Nine (9!) straight months of rising Single Family home sales in Longmont. That is what you are looking at in this months report. That streak extends back to 13 of the past 15 months since I stated my opinion that the local real estate market has turned positive. Some of the gains have been nothing short of astounding and others, like this months, have been a little more ho-hum. Either way, small and large monthly gains are going to result in tremendous yearly totals. With three months left in 2012 I am projecting over 1,000 closed sales for Longmont. In 2008 we finished with 1,020 closed Single Family sales in Longmont despite the bottom dropping out of the market in October and resulting in just 40 sales in November…an all-time low.
Surprisingly, inventory fell substantially in all areas covered by this report. I say surprisingly because inventories traditionally hold pretty steady or begin to drift upward at this point in the year. If the trend continues toward lower inventories this is what I think we can look forward to in the spring: strong spring values and pricing. Hopefully the appraisals will cooperate and they should. The important part of this whole equation remains the same as always, realistic initial listing prices. Nowhere in this report do we see huge value increases, just some ebbs and flows in the average and median sales prices. A slow and steady march upward will be the pricing model for the next few years (….emphasis on slow).
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One last thing, and all of you industry veterans out there will appreciate the potential impact of this. I was speaking with an industry insider recently who told me that “all the real estate schools are full” right now. The truth of this statement isn’t what’s important, it’s that it’s being said at all is something that we should take note of. What does that say about the market and people’s perception of where the market is headed?
Have an awesome weekend.