The most important thing you can take from this month’s stats report is that you should provide this report to any and every appraiser that you can find. This kind of information will help them support increasing values. Your comps; copies of any multiple offers; receipts for work done, and this report will combine to help them make an argument to lenders and underwriters that values are increasing in the area. Your belief and experience can’t be calculated in an appraisal report. An appraiser has to PROVE value. There is no proof in a gut feeling, and underwriters don’t exercise common sense, so the more you can give them, the better chances you will have…especially if your contract price is near the top of the range for the area.
There are at least six all-time records that were set in May of 2012! The positive things we have been talking about right here for nearly a year now are really starting to show up in the statistics. What started out as positive indicators last June and July have fully evolved into upward trends. An upward trend is a really good thing given our recent 3.5 year history since the mortgage market crashed in late 2008. But this isn’t your average, every day upward trend. When there are record numbers being posted within that trend, that trend has much more upside pressure.
With so many things that are good to great on this month’s report I think I will stick to the record breaking items. I researched every one of the following items all the way back to January of 2007 and each one is a record for its category…in ANY month of ANY year…not just for May.
- 69 Average Days on Market for Longmont Single Family Homes Sales
- 158.3% Total # Sold – Month. Highest increase year over year for Attached Dwellings
- 79 Total Sold – Month. Highest monthly sold total for Area 5.
- 66 Total # Sold – Month. Highest monthly sold total for Firestone, Frederick, Dacono (FFD)
- 69 Avg Days on Market for Single Family Homes Sales in FFD
Yes I went back and double checked these numbers. Who in the world would believe that both Longmont and FFD would be reporting 69 days on market? The shortest one I found before was 77 back in October of 2008 and for the most part the world stays pretty steady between 95 and 115 DOM. This is a full 30 days shorter than normal!
I’m not going to make a huge deal out of the increase in Attached Dwelling sales in Longmont as a percentage increase. There is a very good reason for this giant increase, it’s called lack of inventory. Buyers are not finding what they need out there in single family homes so some have defaulted to the next best thing…an affordable condo or townhome…where they don’t have to mow the lawn…which is starting to sound good to me, but I digress.
The monthly sales totals for both Area 5 (Boulder County Plains) and Firestone, Frederick and Dacono is a darn near an inconceivable feat at this time, in this economy and based on past history. The homes in Area 5 average over $500k…I thought that price range was slow?!?! And FFD, really? After all the construction and resale and drops in value out there, I can hardly believe that this can happen, but it did. But, since they were the hardest hit in value out there over the past few years, there are going to be some other growing pains…like value, that might take a little wind out of their sails. Fingers crossed.
Please print, forward, distribute and share this report to anyone you wish. I think this is one of those reports where people will begin to believe that the sky is not falling. Look for a first half of the year recap of stats at the end of June. If I get really excited, I might make 1st half comparisons back several years. And if you are looking to make a move to the best title company in the industry, please feel free to give me a call so I can introduce you to Land Title, our closers and our products and services.
Oh and by the way… The Predictor says 104 sales for June. It said 99 for May and we came in at 96. I hate it when I’m 3% off.