I know. I’m not supposed to post important information late on a Friday because y’all are already done for the week, but I just had to get this out today, so I’m going to make it kind of quick this month.
When pulling the stats I decided to take a peek under the hood and came up with some seriously interesting items. First of all, in the 239 active listings in Longmont reported here, there are actually only 93 that are not under contract. I didn’t count them, but there are about 20-25 of those that are either just completed new construction, or they have not yet been built. Of those not under contract, the lowest priced single family home in town is: $213,200. That’s kind of been the story for this entire year, so what is so interesting about that? Well, nothing, so I kept looking. Now take a look at the attached dwellings in Longmont. 24 sold last month and 66 listings. Of the 66, only 33 are not under contract. I know… still not interesting, but let’s take a look at those 33. 27 of those are new construction. Yes, that means there are only 5, yes 5, resale attached homes available in all of Longmont. Frankly, that is amazing to me.
Another observation is from the graph. Take a look at how the sales total has increased each year for the months of August, September and October. I have mentioned several times how the demand from the summer months has not been met due to the lack of inventory and how it’s getting pushed further back into the fall. Well, here is proof. If I were to show you the historical charts going back to 2004, you would see that volume normally drops off quite a bit during these months. Only in 2008 was August the highest sales month of the year, and you know what happened just a couple of months after that…the great meltdown. Oh, I am not suggesting that we are in store for anything like a repeat of that again at all. I’m just pointing out that the strong buying season has been extended by at least three months over historical norms.
- 5 Active Resale ATD in Longmont!
- Carbon Valley Median Sales Price > Longmont
- BoCo Plains DOM 64
- Longmont SFR YTD Sold +10.3%
The Predictor says 82 sales for December and based on the orders here at Land Title, I’m sure we are going to come very close to that number. When we do, the graph for December will resemble that of August. Strange days indeed.
Last item. Take a look at the median price in Longmont ($300,000). Nice, right? Now take a look at the median price for the Carbon Valley – $329,000. I’m not sure if this has ever happened before. I could look, but it’s 3:00 on Friday and I want to get this into your hands before you go out and list a bunch of homes this weekend.
Next month, look here for a link to some very interesting slides and information I collected a couple of weeks ago at the Boulder Valley Real Estate Conference. If you haven’t ever been, it’s the best one in the area. They guy from MetroStudy had the best presentation I’ve seen on the flow of business and future opportunities in this area. My best advice to you is to start marketing east of Longmont. It’s going to explode.
And if I don’t see you beforehand, Merry Christmas. Yes, I know it’s a bit early for that, but at least I waited a week after Thanksgiving.