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
- 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)
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.