Quarterly Market Update – 1st Quarter 2017

April 12, 2017
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# of Closed Sales: 20

Average Days on Market for Solds: 49

Median Sales Price: $440000

# of news listings: 34

Months of Inventory Last Month: 2

All signs point to an early spring.  Things are heating up already in the real estate market!   Overall, all measurements have improved year over year.  There were 34 new listings in the 1st quarter which I’m happy to report was a 34% increase in new listings from the same period in 2016.  With a hot sellers market like we have, more inventory ultimately brings more sales.  The first quarter produced 20 total sales for total sales volume of over $12 million, up 54% from the previous year.  I was interested to know whether the increased inventory resulted in properties sitting on the market longer.  That was not the case – the average days on market actually decreased by 39.5% to 49 days on market.  This is a strong sign that buyer demand for properties still outweighs available properties and a strong seller’s market rolls on.

So what is happening right now?  Currently, there are 14 active listings.  10 are under contract leaving behind only 4 true actives.  They are all single family homes ranging in price from $460,000 to $589,900.  2 are less than 7 days on market and I expect the two more affordable options to be gone within the next day or so.  I truly think the days of finding a single family in Renaissance or Meadow Mountain for under $400,000 are over.  I have seen strong demand across all price ranges and all property types and Southwest Longmont remains a highly desirable community with available homes in short supply.