Hi everyone! As promised in the video, I have attached the sales statistic sheet we received from First American Title. Below are some comments from the creator of this report:
It’s beginning to feel a lot like Christmas…except for the green grass, warm weather and no snow. Wait for it…winter is coming.
In January of this year, we started off at 19.3% fewer sales for the month/year, compared to 2016, and it looks like we will end up in roughly the same place when this year is over. That deficit in total sales eventually crept back to being only down by 7.3% in August, only to see the gap widen since then despite strong October sales. In fact, there have only been two months this year (May & October) where we have registered more single family closings in a month compared to the previous year. And we all know the total sales are about 5% fewer than they should be due to lack of data share. I was hoping to have that back on by now to go back and add those numbers in to get a real apples to apples comparison. Nonetheless, we still have an extremely strong market that will show about a 10% average price gain over 2016 when all the numbers are in.
Longmont Single Family and Attached
The biggest surprise in the numbers this month are the decreases in median and average sales price of attached homes in Longmont. We haven’t seen negative numbers in a long time. So what’s up? It’s very simple, there were no sales of those higher priced attached properties in the SW by Silver Creek HS, nor any from the 55+ community at near Hover and Mountain View. The SW project is nearing its end and you will see a bunch of those close soon, so these numbers will go back up despite the fact that the Hover project is closed out. Of the 30 closed attached sales last month, exactly 15 of them were the latest addition to the Summerhawk condos at 9th and CR1. And of the 69 total listings I show in the report, there are 46 (or 67%) of them under contract, leaving just 23 active attached listings in Longmont and 9 of those aren’t even built yet. Yes, just 14 active attached homes available in Longmont that you can move into in 30 days. This is about 3 weeks of inventory at this time of year.
Longmont’s single family inventory is almost just as tight, but the prices keep climbing on a year-over-year basis. The solid nature of the single family prices this month are extraordinary. In November, 12 homes sold for $300k or less, which is tied for the most in a month this year. Just that alone should bring the average price down just a bit, but couple it with only one home that sold for over $1 Million and an average of 99% list-to-sale price, you can see how the average and median are not being bolstered by a bunch of high sales either. Demand is still very strong in Longmont. Of the 226 active and U/C listings in my report, only 81 is not under contract and about 14 are to be built. Yes, 67 active single family homes in Longmont that you can move into in 30 days. This is about 30 days of inventory for this time of year.