Real Estate

Year-to-Date Average Sales Price in Longmont – $425,758

Happy September to all. It’s football season again and that means we get to see our beloved Broncos back in action. Just like kids going back to school, it seems to come earlier every year.

Last month we reviewed the noticeable slowdown of sales. Remember, this is a slowdown in sales volume only, at this point. With low inventory plaguing us for the past three years or so, overall sales have resembled a sluggish economy instead of an expanding one. Granted, employment rates are at their highest point in several years and incomes have not risen in tandem. Maybe that will come next because a normal reaction to high employment (or low unemployment) is that employers need to pay more to retain good employees. This happens mainly because it’s cheaper to retain a good employee than lose their productivity and go through all the hassle to find and train their replacement. Fingers crossed on this happening.

This is a sneak peek of the 3rd hole at the new TPC Heron Lakes in Berthoud.

 

The graph I recreated this month is a follow up to last year’s graph from September, except this time, I included the data from both years. The results are very interesting and I think they graphically show what we all have been thinking about home prices in the area. If you look at the graph and focus on the 2016 numbers, it almost appears they have all shifted up one price range for 2017. In essence, this means that in 2017, sales have increased in every price range by about $50,000. This data is for the full year 2017 from January through August.

Since I had the data right in front of me, I updated the Year-to-Date (YTD) average sales price for single family homes in Longmont for 2017. As of the end of August, the YTD average sales price in Longmont is $425,758. As you may recall, back in January of this year, I made a prediction about the market and what it’ll do (look at the last paragraph from my post: http://bit.ly/2wcGjcd ). I said I’d eat my sock if we had only a 5% increase in prices over the course of this year. At this point we are sitting at an 11.23% increase. I guess all of you who told me to invest in some sock butter better think of your penalty for doubting.

August 2017 Longmont Stats (.pdf)

August 2017 Longmont Stats (.jpg)

As far as our local markets go, the biggest story is the continued rise in Longmont attached dwellings. A year ago we saw higher inventory and days on market due to all the new construction of townhomes being priced so high and sitting on the MLS for a long time during construction. Well, listings are way down and so are days on market. Prices are still climbing and so is the overall sales activity. As stated before, these homes now represent the affordable end of the market. This fact is proven by the higher sales totals every month and YTD. The shocking part of this is that the average price is still hanging around $340k!

I hope you enjoyed the summer. Mine was an interesting one that simply didn’t have enough golf involved. I’m OK with that because the move to First American Title has been nothing short of amazing. Jennifer, Lenise and I would like to thank those who have chosen to use First American for their title and closings. The support has been heartwarming and we are all settled in to our new office. Stop by some time for a quick tour and maybe we can grab a cup of coffee a couple doors away at Ziggy’s. You can find us at:

First American Title
512 4th Ave, Suite 102
Longmont, CO 80501

Regards,

Kyle Snyder
720-534-8355
ksnyder@firstam.com

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Local Home Sales – Same Story…Up with Little Inventory

Any discussion of today’s real estate market should begin and end with inventory. Inventory is driving everything we are experiencing today. It is also the leading indicator of what will happen throughout 2015. Every day Realtors are experiencing the effect low inventory is having on both buyers and sellers.

Forget about price, appraisal issues, and the “wringer” that lenders put you through these days. Qualified and willing buyers simply can’t find a house to buy. They don’t get the choice of this one with a 3-car or that one with a lower price. They are making decisions based solely on availability. Sellers are having a rough go of it as well. Many would-be sellers are opting not to list their home because there is nothing to buy. Even with the prospect of being able to sell their home quickly and at a premium price they are reluctant to join the buyers group as described above who have to settle for something less than desired. Why move if you have to settle? If they sell and choose not to settle, they will get thrown into another unattractive situation…finding a short-term rental in an extraordinarily tight rental market. Things should start heading in the other direction soon. In the meantime, here’s a quick look inside the numbers.

This month’s graph is updated since the first time I printed it a year ago. It has one little hump on the far right end that represents our inventory levels for last year. The spot on the very far right end is almost exactly the same as it was last year at this time. Overall, last year was decent with sold volume down only 3.5% and prices up to record levels. So why all the fuss over inventory if things are turning out so well?


new home

January 2015 Longmont Area Stats
Residential Highlights

  • Longmont SFR Solds UP 18.5%
  • Longmont ATD Solds UP 23.1%
  • BoCo Pains Avg Sold Price UP 20.2%
  • Carbon Valley Avg Sold Price UP 30.9%

Click here for .pdf file
Click here for .jpg image file
Click here for the Word .doc file


The inventory I report here includes ALL of the following status levels: Active, Active/Backup, Pending, and Under Contract. I include all because the only other options are Sold and Withdrawn. When it closes, it goes in the sold column. If it doesn’t, it sits out there in limbo world and could possibly end up being withdrawn. The Pending, Active/Backup and Under Contract status’s represent a majority of the following months (February) Sold total. This number runs between 50-65% each month. Using this math, we should have about 79 solds in February. The Predictor says 73…let’s see which is correct. Just using the status of Active, it represents all those not under contract and fully available on the market.

Of the 207 Active reported here, only 84 are not under contract. Of those 84, 16 are under construction and not even built yet. So effectively, we have only 68 homes that can close in the next 30-45 days. If we are expecting 73-79 solds to occur, we are seriously short of inventory. Several homes will have to come on the market and go under contract within hours to fill that void. When the supply of available homes starts to rise in about a month, so will demand. This can go on and on, but can’t get better until significantly more homes are listed.

My prediction is that this will occur when more construction starts happening. Or, more precisely, when new construction is completed. My guess is that it will happen this year. There is a significant labor shortage preventing us from building any more homes any faster. This shortage is exasperated by many skilled workers going off to make big bucks in the oil fields over the past few years. Those jobs may be going away soon and those workers will be returning to their trades and filling the labor shortage gap, therefore increasing production. Prices won’t drop, but more homes may become available. With this availability, it will give us more resale listings…in the range of a couple of hundred over the next year. My take is that something is more than nothing and 200 is 16% increase.

In the meantime, I had a good discussion with Adam Ingersoll over at 1stBank. He said they’ve seen a very large increase in bridge financing over this past year. Nearly all of it was solving the problem of avoiding the circus in the market, not the traditional new house financing. So if you have people who want to sell, but not put their family in a very awkward position, take another look at bridge financing.

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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Boulder County Home Sales Continue to Rise

I keep running. I know it’s working because I can feel I’m running faster. The problem is, I’m having difficulty catching up. Do you ever feel like this? They tell me this is a good thing, and for the most part I agree, but not in this case. I was hoping to have another well-written, insightful and witty stats report out to you two days ago. So, with the goal of getting this information, that so many of you value, distribute and use in your business, I have resigned myself to just getting this out.

I apologize for being behind like this so early in the year. This is my eighth year of sending out this report and this is the first time that I’ve had to “mail it in”.

I hope you are busy being productive and executing your business plan for the year. If you have any questions or need me to look into anything specific for you, please let me know and I will do my best. And please tune in next month for another full version of my stats report.


Click on your Boulder County Report belowGrowing bar graphs and pie chart

December 2014 .pdf
December 2014 Word .doc
December 2014 as jpg:   Page 1    Page 2    Page 3


Oh, and take a look at the Average Sales Price in Boulder… $895,550! Wow.

Best,

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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Listings Remain Low Through Out Boulder County

 

When people read this report and look at the attached charts month after month, they begin to focus on just one or two areas or data points that makes most sense to their business. Or they choose one or two items they can regularly bring to their clients for the upcoming month to answer that ubiquitous question “How’s the market”? I try to address some of these on a regular basis to give you a little something more to bring to the masses. Not today.

Today we are going to look at the effects of low supply and high demand. Maybe I should call these the after-effects. We all know the basic effect is higher prices, fewer days on market and fewer total units sold during the year. So then, “What are the after-effects,” you ask?

From what I know about economics and the formidable theory of supply and demand, when demand is higher than supply, prices rise. When prices rise to a certain pain threshold we start to experience substitution. Substitution is when the quality or quantity of object of desire becomes negotiable. In our business, this is when a buyer might say to himself that it is better to live further away from my perfect location rather than pay those high prices. I mentioned this a bit in last months article where I indicated another substitution where people who really want a single family home end up in a condo because the price is more in their range. If enough people do this, it will eventually drive up the prices of condos because of the greater demand and then a scarcity of inventory occurs. If you look at the attached dwellings numbers for Boulder I am sure we are currently experiencing this.images


Click on your Boulder County Report below

November 2014 .pdf
November 2014 Word .doc
November 2014 as jpg:   Page 1    Page 2    Page 3


Two other very good examples of this can be found in the stats report for the Mountains area and the Frederick, Firestone & Dacono (aka the Carbon Valley) area. You don’t need to look too hard to see that people are finding the prices – and I’m sure the scenery – in the Boulder mountains much more attractive then in Boulder itself. The same can be said for people finding greater value in the Carbon Valley than in Longmont, Lafayette or Erie. Just look at the average prices of these areas compared to the rest of the report. The mountains are $120,00 less than in Boulder. The Carbon Valley is now the same as Longmont, $160k less than Lafayette and $110k less than Erie. These two areas also have another very important factor in common. They are the ONLY two single family areas in this report that have higher sales total year to date.

From the rise in prices of attached dwellings in nearly every area to the higher YTD sales totals in the Mountains area and the Carbon Valley I think it is safe to say we are seeing a perfect example of substitution. Balance is the key to a healthy market. Demand is good, but without supply, the buyers will go elsewhere. The problem is that you can’t make people sell their house, so do your best to encourage strongly while you are at your upcoming holiday parties and hopefully you will start the New Year off with a handful of listings.

Best,

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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Are Boulder County Sales Prices at a Tipping Point?

Thank you all for reading this article I write every month. I know I can get a little off subject sometimes and even dig a little deeper than you may care, so your continued readership is appreciated. The difficult part of this job is to come up with something interesting month after month. A big swing upward or downward makes it a lot easier, but a nice, slow, consistent, two-year growth is probably the hardest thing to write about. This month I think I’ve found something that may be worth your time.

As I just mentioned, we have had a nice, slow, consistent growth over the past two years. Actually, it has probably been a little longer. Either way, we have had a bunch of minor bumps along the way. During this time we’ve seen rising interest rates for a while, low inventory for most of the time, and lower sales volume for most of this year. Despite these bumps we’ve also seen rising prices, incredible demand, silly low days on market. I think all this good may be starting to point to a less than good.

In a market where you have rising prices over a long period of time, there becomes a tipping point to this price increase. I am not suggesting a bubble burst where prices drop through the floor, but a tipping point where the landscape changes just a bit. I think I see one of those coming about, but it will be a few months before this can be proven right or wrong. No matter what the result, it isn’t bad…I don’t think.

Photo taken by Bob Wiley near Telluride, CO on a trip with his girlfriend Ann. 2014

Photo taken by Bob Wiley near Telluride, CO on a trip with his girlfriend Ann. 2014


Click on your Boulder County Report below

October 2014 .pdf
October 2014 Word .doc
October 2014 as jpg:   Page 1    Page 2    Page 3


My observation from October, 2014 is that we may have hit a high on prices of single family homes for a while. This, of course, would be until the demand heats up in earnest again. That time could be right around the corner (March) or a year from march. My feeling is that it will just result in a late surge in summer sales.

My evidence to support this theory is in the sales results from Boulder, Lafayette, Louisville, Superior and Broomfield. In every single case the number of single family homes sold last month were DOWN from October of 2013 AND the number of attached dwellings sold is UP over the same time period. The significance is that attached homes are usually viewed as a secondary, lower priced option. They are good in some metros, but they aren’t a primary option in most areas of Boulder County – with the City of Boulder being the only real exception. So, when the price of a single family homes become more and more expensive, attached dwellings go from being a secondary option to becoming a primary one due to the more reasonable price point. People don’t have to dig as deep to get into a condo in today’s pricing conditions and the perceived downside to condo living becomes less of a deterrent when the price of a single family home rises above a certain point. I think we’ve reached that point.

It will take some time to see if this is a good, bad or neutral situation. The buying surge of next summer will be the tell-tale sign one way or another. In the meantime, if you know and understand this, you can offer more condo and attached options to buyers so you don’t keep running them around to homes that have no chance of measuring up to their value meter. An idea for these times is to make sure you know a lender or two who will lend on non-warrentable condos. If you don’t know any, give me a call and I will give you a few names.

I hope you are enjoying our first taste of winter. Look for another exciting report next month. Until then, have a happy turkey day.

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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Land Title News and Updates for October 2014

I figured that I had better post this before the month was over. In addition, I have identified a new source of stats for the Denver Metro Market. The latest issue is here – Denver Metro Stats

 

Are you ready for Halloween, pumpkin spice lattes, and the leaves changing? Only two months left of 2014 and what a busy year it has been. October continues to surprise us all as we continue to see momentum in the housing market especially in condo and townhome sales.

Please let me know what Land Title can do to help you succeed.All the best this Fall,
Kyle

September 2014 Residential Market Report

Longmont September 2014 Report

Boulder County September 2014 Report
Metro Denver Area September 2014 Report is below
Graph - Sold Units

(Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert & Jefferson Counties)
Click here for the complete report.

Metro Highlights for September 2014
* Single Family Detached homes units sold: Down 2% from prior year. (3257 units sold)
* Average Sold price on SFD’s: Up 7.1% from prior month September 2013. ($360,451 for this year)
* Days on market for SFD’s: 33.1 days for September 2014.
* Condo/Townhome sales: Up 40.9% from prior year September 2013. (1364 units sold this year)
* Average Sold price for Condo/Townhome: Up 7.9% from prior year September 2013. ($217,083 this year)
* Days on market for Condo/Townhome : 27.9 days for September 2014.

*This representation is based in whole or in part on content supplied by Metrolist®, Inc. Metrolist® Inc. does not guarantee nor is it in any way responsible for its accuracy. Content maintained by Metrolist®, Inc. may not reflect all real estate activity in the market.

In The News
Stay on top of the pulse of the real estate market with weekly compilations of local and national news articles concerning the real estate industry. Click here for a PDF version.
Topic of the Month: Escrow Agreements
An escrow is an agreement between two or more parties as to the disposition of a cash deposit during the purchase of real estate. This month’s technical bulletin delves into the area of when escrow agreements need to come into play during a real estate transaction. Click here for the full article.

Referral Marketing: Winter Maintenance Tips
It’s that time of year when the days are getting shorter and your home needs special care before winter hits. Give your clients some helpful tips for their home this winter with the Winter Maintenance Tips postcard. Contact your sales rep for more information on how to order this card.Winter

We would be happy to help you personalize your mailer including logo, photo and contact information.
Printing or emailing your own? LTMS can personalize your referral marketing card for a $10.00 fee. Or, download our JPG to email to your clients.
Click here to see the Fall Back Marketing Mailer.
Click here to see the Winter Maintenance Tips Marketing Mailer.
For archives of past referral marketing mailers, articles by our sales reps, and even more information to help you with your marketing, be sure to check out LandTitleMarketingSolutions.com.

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Class Announcement in Longmont

One company has it all: Guaranteed.
The Colorado real estate community has recently suffered a tragic loss with the passing of our friends Oliver Frascona and Tori Wedan. While we are still in mourning, the world around us does not stop and I am sending this to you with a heavy heart. Please visit this announcement from Oliver’s law firm as his memorial was just announced by clicking HERE.This previously announced Property Management Class will go on as scheduled and an additional Certified Negotiation Expert Class is being announced with a new instructor. Educated Minds will still be handling all of the sign ups and class certificates. We have a good sized class already signed up for the class this Thursday, so sign up now if you wish to attend.

Land Title Guarantee Company and Elevations Credit Union are proud to co-host a 12 CE Credit Class at the Longmont Learning & Development Center – Property Management Essentials. Class will be held Thursday AND Friday, September 11th and 12th, 2014 from 9 am until 4 pm each day. Peter Meer will be teaching this class and the cost is $249 if you sign up online ($269 walk ins). This class is for anyone who owns and/or manages rental property. To register for class please click on this link to the Land Title web site and locate our choice in the list: www.LTGC.com/classes.

Property Management Essentials
Instructor: Peter Meer

Thursday, September 11th & Friday September 12th, 2014
9:00 am until 4:00 pm
12 CE Credits – $249

Location: Longmont Learning & Development Center
2050 Terry Street, Suite 101
Longmont, CO 80501

To register please visit our website at www.LTGC.com/classes. For registration questions, please email: customerservice@educatedminds1.com or call 1-855-813-6214. Pre-registration and pre-payment online is required to reserve your seat! 24 hour cancellation notice.

Click the link below to see the full class announcement flyer
Property Management Essentials

Click the link for Certified Negotiation Expert Classe
Certified Negotiation Expert

Copyright © 2014 Land Title Guarantee Company, All rights reserved.
Land Title Guarantee Company sends regular informational emails to real estate industry professionals.
Our mailing address is:

Land Title Guarantee Company

916 S. Main Street, Suite 301

Longmont, CO 80501

Add us to your address book

Kyle Snyder

 

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Boulder County Continues to Struggle with Inventory

This month’s Boulder & Broomfield County sales report has a few changes that makes it look a bit off. The numbers are correct, but the method in which they were pulled is not consistent, which gives us a skewed view of the results.

You have noticed that IRES changed their system. One thing you may not have noticed is that in the past, when you chose to look at Active Listings, you had to exclude Backup, Pending and Under Contract status. Now, when you pull Active Listings, those subsets are automatically excluded. Therefore, the number of Active Listings in this report are greatly under-reported compared to how they were reported in the past.


Click on the Link Below for your Report5-14 Boulder Kyle_Page_1

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


Looking past the Active Listing numbers…which is kind of a big concern in the market. There are a lot of other things that should be of concern. Significantly rising prices is one of them. Rising prices are what we have all been hoping for over the past several years. But in many areas they are skyrocketing. This could lead to slower sales in the future, but I guess we will cross that bridge when we get there. Right now we still have huge demand. Coupled with low inventory, we are seeing one or fewer months of inventory in several areas. The result of this is unbelievably low days on market.

Buyers and sellers both need to be aware of these circumstances. I’m sure you are counseling your clients on the possible ramifications this kind of a market can have on their buying and selling decisions. Still, the best antidote to avoid a number of problems in this arena is to get BOTH your buyers and sellers pre-qualified for their upcoming home loans. Having spoken with a handful of lenders recently, they all agree that getting your sellers pre-qualified is of supreme importance. Not only will they be able to jump on their perfect home once theirs goes under contract, there are other considerations. Mainly, if you hadn’t noticed, the lending environment has changed significantly over the past few years. And, just because your seller owns their house and can sell their house, it doesn’t mean they can qualify to buy a house. This being said, you’d hate to go through the trouble and expense to list and market a house, negotiate a contract and then finally find out your seller can’t buy. Do yourself and your sellers a favor and speak to a local lender early in the process.  

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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Local Real Estate Inventory Rising…Slightly

 

Longmont Header

 

The number in the monthly chart of biggest concern in recent months has been that of inventory. The total active single family listings in Longmont is starting to climb, as it is in the BoCo Plains and the Carbon Valley. Attached dwellings in Longmont dropped a bit, but this is common when prices begin to creep up because these properties, and their associated price point, now represent the affordable sector of the market. Average days on market has remained consistently low in the region over the past four months. I think we will remain on a precarious ledge if sales volume continues to climb through the summer and listing volume doesn’t continue to crawl upward.

This month’s chart was a lot of fun to put together. Yes, I’m a bit geeky that way, but what it shows is even more interesting. Take a close look at it before delving into the information below, it will surely help you follow my ramblings.

July of 2007 is the baseline for the chart since that’s as far back as I have complete data for all three trend lines. The trends here are obvious and the relationships are interesting. For instance, the yearly peak in monthly sales (blue line) is about every July and the trough, or low point, is every winter (Nov-Feb). The trend line for inventory was a chart I presented here a few months ago and it raised a lot of eyebrows around town. It’s amazing that today’s sales volume is nearly the same as it was in 2007 and we are doing it with just 40% the level of inventory.

We can continue to talk about inventory and sales volume until I’m blue in the face, but buyers and sellers seem to focus on average price. As a former appraiser and stat geek, I think this is a misguided focus, but here it is…represented by the red line in the chart, so let’s talk about it.




May 2014 Longmont Area Statsphoto (1)
Residential Highlights

  • Monthly Sales Volume UP 14.7%
  • Tied record LOW Days on Market – 52!
  • Average Sale Price OVER $300k for 4 straight months!
  • Longmont Attached Average Sales Price $214,337.
  • Carbon Valley Median Sales Price UP 20.9%

Click here for .pdf file
Click here for .jpg image file
No .doc version this month. My assistant had a baby and I can’t create the boxes.


This chart is a comparison of monthly results against that which existed in July of 2007, so that date becomes our baseline. This approach works well to show trends. But, was July of ’07 high, low or special for any particular reason? No. It’s just a starting point that happens to be when business was still pretty good and the trend lines are relative to that point in history. If you understand this you will get the fact that there are some inherent limitations to this, but the data is valid and so are the trends.

An interesting trend line validation is the fact that November of 2008 shows the lowest point on the graph for average price (red line), which happens to coincide with the lowest monthly sales total (blue line), which also coincides with the mortgage meltdown that occurred the month before in October of 2008. So, relatively speaking, it doesn’t matter where the trend lines start, they are still representative and valid.

Since this chart takes monthly data and plots it against one particular month in the past, single month spikes and dips don’t matter too much. However, if we can see consistent movement in a general direction we have a trend. Here, I’d like you to refer to the chart and the general upward trend of the red line from about February 2011 until now. This tells us that we have had advances in sales price over the past two years. I would also like to point out the recent level of the red line above the our horizontal baseline since March 2013. I’m thinking that price increases are a good thing for most people. Possibly not the best for buyers, but it is obvious by the action of today’s market that buyers would rather be buying into an up market than a down one as evidenced by the general downward slope of the graph between 11/08 and 2/11.

Last thing here. Please refer back to the predictive dips in the blue line (monthly sales) as you do your business planning and budgeting each year. Just as the high volume of today is predictable, so is the shortage of business in the winter months. 

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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Inventory Continues to be an Issue in Boulder County

Inventory continues to be an issue across the region; days on market have dwindled to unbelievably low levels and average prices continue to rise. All three of these things are good, right? Well, I like the rising sales price averages, but there is a lot more here that can be bothersome in the upcoming months.

We will continue to see what I’m calling “Flash Inventory”over the next 30-60 days. At the end of that period we should start to see inventory levels rise a bit. Flash Inventory are listings that come on the market and are scooped up within days of becoming active, giving only the most prepared, highly qualified and aggressive buyers a new home to live in. There are a lot of buyers monitoring new listings and ready to pounce on something that resembles the right home. They are sometimes desperate, a bit frustrated with few choices and their patience is running thin. These buyers will prolong our current trend of low inventory, fewer DOM and rising averages.

A majority of what is pushing the average sales price higher is not necessarily all found in rising prices. It can be found in the significantly low levels of lower priced homes. Here is a taste of what is available around the area (single family detached only). The results are amazing.LandTitleLogo_RGB

Boulder – 3 homes listed below $400,000
Lafayette – 6 listings below $350,000
Louisville – 2 listings below $400,000
Longmont – 13 listings blow $250,000
Broomfield – 13 listing below $250,000
Erie – 6 listings below $300,000

Where can a person find availability AND affordability? They can’t because there’s almost nothing available. Some of the listings mentioned above are cash only deals due to condition, low income only housing or very small homes that won’t work for a family. Since there is so little to choose from in the lower end, most of the sales are occurring at higher price points and thereby driving up the average and median sales prices. So it’s not that prices are rising astronomically, it’s just that’s where the activity is these days…and with nothing at the lower end selling, the averages go up.


Click on the Link Below for your Report

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


If you have a buyer, patience is the word for them to embrace. Things will change and their perfect home will be on the market in the next 30-60 days. Sellers need to be thinking the opposite before the market gets flooded with listings and they miss out on this opportunity to get the deal done quickly.

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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Colorado Mountain Resort Market Analysis

Land Title
Increase in Real Estate Transactions for 2013

Land Title is a local company within Colorado and has been in business since 1967. To help partner with our customers and local communities, we’d like to share some valuable information on the real estate market in seven of our Colorado mountain communities of Aspen (Pitkin County), Breckenridge (Summit County), Steamboat Springs (Routt County), Glenwood Springs (Garfield County), Winter Park (Grand County), and Vail (Eagle County) and Telluride (San Miguel County).

2013 Highlights from the Seven Counties:

    • Buyer Profile: 44.56% local, 23.83% Front Range, 30.70% Out-Of-State, .91% international
    • Single Family Price Per Square foot up over 11% in Garfield County from prior year
    • Single Average Price up 8.01% in Routt County from prior year
  • Number of real estate transactions up over 17% in Summit County for 2013 from prior year

 

Eagle County
Garfield County
Grand County
Pitkin County
Routt County
San Miguel County
Summit County

Click here for a pdf version of the report.

Eagle County:

    • Median Res. Price up 25.53% from LY Q4 numbers
    • Transactions down 19.31% from LY Q4 numbers
    • Average Residential Price up 15.44% from LY Q4 numbrs
    • Average Residential Price PSF up 10.46%
    • Buyer Profile: 53.4% local, 15.12% front range, 30.12%   Out-of-State, 1.36% international

 

Garfield County:

    • Median Res. Price up 11.38% from LY Q4 numbers
    • Average Res. Price PSF up 6.82 from LY Q4 numbers
    • Transactions down 4.86% from LY Q4 numbers
    • Buyer Profile: 83.33% local, 4.88% Front Range, 11.71%   Out-of-State, .08% international

 

Grand County:

    • Median Res. Price up 5.93% from LY Q4 numbers
    • Average Res. Price up 5.27% from LY Q4 numbers
    • Average Res. Price PSF up 2.63% from LY Q4 numbers
    • Transactions up 9.15% from LY Q4 numbers
    • Buyer Profile: 23.72% local, 59.39% Front Range, 16.39%   Out-of-State, .49% international

 

Pitkin County:

    • Average Res. Price PSF down 11.24 from LY Q4 numbers
    • Transactions down 17.17% from LY Q4 Numbers
    • Median Residential Price up 8.96% from LY Q4 numbers
    • Buyer Profile: 49.18% local, 3.45% Front Range, 44.98%   Out-of-State, 2.4% international

 

Routt County:

    • Average Residential Price down 12.68% from LY Q4 numbers
    • Average Res. PSF down 1.1% from LY Q4 numbers
  • Transactions up 1.17% from LY Q4 numbers
  • Buyer Profile: 42.96% local, 13.15% Front Range, 43.27%   Out-of-State, .63% international

 

San Miguel County:

    • New Construction Sales 14.46% of gross volume sales in   2013
    • Average Single Family PPSF for 2013: $402.22
    • Buyer Profiel: 34.07% Local, 3.46% Front Range, 61.23%   Out-of-State, 1.23% international

 

Summit County:

    • Median Residential Price up 1.35% from LY Q4 numbers
    • Transactions down 4.57% from LY Q4 numbers
    • Buyer Profile: 26.31% local, 40.09% Front Range, 32.7%   Out-of-State, .89% international

 


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Our mailing address is: Corporate Office |3033 East 1st Avenue| Denver, CO 80206

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Local Housing Inventory Still an Issue

This is the first report in quite some time where we’ve seen a significant amount of negative information in the Longmont market. Not only are we showing a negative number for monthly solds for both single family and attached homes, but we are now significantly down on a year-to-date basis. As your eyes scroll down the list, the following two data points are also negative, but they don’t have the same negative impact. Days on market going down shows increased demand, which is good. The low number of active listings is negative to the extent that there is very little for buyers to choose from. It’s fairly widely assumed that inventory will increase in the next 30-45 days, but at this point the low inventory is directly responsible for the low number of sales.

This month’s graph is self-explanatory but very telling about the market we are currently experiencing. Since 2007, the highest number of active listings in Longmont was 894 in July of 2007. The low was in December of 2013…of 202. In comparative terms we currently have 22.6% the number of listings we had in ’07. Oddly enough, we had 153 MORE sales in ’13 than in ’07. The only way you can have more sales with 77.4% fewer listings is to have tremendously higher demand.

stat

Here are a couple of other items I see in the data set associated with the graph. In every single year depicted the lowest inventory level of the year was in December. There is no set in stone month for a high number of listings. We reached the peak as early as April (in 2010), but most commonly we reach the peak in July (3 times in the last 7 years).

There are a number of reasons why we are in this low inventory situation right now. We have reviewed them here over the past several months and that list includes: underwater homeowners who would have to pay to move, job stability (or instability), and confidence in the economy. But with the increase in home values and the stabilization of the job market, there are fewer reasons now why someone wouldn’t put their home on the market. One reason that has become more prevalent in recent months is that sellers can’t find a replacement home. How crazy is it that we are in this predicament?


February 2014 Longmont Area Stats
Residential Highlights

  • YTD Sales Volume DOWN 27.6% vs 2013
  • Only 3 Active Listings UNDER $200,000
  • Only 25 Active Listings UNDER Average Sold Price
  • Average Attached Dewlling Sales Price $188,175
  • 60.0% Increase in YTD Sales Volume in Tri-Town area

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


Onto some other stats… Sales in the Boulder County Plains (this is generally the area between Longmont and Boulder excluding Gunbarrel) are holding strong. We understand from seeing this report over so many years that the average and median sales prices here fluctuate greatly because of the inconsistent turnover of very high priced homes in this area. Other than that, this area is statistically doing quite well compared to Longmont and I’m not quite sure why. Let me know if you know.

Doing quite well is putting it lightly for the Tri-Town area of Firestone, Frederick and Dacono. The results here mirror what we saw with rising prices in Longmont back in ’07. When Longmont prices get higher, people tend to go to outlying areas to find value. It looks like this is happening again.The report for this area is fantastic all while they are dealing with lower inventory as well. This means that demand is pushing prices upward in all areas.

Last, but very interesting to me. If you take out the Active/Backup and Pendings in Longmont, there are actuallyonly 103 Active Listings. Of those, only 3 are under $200,000, 11 are between $200k and $250k; 14 in the $250-$300k range; and 25 from $300-$400. There are exactly 25 – or ¼ of the active listings that are UNDER the Average Sales Price of $284,993. The average DOM for ALL those 103 listings is 94 days. If you take out any house that was listed in the past 30 days (64 remain), the Average DOM is 144 days. And if you take out the homes listed in the past 60 days (47 remain), the Average DOM is 183 days – or 3.1 times the average. In this last group, two homes are listed under $200k and 3 are over $1.15M. Interesting…

Last month you got your sellers per-qualified to buy and had a nice Valentines Day with your sweetie. This month, call your kids’ teacher, your doctor and your that crazy uncle you don’t talk to much. Ask them if they know anyone who is thinking of selling their home.

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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Low Inventory Continues in January 2014

A new year always brings about a bit of change. This year you’ll see changes to the graph portion of my stats report. I get a lot of comments from people who like the graph in the center of this piece. But after 8 years of data accumulation it has gotten a bit squished. So, instead of removing some bars of old data to make room for 2014 I decided to mix things up. From now on I will create a rotating stable of different graphs to show what is going on in the different sectors of data. It should be fun, but until I get used to it, you will be stuck seeing a bright pink bar once in a while.

This month’s graph is simple and straight forward. It is a depiction of the total single family sales volume in Longmont over the past 12 years. You can clearly see the top of the market was 2004 and 2005. If Uncle Sam hadn’t stepped in and offered a first-time home-buyer’s tax credit in 2010 I’m confident we would have seen a clear bottom that year. What we do see though is a clear trough defining the bottom between 2009 and 2011. What this graph can’t show is the 35% drop in sales volume between ’04 and ’09. The good news is we are experiencing a 29% increase since then. Show that graph to your friends and clients and they will be impressed.


January 2014Longmont Area Stats
Residential Highlights

  • Sales Volume UP 29% since 2009
  • 6.0% Increase in Median Sales Price ($265,000)
  • Only 25 Active Attached Dwelling Listings
  • Average Attached Dewlling Sales Price $215,996
  • 72.0% Increase in Sales Volume in Tri-Town area

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


Notable numbers in January 2014 are the lower single family home sales in Longmont. I have to think that a lot of this is due to the extremely low inventory that was low last year and is now down an additional 25%! Look at the attached dwellings in Longmont…25 active listings? It’s no wonder why the sales numbers are so high in the Firestone, Frederick and Dacono area – there is nothing to buy in Longmont.

Speaking of nothing to buy in Longmont. I did some poking around when doing some year-end stats for the paper. The 208 Active Listings in this report includes all Active/Backup. I do this because it isn’t sold until it closes, so things can change. If you take out those A/B’s, there are only 118 truly active listings in town. Of those 1 is mis-mapped into Longmont and 22 are new construction that aren’t even built. That leaves us with an actual inventory of 95 homes. Here is the most shocking number to me – only 54 of 118 active listings in Longmont are listed by Longmont agents (46%).! We can all do math, but if 54% of our active homes are listed by out-of-town brokers, it’s time to call your neighbor and convince them that a local agent has the most knowledge of this market and is the one who can get them the highest price for their home. If you are looking for listings, they are probably sitting across the street or down the block from you right now. It’s time to make the calls and kick your business into high gear. It’s a new year, bring on some change.
Help yourself out when going in to a listing and bring along a professional looking NetSheet to wow you prospective customers. Land Title’s new Net Sheet can be found on our web site HERE 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 at www.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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In The News This Week

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Stay on top of the pulse of the real estate market with weekly compilations of local and national news articles concerning the real estate industry. Click here for the downloadable pdf or click here for a Word document.

Best,
Kyle

Coloradoan
Fort Collins bucks slowing Colorado housing market
While the Colorado Association of Realtors says housing markets across Colorado slowed in the fourth quarter, home sales rose by about 10 percent in the state’s northwest region.  Read More

 

National News

DSNews
Economists Outline What to Watch for in the Real Estate Market of 2014
Experts at Freddie Mac and Equifax expect falling unemployment and economic growth to keep the housing market steady in 2014. This, despite climbing interest rates and anticipated growth in housing prices nationwide. Read More

Denver Post
Colorado housing markets slowed sharply in fourth quarter
Housing markets across Colorado hit the brakes hard in the fourth quarter, according to a report Thursday from the Colorado Association of Realtors. Read More

RealtyBizNews
Top 10 Real Estate Market Surprises
As the housing market continues defining the new normal in 2014, there are surprises when you look beyond the coastal cities of California and the ongoing foreclosure problems in Florida. Read More
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Local Real Estate Sales Unstoppable

It’s obvious now that not even a 1,000 year flood can derail this market. The floods came a month and a half ago and many industry insiders were holding their collective breath to see what it would do to our roaring real estate sales. The results are in and the answer is: Nothing. You can breathe now… That doesn’t mean it won’t have a larger impact in the near future. Many of the people affected are still digging out or trying to figure out what their options are. Until then, it will be full steam ahead and right on through the winter months.

Interest rates popped up a fuzz a couple of months ago and that was supposed to slow things down. They may have gone up just enough to chase a few refi’s out of the market, but have settled back nicely as to not adversely influence the amount of money we can borrow to buy a home. Honestly, I hear so much speculation on interest rates and what it will do to the market that I have become kind of immune to all the chatter. I can tell you what it’s doing to the market by looking at these numbers and it appears to be – business as usual.


October 2013 Longmont Area Stats

Residential Highlights

  • 20.0% Increase in closed sales year over year.
  • 19.5% Increase in Median Sales Price ($260,000)
  • 13.6% Decrease in active listings (306)
  • 12.5% Increase in Average Sales Price ($281,938)

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


Take in mind that these reported numbers are from October…which look more like a few June’s and July’s from a few years ago! We sure have come a long way. I took a peek back at the 2011 report for October and we had only sold 779 homes at this point in the year and there were 400 active listings. This year we have sold about 30% more than that with 25% less inventory.

Help yourself out when going in to a listing and bring along a professional looking NetSheet to wow you prospective customers. Land Title’s new Net Sheet can be found on our web site HERE 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 at www.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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Boulder & Broomfield County Residential Statistics August 2013

Happy Friday. My apologies for getting these August sales statistics to you so late in the month. The recent floods longmont1in Longmont have put me behind on a couple of projects. All is well with the Longmont and Boulder Land Title offices, each having no damage occur. We have all had our challenges to catch up from all the delayed closings. All is back on track. My hope is that each of you, your family and friends are safe.

The real estate market is still ticking along nicely. It will be interesting to see what the fallout will be over the next couple of months. I believe inventory will drop slightly more, prices will remain steady, and sales will take their normal, seasonal decline.

Please feel free to forward these reports with your sphere, on your website or through social media. And don’t forget to talk about them with parents at upcoming back-to-school functions.

Just a reminder to all of you who are good a keeping your Inbox clean. If you ever need to refer back to these reports they are always posted on my website at www.longmonttitle.com.


Click on the Link Below for your Report

Boulder County – August 2013 as PDF
Boulder County – August 2013 as Word DOC
JPG Images for August 2013 – Page 1    Page 2    Page 3


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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Longmont Land Title Closed Friday 9-13-13

Good morning. The rains and runoff were not goo to us last night so the Longmont Land Title office is closed today, Friday, August 13, 2013. If you have a closing scheduled for today please read the following instructions to make things as efficient as possible:

Buyers, sellers and anyone refinancing their home – Please contact your Realtor or Lender for instructions on where to go at what time. If you speak with them, they will have been given options on alternate closing locations and times. Your flexibility here is much appreciated. Please refrain from calling and emailing the closers. They are extremely busy trying to make alternate plans and are working through the agents and lenders for efficiency purposes.

Realtors and Lenders – If you haven’t already spoken with your closer they will be contacting you shortly. There is absolutely no access to the Longmont office so an alternate location, and probably an alternate time, is necessary if you wish to close today. For efficiency sake please go to www.ltgc.com to find a list of all Land Title offices across the state in order to pick a convenient place for you and your client to close today. Please note that the Boulder Land Title office is also closed.

For some suggestions as to offices that may work, please look at our Westminster, Windsor, and Loveland offices. Also note that all the roads surrounding one of our closers’ house are closed so you may have your package presented by another Land Title closer in your alternate location.

NEW INFORMATION – I have just learned that there are several closing along I-25 near Loveland. Be advised to check your access to to the alternate closing location. 

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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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Overview of HOA Liens

HOA Liens are out there and many of you have had to deal with them on either the buy or sell side. What makes these liens different and what can be done about an HOA lien? They are treated just a little bit differently than other liens, read Land Title’s Topic of the Month for July 2013 to find out more.

Click HERE to read the Topic of the Month – July 2013.

 

Cheers,

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

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In The Know This Week

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Hi everyone,


Stay on top of the pulse of the real estate market with weekly compilations of local and national news articles concerning the real estate industry. Click here for the downloadable pdf or click here for a Word document.

Best,

Kyle

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In The New This Week

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Stay on top of the pulse of the real estate market with weekly compilations of local and national news articles concerning the real estate industry. Click here for the downloadable pdf or click here for a Word document.

 

Cheers,

Kyle Snyder
303.328.7157
ksnyder@ltgc.com

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Good Letter Re: Twin Peaks Mall Redevelopment

A lot of people around Longmont have many different opinions of the redevelopment of the Twin Peaks Mall. For one, I am in favor of it. And, I believe the City of Longmont is going about it in a well measured manner. This is not a fly-off-the-handle kind of knee-jerk reaction…which is nice to see. It’s also nice to see they are taking control of the situation and not letting all the “noise” disrupt something that will be very good for the City. Yes, there are possible holes, but who out there is perfect? Sometimes taking what you can get is the best course because the alternative can be that you’ll get nothing. This is just one man’s opinion and that’s what this blog is about – my opinion. You are free to let me know yours, my email address is at the end of this post.

Here is a level headed and even handed opinion piece from Scott Dunn that was published recently in the Times-Call. Please read it first before you blast me.


In recent weeks there has been a significant amount of public comment related to the Longmont City Council’s decision to move forward with eminent domain to obtain the Dillards’ property at the Twin Peaks Mall. It is important to keep in mind that the City using eminent domain to obtain this property and keep the redevelopment of the Mall moving forward is just one more step in a process that has been going on for years.

Way back in the spring of 2009 the City Council determined that 175 acres surrounding the Mall was a “blighted” area. The decision to declare this area blighted was done after we all viewed the Mall decline over many years from a center of activity and retail to a depressing place of closed shops and a virtually empty parking lot. After years of seeing its citizens travel miles away to other communities to see movies, shop and eat the City Council back in 2009 made the decision that City involvement was necessary to change the Mall area for the better.

Following up on that decision, in July of 2009, the City Council, comprised largely of different members than the current Council, two election cycles ago, approved the Twin Peaks Mall Urban Renewal Plan where the City committed itself, to using various methods at its disposal, many of which are only available to a government, to pursue working with the private sector towards turning the Mall area around. This 2009 decision was made long before the current Mall owner was even in the picture.longmont1

It was not until 2012 that a new owner of the Mall presented itself that had the financial ability to partner with the City on the Mall’s redevelopment. The City finally had a private partner so that the City’s long hoped for redevelopment had the opportunity to become a reality. However, a roadblock existed that could potentially stop these plans dead in the water. As a result of agreements entered into between a prior Mall owner and Dillards back in the 1990’s, Dillards has a virtual veto power over redevelopment plans to the Mall property. These rights to stop redevelopment without their approval apply not just to the Dillards location but to other parts of the wider Mall property. All the City’s plans for the Mall area could thus be halted by a single property owner. In order to move forward an agreement needed to be reached with Dillards either to have Dillards approve the proposed redevelopment with the presumption that Dillards would continue to be part of a newly redeveloped Mall or alternatively sell its property. No agreement was reached with Dillards to either approve the redevelopment plan and be a part of the redeveloped Mall, which is expected to include a new Regal movie theater and a Whole Foods, or alternatively sell its property. The City has stated it has been advised by Dillards that it would not sell for less than $5,000,000.00, which is almost $2,000,000.00 more than the value of the Dillards’ property as stated in an appraisal obtained by the City late last year.

With no agreement with Dillards the City Council was faced with the options of permitting its long hoped for redevelopment of the Mall to be stopped in its tracks or paying the $5,000,000.00 asked for by Dillards or alternatively it could use its power of eminent domain to permit the redevelopment to go forward and have the Boulder County District Court determine a fair value for the Dillards’ property. The City is on record of having already offered Dillards close to $600,000.00 above the appraised value, which offer, the City states, Dillards refused.

There are few who would argue that there is not a proper place for eminent domain. Virtually all agree that when a road or bridge needs to be built or a new power line is being constructed, a property owner who is affected cannot refuse to permit such to occur and if a property owner demands a price far above what the property is worth it is acceptable for a city to ask a court to determine a fair price so that the road or bridge can go forward. This is not a matter of the City favoring one private owner over another; it is the City determining that using its powers of eminent domain as a last resort to permit the planned urban renewal of the Mall to go forward, without being forced to pay far above the appraised value is merited. If a public private partnership to pursue a plan of urban renewal of the Mall is a good idea, as numerous City Councils over a number of years have agreed, then should one property owner stop that plan and if not, is it better for the City to ask a court to fix a fair value for the Dillards’ property, which is what it is doing, or should it pay $2,000,000.00 above the value that an appraisal has told the City it is worth?


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

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Things to Know-Now!

OhmygoshI’msofarbehind!

This is one of those posts where I clean off my desk and get the items out to y’all that have been piling up and you should see this now before it’s too late. Do you have anything going on like this in your life? Well, it seems to be the standard for most people I’m talking to these days so here goes.

Free Money! – This is for all who own commercial properties, who rent them or know anyone who owns, rents or is looking to buy or sell one. The City of Longmont and Platte River Power Authority are giving away money! All you do is call and get an energy efficiency audit, they tell you how you can improve your building and they will give you up to 75% of the cost of the project…which will then pay for itself in two years. After that time you are making money on the deal because it has paid for itself. To get started, just contact Mike Frailey at Longmont Power and Communications at: 303-774-4767 or mike.frailey@ci.longmont.co.us or Kevin Rechkoff at EcoSystems at: 206-853-5095 or kevin@ecosyste.ms. The audit is free and no obligation, but I think we are all obligated to look into saving energy and money – it’s all green! If you want to explore financing for your project (big or small) contact Doug Priest at US Bank at: douglas.priest@usbank.com or 303-702-6232.

Land Title is still hiring. Two interesting positions are: Director of First Impressions in both our Boulder and Arvada offices. Interested parties should go to our web site to apply: www.ltgc.com/careers. Good pay, great company, benefits…what more could you ask for? Feel free to give me a call if you have any questions at 303-328-7157.

The Boulder Stats, Metro Stats and my monthly eNewsletter will be coming out shortly…so don’t delete my emails!

In the News for this week should have been posted here on Monday, but like I said…I’m behind. So here is the IMG_0677link to a bunch of great national, regional and local real estate news: Click Here.

Have you taken a look at the condo market in Downtown Denver? No, well you should know. Here is a report from our own Jesse Hamilton on Inside Real Estate News. Somebody will be asking you about it if you don’t take a look, so give it a read and know what’s happening.

The photo to the right is of my fellow University of South Carolina grad and someone I have played some golf with Darius Rucker from his concert at Red Rocks last week. I’m not much of a country music guy, but it was a good show and he played a bunch of old Hootie and the Blowfish tunes as well.

And lastly, if you did not attend the Northern Colorado Realtor Summit yesterday at the Ranch in Loveland, you missed something good. Tons of vendors, tons of classes, great speakers and a cool place to hang out for the day-the air conditioning was an awesome relief to a hot week. Attendance was moderate, but that was fairly expected for a first year event. This was billed as a “Realtor Rally North” because the feedback from Realtor Rally from agents in Norther Colorado was that many of the vendors down there don’t service us up here and attendees from the north has always been light because it was too far and inconvenient. Well, this is your event and you should make sure you attend next year. It will surely grow to be bigger and better, your local Realtor Associations are committed to it.

Cheers,

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

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In The News This Week

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Stay on top of the pulse of the real estate market with weekly compilations of local and national news articles concerning the real estate industry. Click here for the downloadable pdf.

Cheers,

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

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In The News this Week

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Wow this week is getting away from me. Does that ever happen to you? All the good intentions to post good stuff for you to read is slipping away. I have the newsletter coming out tomorrow. Look for it because there are several good marketing items and all the stats you can handle from Longmont, Boulder County and the Denver Metro area.

Click HERE or on the image above for your current issue of In the News.

Cheers,

Kyle Snyder
303.328.7157
ksnyder@ltgc.com

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In The News this Week

A collection of news items from around the state and around the country for you to use and forward on to the people you want to influence most. Just click on the Land Title logo below to retrieve your report.

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Cheers,

Kyle Snyder
303.328.7157
ksnyder@ltgc.com

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Local Real Estate Market Primed for Summer Surge

It is with a heart filled (finally) with blue skies and a head filled with dreams of golf that I wish you all a happy 4-13 LongmontSpring! There is joy in nearly all nooks and crannies of the real estate business right now. Look at the record sales for April; the low inventory that is pushing prices up; the high sales activity in the outlying areas; what more can you ask for? The Realtors, lenders, appraisers, inspectors and title companies are all busy. Sellers are getting more than they were last year. Buyers are paying more, but they are still paying less than they were several years ago, so they are still getting a bargain – in an UP market…that’s the best of all worlds.

There are a couple of things that seem just out of place in this month’s report. The first is the low number of sales in the Longmont Attached Dwelling market. Part two of this issue is the dramatic median price increase. I took a peek into this situation and found a little data to explain these phenomena. First of all, the low sales total is a direct result of low inventory on the low end…it just isn’t there to sell. If you think there is low inventory on lower priced homes, the inventory of lower priced attached homes is minuscule. And, why do some people choose to buy an attached homes, besides some of the convenience factors? Price. And if there are none to sell, none will be sold. I believe that is our current scenario.

A little deeper look into the sales prices of attached homes in Longmont does not prove that this low inventory is the sole factor in driving up the prices. It’s more of what has been presented to me several times as: it’s more a representation of where the activity is. If there are no lower priced homes to sell, and only higher priced homes sell, does that mean that prices have risen because of the average and median going up? No. It just means there is more activity in the higher price points, thereby driving up the numbers. Proof of this is in 2012 there were 11 attached dwelling sold for under $100k in the 1st quarter of the year. In 2013 there were 3.


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


The last “concerning” issue is that of the median and average sales prices in Area 5, the Boulder County Plains. They just seem a little low and out of step with the rest of the report. This area is all the land between Longmont and Boulder – minus Gunbarrel. In this area there are a variety of properties, from small shacks to multi-million dollar estates, which includes Lyons, Erie, Longmont, Niwot and some of Lafayette. It’s the proverbial smorgasbord of real estate and less homogeneous than say, a city. The following numbers may lay your concerns to rest: $422,272 for 2012, and $444,000 for 2013. Those are the Year To Date median sales prices for the area. Fret not my friends, it’s just another one of those monthly swings, which are most extreme in this particular area. And here are the averages for the record: $525,734 for 2012 and $561,768 for 2013…nearly identical increases in both metrics.

I will leave you with this: If you haven’t begun, you are already behind. The Land Title Marketing Department has seen a 500% increase in farm pack orders and a 400% increase in postcard orders over just three months ago. To place your order or browse our postcards, go to: www.landtitlemarketingsolutions.com or contact our Marketing Department at marketing@ltgc.com

May 2013 Predictor says: 128 single family units sold in Longmont. April was 109 and we easily handled that one with 111 sales.

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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In The News 4-29-2013

Keep up to date with this sampling of local and national news that impacts the real estate industry. We browse publications from coast-to-coast and from within the Colorado borders to pick out these stories that might be of interest to you. Click on the In The News image below to access the report.

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Sincerely,
Kyle Snyder
303.328.7157
ksnyder@ltgc.com

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In The News 4-15-2013

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Catch this week’s issue of In The News. and see articles like this:

U.S. Land Gets More Expensive
(Wall Street Journal, 4/9/13)

Twenty Percent of Bankers Expect Lending Standards to Loosen
(The Niche Report, 4/9/13)

How to Buy Your Dream House When It’s Not for Sale
(CNBC, 4/10/13)

Mortgage innovation is needed to ward off housing busts
(Bloomberg News, 4/10/2013)

Denver’s “mousetrap” to get high-design development
(Denver Post, 4/9/13)

Echoes of the bubble in agents’ descriptions of markets
(InmanNews, 4/12/13)

See all these stories and more by clicking on the image above or directly on the links above

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Metro Market sizzles with average price up 12.4%

Let’s go back in time to the year 1985. The first Top Ten list by David Letterman premiered.  Back to the Future was the top grossing film. New Coke was launched and failed. The Titanic wreckage was found. The first version of Windows came to market. “You Look Mah Va Lous” was a popular catch phrase. Your truly graduated from high school and the average price of a new home was $89,330 and mortgage rates were about 13%.

How things have changed. In terms of housing inventory we are seeing levels lower than they were in 1985, even with a population that has increased by one million. In February 1985, in Metro Denver, there were 17,308 unsold homes on the market. As of February of this year, only 6,786 homes were available in the Denver market.

At Land Title, we know it is important to stay visible in this unique time of low inventory and high demand. Contact us today to get valuable resources and tools to help you stay top-of-mind in the market.

Here’s to looking “Mah Va Lous” in April!

Sincerely,

Kyle Snyder
303.328.7157


February – 2013 Longmont Real Estate Market Update
If you need a copy of the most recent information on the Longmont market, please click here to go to this story on my web site: Longmont Stats Report

February – 2013 Boulder County Real Estate Market Update
Similar to the Longmont report, this one shows the major areas of Boulder County: Boulder Stats Report

March – 2013 Denver Metro Real Estate Market Update
For the scoop on what is happening down in the Denver area, check out the stats and links below.

Residential Sales

Entire MLS (All Areas)

Residential Highlights:

  • 25.9% increase in the number of closed sales year-over-year (718)
  • 21.5% increase in the number of closed sales year to date (1453)
  • 35.2% decrease in average days on market (68)
  • 34.4% decrease in active listings
  • 12.4% increase in average price – sold

Condo Highlights:

  • 20.0% increase in number of closed sales year-over-year
  • 22.3% increase in number of closed sales year to date
  • 37.1% decrease in average days on market (73)
  • 38.8% decrease in number of active listings
  • 20.7% increase in average price – sold

Click here for Full report of entire MLS
For individual MLS area reports, please scroll to the bottom of the eNewsletter.

Land Title Guarantee CompanyNew Look to LTGC.com

Have you had a chance to check out the new look and feel of LTGC.com? We’ve added for more content and tools for your use. Contact your local sales rep for a guided tour.

Inside Real Estate NewsInside Real Estate News

Did you know that Land Title is one of the sponsors of one of Denver’s top real estate news sites? Every day you can find breaking news occurring in the Denver real estate market.

Click here for an exclusive first peak of an article about the Toll Brothers and how they are handling the low inventory situation by bringing new homes to the market.

In The News
Stay on top of the pulse of the real estate market with weekly compilations of local and national news articles concerning the real estate industry.

Click here for a PDF version.

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Topic of the Month: Surveys for Residential Transactions 

Spring is here and many are looking to do home improvement projects such as adding an addition, garage or shed to a home. As a homeowner submits their permit, they may find that it will not be approved due to not having legal access to the land or the improvement may encroach on adjoining land. It is important to have a survey done to disclose these matters. Click here to view the rest of our article.

Referral Marketing – Recycling Tips for Around the Home
Recycling TIps for Around the HomeDid you know that you can recycle your juice pouches, old televisions and more around your home? Help Celebrate Earth Day this month with our featured Referral marketing postcard on recycling items around your home.

We would be happy to help you personalize your mailer including logo, photo and contact information.
Printing or emailing your own? LTMS can personalize your referral marketing card for a $10.00 fee. Or, download our JPG to email to your clients. You can also visit Land Title’s Facebook page, where you can click “share” to post to your own page.

Click here to see a sample of the personalized Referral Marketing mailer.
Click here for this month’s Referral Marketing mailer as a JPG.

For archives of past referral marketing mailers, articles by our sales reps, and even more information to help you with your marketing, be sure to check out LandTitleMarketingSolutions.com.


MLS All Areas:

All Areas in one consolidated report

   (Includes – Castle Rock, Larkspur, Sedalia, Palmer Lake, part of Littleton)
Douglas Elbert Parker – DEP
(Includes – Parker, Elizabeth, Franktown, Kiowa, Elbert, Deer Trail, Simla)
   (Includes – Highlands Ranch, Lone Tree)
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