May 2017 Market Update

May 11, 2017
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# 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!