Allrighty folks, it’s stats time again! I have some 80’s hair bands playing on my iPod so I’m ready to rock. Hold on tight because I have some other good data at the end of this report that should interest you.
First things first. At first glance, most people might think things are not going well with single family and attached dwelling sales so far this year Longmont. Monthly solds are down again in February and Year to Date (YTD) sales are down 15.5% and 25% respectively. Those are not the typical results we’ve become accustomed to seeing over the past couple of years. But, if you look a few lines lower you will see decreased days on market and increases in both median and average sales prices.
Inventory. Yes, I know you are all tired of hearing about it, but this is where the real problem exists. Of the 225 Active and Under Contract homes listed in this report, there are only 73 that are listed as Active. Of those active, there are 33 homes that are new construction and not even built yet. This gives us exactly 40 single family homes for sale in Longmont and one of them is condemned. This extremely low inventory is what is holding us back from bigger sales totals so far this year. Thankfully, I’ve seen a number of homes get listed in the last two weeks. Those homes are just extinguishing the leftover demand from last fall and over the winter. It isn’t enough to sustain us going into the summer. One note on the recent listings…at least half of the ones I’ve seen come on the market in the past two weeks were listed by out of town brokers…. hmmm.
February 2016 Longmont Area Stats
Click here for .pdf file
I hope you like my cool new bubble graph. It’s a total pain to make, but I like the way it shows the data. Those bubbles correspond to a town and it’s average price increase (or decrease) from 2014 to 2015. Longmont had the 2nd highest average price increase for single family homes in the 12 towns listed. That’s kind of amazing. What’s even more amazing is that two towns – Dacono and Frederick – actually had negative numbers. Please, I beg of you, don’t go out and tell everyone I said the price of homes is falling in these two towns. All it takes is a high number of doublewides sold in the Glens of Dacono for record high prices (in the Glens) to bring Dacono’s average down. Those people are taking advantage of rising prices, but those prices just happen to be at the low end of the spectrum. An average points more to where the activity is in a market, NOT an overall measurement of value for an area. What you could say is that there are probably more value priced homes available in these area and you could direct your buyers there instead of the high prices in Lafayette and Louisville.
Now, since you will all ask for it… here is the data behind the cool bubble graph. These are just single family detached homes in each town.
One last interesting thing I found in my research for this project (The project is to update the Home Affordability Study I did for LAR and the City of Longmont last year.): of all 12 towns listed in this report, as of 3/3/16, there was just ONE attached unit active for under $150k. Guess were it was… Boulder. It was a permanently affordable shoebox listed at $113k. We need a construction defects ordinance in this town, and all surrounding towns, to get condo construction back on track in order to create lower priced options for these buyers that each of you have sitting on the sidelines right now.