May 2017 Market Update
May 11, 2017
# of Closed Sales: 5
Average Days on Market for Solds: 60
Median Sales Price: $614000
# of news listings: 10
Months of Inventory Last Month: 2
In April, there were 10 new listings. This was consistent with Jan, Feb, and Mar new listing numbers. Overall I have been pleased by the new inventory this spring. I am hoping May shows a nice pop of new listings to the market signaling the spring/summer shift. So far only 2 new listings in May so we have some work to do these last 3 weeks.
Currently, there are 3 active homes for sale in Renaissance ranging in price from $595,000 up to $610,000. There are 2 active homes for sale in Meadow Mountain priced at $645,000 and $679,000. There are 3 active listings in Portico ranging in price from $1,275,000 to $1,675,000. We definitely need to see inventory of attached dwellings and single family homes under $500,000. So far in 2017, there have only been 2 single family homes in Renaissance under $500,000! Both are currently under contract.
Overall, the local market shows healthy measures and numbers are consistent with recent years: low inventory, low days on market, price trends continuing to rise… In April, Longmont set another all-time high average sales price at $422,475! That is 4 consecutive months with a higher high and a new record!