetheless. So let’s get right to it and talk about the rest near the end. One quick note before we start: of the 112 sales in April, 53 (47%) of them were listed in March.LandTitleFlagShirtArt-front_NoDistressed

Days on Market (DOM) is a term we all use to evaluate the health of a market. Generally speaking, a healthy market shows about 90 Days on Market. Higher than that and Realtors tend to think things are a little slow and sellers get antsy. Anything below 90 and it starts to move into that infamous, but undefined “seller’s market”. Sometimes, managing the expectations of sellers can be equally difficult in either market, so it is a factor that needs to be constantly managed because we all want to live up to the expectations of our clients.

You will notice the duration of the graph extends from more than a year before the crash of the market in October of 2008 until now. It starts in the high 90’s; muddles along; drops during the early days of the recession (because nobody could either buy or sell a house); then steadily rises as lending loosens. It drops significantly during the 1st time home buyer’s tax credit days; rises again to it’s high of 122 (1/11) and stays between 90-100 for most of 2011. This leveling out correlates perfectly with the first steady increase in prices (please refer back to last month’s graph of Avg Sales Price). There was a big bump in the winter months of ’11 and early ’12, but by July of 2012 the averages really went down and have been creeping downward ever since. If you recall, it was in June of 2011 that I called the recovery of the market and all indicators since have supported that assertion.

Today we are at an all-time low of just 52 DOM. To illustrate the significance of this move: from July ’07 until July ’12, the overall DOM is 100, and over the past 24 months it’s 70. That is a huge move especially when the overall average for the entire time is 91. Longmont is NOT unique to this scenario, but it does have its limits, even here in Colorado. All areas of Boulder County, north into Weld and Larimer and south through the Denver Metro area are experiencing lower DOM. The same cannot be said for our friends in Colorado Springs, Pueblo and on the Western Slope. It’s also not the case in most of the country even though there are pockets of hot activity in several areas.

Every area in this report is showing a lower YTD sales total compared to 2013 except for the Carbon Valley. Their percentage drop in listings is also the lowest for 14 of the past 15 months. So…I guess that means there needs to be listings in order to have sales… The volume is starting to pick up for the summer months and sales volume may not reach last years total unless the listings pick up substantially. Longmont may have a hard time reaching May’s Predictor number of 128 due to lack of inventory.


April 2014 Longmont Area Stats
Residential Highlights

  • YTD Sales Volume DOWN 16.1% vs 2013
  • All time LOW Days on Market in Longmont – 52!
  • Average Sale Price OVER $300k for 4 of past 5 months!
  • Longmont Attached Average Sales Price $209,216.
  • Carbon Valley UP 12.3% Sales YTD

Click here for .pdf file
Click here for .doc/MS Word file
Click here for .jpg image file


Last item, and this should have probably been first. Of the 112 sales last month, 57 of them we listed by a Longmont agent. That is a puny 51% of sales completed by a local expert – which is probably another all-time low, but I don’t track that number consistently. Can somebody tell me what an agent from Castle Rock, Denver, Loveland or Boulder brings to the table that a local agent can’t? I know it’s the prospect of an easy sale that brings them to town to list homes, but why are local sellers choosing an out of town agent over a local one who knows this market better than anyone else? If you haven’t competed on listing lately, then you aren’t talking to enough people…think about it.

I’ve already begun work on next month’s graph and you won’t want to miss that one. Promise.

Sincerely,

Kyle Snyder
303.328.7157
ksnyder@ltgc.com
When you think of choosing a Title Insurance partner think of Land Title, we have been locally owned and operated since 1967, with 100% of work produced in our 40+ Colorado offices.

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Old Mantra-Location. New Mantra-Inventory.

The real estate mantra used to be “Location. Location. Location.” I believe the mantra du jour is “Inventory. Inventory. Inventory.” 15 of the 18 grids shown in this month’s Boulder County regional report show a decline in inventory levels over this time last year. In fact, in the March 2013 report we saw a 24.4% decline over 2012 levels in available single family listings in Boulder. Today we are reporting another 24.7% decline which equals a 42.9% decrease in inventory over the past two years! Boulder1That’s amazing!

While inventory decreases, demand remains strong.Despite overall sales being down vs 2013 levels, we are actually ahead of 2012 by 11.2%. How can this be? It just doesn’t make sense unless you factor in demand. It’s stronger than the numbers may suggest. Consider the additional impact of new construction. Two years ago there was almost none; now it’s everywhere and even includes high-end spec homes. The increases in price and interest rates have a place in the demand formula as well. In Boulder, the average price is up almost $140k in two years and up $180k over last year. This means houses are more expensive. Interest rates up up about a point…also contributing to the increase in the cost of a home. So, to be up in sales volume with the addition of new construction, increase in price and higher interest rates, demand cannot be understated.


Click on the Link Below for your Report

Boulder County – March 2014 .pdf
Boulder County – March 2014 Word .doc
March 2014 .jpg – Page 1    Page 2    Page 3


Last month we took a brief look at how slim the inventory levels were in Boulder County towns in the lower price ranges. This month, take a look at the Average Days to Contract in all areas of this report. There are just three grids that show a number above 56 with a low of 2!. Those are just silly-low numbers.I have a Realtor client who had a listing and the seller did not receive a contract after the first weekend on the market. The seller called in a panic to ask what they were doing wrong! Even the expectations of sellers has changed abruptly. Needless to say the seller received two full-price offers the following week, but still, the scenario is unbelievable. Managing seller expectations appears to be the upcoming mantra. Do yourself a favor and make sure to have that conversation when you take a listing.

Regards,

Kyle Snyder
303-328-7157
ksnyder@ltgc.com
When you think of choosing a Title Insurance partner think of Land Title. We have been locally owned and operated since 1967, with 100% of work produced in our 40+ Colorado offices.

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Longmont Sales Highest since 2005!

Well that was an exciting year for real estate in Longmont, Boulder County and most of the State of Colorado. Price recovery is in full swing and there are even hints of real appreciation since the downturn began in December of 2008 (5 years ago!). But alas, as salespeople, our wallets, bank accounts and bosses are all interested in just one thing. I call it the “What have you done for me lately syndrome”. That means that you can assume you got a pat on the back for the work you did last year or a pat on the behind for the work you didn’t get done. The syndrome takes hold precisely on January 1st when your sales report reads exactly $0 for the year and you have a long way to go to reach your goals. It really isn’t fair, but it’s reality. I hope in the commentary below I can help you embrace your new status and motivate you a bit to achieve your yearly goals. The trick here is that I’m going to do it with stats, numbers and potential.images

Let’s start with the stats. Unless you have never read this before, you should know that you closed more deals in 2013 than in any year since 2005. A darn good achievement for sure. This is an even more remarkable achievement considering the unbelievably low inventory levels. In January of 2006 there were 662 houses listed for sale in Longmont; today there are 202. Back in ’06 there was a lot of new construction happening in Longmont…mostly up near Ute Creek Golf Course and in the Renaissance area. Today there is hardly a fraction of that in town. With less new construction, there is less competition for sellers than there was back then. Sales volume is up; days on market is way down; inventory very low, and there are rising prices in all price ranges. Look at the stats report, there is nothing on there that should concern a Realtor about the future. These are the market conditions we have all been waiting for for over 5 years.

Inside the stats are some interesting numbers. In the attached report, the Average and Median Sales Prices are for the month of December only. I calculated the average price for all of Longmont for the whole year and came up with $281,297…which is just a fuzz under the top of the market ($290k) in both ’06 and ’07. If you take all those sales over the year and do the math, there was just more than $354,700,000 worth of single family homes sold in town. Add in the $56+ million in condo and attached properties, you have about $410 MILLION worth of real estate closed in Longmont last year…not including new home sales and FSBO’s, none of which show up in the MLS. If sellers paid the going rate for a professional Realtor to represent them of 6%, there was atotal commission payout in town of $24,600,000!


December 2013 Longmont Area Stats
Residential Highlights

  • Highest Yearly Sales Total since 2005!
  • 29.0% increase in Attached Dwelling Sales
  • 27.9% Decrease in Active Listings (202)
  • 18.4% Increase in Average Sales Price ($313,455)
  • 25.3% Decrease in DOM (59)

Click here for .pdf file
Click here for .doc/MS Word file
Click here for .jpg image file


With low inventory, rising prices, steady interest rates, an ample supple of buyers, low competition from builders and at least $24 million in commissions up for grabs this year – right in your back yard – this is the year to capture more local listings and literally work around your house. Memorize a few of these numbers and take them to the streets to get as many listings as you can. Call everyone you know and see if they have heard any of their friend’s plans for the year and if they include the purchase or sale of a house. Start your marketing program again, and go out and meet with some people. The conversation will always turn to real estate and you will be prepared. There are Realtors in town who are already doing these things and they are the ones who are getting their fair share of a $24 million jackpot.

Peace and Love for the New Year. I am always available to help you with your business. Feel free to contact me any time.
Help yourself out when going in to a listing and bring along a professional looking NetSheet to wow you prospective customers. Land Title’s Net Sheet can be found on our web siteHERE or can be found on Apple’s App Store by searching LTGConnect. Please let me know if you need any help with it, I’m happy to come spend some time with you. And, as always, you can find this or any past Monthly Stats reports on my website atwww.LongmontTitle.com.

Sincerely,

Kyle Snyder
303.328.7157
ksnyder@ltgc.com
When you think of choosing a Title Insurance partner think of Land Title, we have been locally owned and operated since 1967, with 100% of work produced in our 40+ Colorado offices.

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Longmont Sales Highest Since August 2005!

The word on the street is that the market is slowing. Relative to July, slowing would seem quite normal because there is almost no way August could match the numbers contained in the July 2013 stats report. If you look7-13 Longmont at the monthly trends in the chart, the market starts to cool off in August for the fall and on into the winter. But, relative to past years, this market is HOT!

If you read this commentary regularly, you know that I include a number that comes from The Predictor – a mathematical formula I devised based on closed sales. It isn’t usually right on the number, but it is usually close. Since its creation it has been off, over the last two full years, by a grand total of 8 sales, so it’s fairly accurate. The Predictor gave us a number of 114 for July 2013 with the actual total sales coming in at 142. It has been off by a significant number only this past winter when things really started to heat up. Maybe that is evidence that shows you just how hot this market is compared to historical activity. Maybe not, read on.

Further proof that the perception of slowing vs my view as hot, is the ridiculously low Days on Market. In normal or average times, Days on Market is somewhere in the 90 day range. July’s 59 Days is just silly-low. I expect this number to start to climb as there become fewer sales and more inventory. A large part of the higher inventory is that there are fewer underwater homeowners out there now who can actually afford to sell their homes. Real Trends recently reported that now there are only 17.9% of homeowners nationwide who are under water. A year ago, this number sat at 30%. Hot or not?

The last piece of this puzzle is the fact that I had to pull out my stats sheet from 2006 to find the last time we had this many sales in a month. In August 2005 we had 151and July represents the highest sales total since then. If you recall what was going on in the market in 2005, you should be surprised that we didn’t get this high in 2006, 2007 or even during the first time home buyer’s tax credit days. Those were some pretty darn good sales periods that we have just pummeled. So, slowing, I think not…normal, seasonal activity is more like it.


July 2013 Longmont Stats

Download Report as .pdf

Download Report as a .jpg

Download the Word .doc


For reference, The Predictor shows 124 for August. I think we’ll hit that number too.

Cheers,

Kyle Snyder
303-328-7157
ksnyder@ltgc.com

When you think of choosing a Title Insurance partner think of Land Title, we have been locally owned and operated since 1967, with 100% of work produced in our 40+ Colorado offices.

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January Home Sales Reach 16-year High!

Good afternoon:

The only remaining superlative in the dictionary that I’ve not used to describe our ongoing improvement in the Longmont home sales market is meteoric. And for those of you who don’t believe this is actually a word, go here: Dictionary. Meteoric in this usage is in regard to the single family residential resales in the area (see graph). The all-time records I have in my files only go back 10 years and January’s numbers blow them all away. How many times have I written something similar to that in the past 18 months?

Here is some perspective on just how good January’s sales were. The records I have show a nice little range of sales for January of between 43 and 67. The 85 in 2013 blew away the highest by nearly 27%! Additionally, every singe January before last had a lower sales total than its previous December. In 2012 we actually matched our December ’11 sales total of 53 for a zero difference…that was our BEST….until this year. Further research of the local MLS showed that this past January was, in fact, the highest sales January as far back as their records go…which is 1998. So there you have it – a 16-year high! My disclaimer is that I didn’t track the data then, so calling it an all-time record is fine with me. Typically January is a relatively slow month due to the prevailing holiday hangover exasperated by the bitter cold winter weather.


Get the full report below
Jan 2013.pdf             Jan 2013.doc             Jan 2013.jpg


Where are we going from here? Interest rates aren’t changing any time soon, so the sky is the limit.January 2013 Longmont Oh wait, we have that nagging inventory issue. Here are a few ideas to help you meet some new people who might be ready to sell their house: stand on the corner with a “Will work for Commission” sign; or buy a billboard that says, “Move into your dream home in under 100 days”. What might be cheaper and easier is to get back into your database and find out who those people know that want to sell their house. Learn to love the Cloud CMA program in IRES and start making lots of listing presentations.

By the way, in all this excitement I forgot to mention the ridiculously low inventory and similarly ridiculously high median and average sales prices in this report. Those are gains I can live with. Please let me know how I can help you capture more of this rising market by contacting me at 303.328.7157 or ksnyder@ltgc.com to schedule your confidential interview.

Cheers,

Kyle Snyder
303.328.7157
ksnyder@ltgc.com

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