Category Archives: Local Sales
Well, it’s official. The 999 total sales so far this year makes this the highest volume sales year since 2008.
This year has continually been one of surprises. This month, look at the sales total for single family homes in Longmont for the month of November. 86!
Just to let you know that the 86 sales in November is pretty much a modern-day record. Kyle Snyder of Land Title had to pull the old stack of dusty and yellowed stats reports from storage to find out how long it had been since we’ve had sales that high. In 2004(!) we had 90 closed transactions in November. The world of real estate has surely changed since 2004, and we are crawling out of the worst recession the world has ever seen, so what’s going on here? One huge difference between our 86 today and 90 back then: new construction. There was building of new homes all over the place back then. The absence of new home construction in 2012 makes 86 sales today even more remarkable.
Yes, the ever present inventory issue continues to make history as well. Low inventory is something we have heard quite frequently over the past year or so. Well it isn’t low anymore, it’s extremely low! In fact, it’s the second lowest month for as far back as January of 2004 – That’s 9 YEARS!. Currently, the 315 listings in Longmont actually net out quite a bit lower if you remove the homes that are under contract netting 194. That kind of low listing inventory is concerning especially when we have such high sales months because it represents barely more than 2 months of inventory. These 194 Active listings have an Average Days on Market of just 90 days…
So look for another busy real estate market in 2013. Based on current inventory, it’s finally looking like a Seller’s market! So, buyer’s now is the time. Seller’s it couldn’t be better.
Courtesy of Kyle Snyder, Longmont Land Title Guarantee Company
For the tenth month in a row, closed sales of single family homes in the Longmont have exceeded expectations and predictions.
Who wins in a market like this? Well, of course it’s the Realtors and lenders who get paid commissions, the title companies, inspectors and appraisers who get paid for their work, but the list of winners is much longer in this market. Sellers are enjoying a little more for their properties than they did a year ago (emphasis on a little). Buyers are still enjoying some of the lowest prices in a generation as well as the lowest interest rates ever (emphasis on ever). Those are a given, but how about those underwater homeowners who stuck it out during the tough times? Their home values have stopped falling, they kept their home against tall odds and lots of pressure to just walk away and they persevered through some tough times where job stability may have been in question. Many of those people will again enter the market and sell their home without taking it in the shorts, but more importantly, they represent the foundation for home ownership in America. They are the stability of the market and if they would have thrown in the towel, we would all have been in deep yogurt.
So, thank your neighbor; thank your friends; and give those around you and yourself, a pat on the back for a job well done. We now have a new political scene to anticipate with elections over. Let’s all think positive thoughts for an improving economy and a continuance of the improving housing market. After all, of the 24 metrics compared year over year, only 4 are not an improvement, which proves to be a huge (25%) increase in the market.
— Courtesy of Kyle Snyder, Longmont Land Title Guarantee Company