May 2011 Longmont

Good news, good news and more good news for May of 2011. First, the good news…all that garbage you have been reading about the housing market has nothing to do with Longmont or most of the rest of the Denver Metro real estate market. Sure we have our challenges, but doom and gloom be damned. If we come even close to what The Predictor says for June, I will officially change my stance from optimistically neutral to outright positive. I’ll change because of the more good news…May of 2011 had the highest sales total since June of last year. Furthermore, May’s 90 solds blew The Predictor’s estimate of 73 out of the water! Even further, average and median sales prices are up along with nice increase in inventory. Talk to your lender too, those interest rate have not moved up like they were supposed to – qualified borrowers are still staring down the barrel of 4.5%! This all adds back up to “this is the best time in a generation to buy a house”.

I had a Realtor client tell me the other day she had 6 offers on a house. Another Realtor had 23 people show up for an open house. Two others had three competing offers on a property. Another Realtor got a contract after just 8 days on the market. These are some things that we haven’t seen in years. They are not indicative of the market as a whole, but they are signs of health…and really, isn’t that all we really need? What we don’t need is skyrocketing valuations and liar loans. I don’t know much about “shadow inventory” either, but I do know the Notice of Default list has gone from an average of 12 a week down to 5 a week over the past several months. That said, fewer bank owned properties are hitting the market, increasing this overall health. Yes, I like to live on the rosy side of the glass, but this, albeit anecdotal, evidence is mounting.

Predictor Says: 95 in June.

Stay Tuned.