Currently, there are 19 total listings in Renaissance, Meadow Mountain, and Portico. These actives are made up of 7 attached dwellings and 12 single family homes. Of the 19 total actives, 8 are under contract, 5 are to-be built, leaving only 6 true active properties in standing inventory. The active properties are more expensive than most buyers would hope for. Only 1 active listing is priced below $400,000 – 1651 Venice Ln. – a 2 bed, 3 bath townhouse listed at $329,700 (Under contract in 5 days). In fact, 13 of the 19 active listings are priced above $500,000.
The average list price for active attached dwellings is currently $472,670! Over the last 12 months, there were 18 attached dwellings sold at an average sales price of $326,188. Now, here we are with 7 active attached dwellings currently listed at an average price almost $150,000 more than they were selling for over the past year! Wow!
There were 4 sales in November – 2 attached and 2 single families. The high sold price average sold price was $678,330, the low sold price was $300,000, and the average sold price was $429,557. These 4 properties sold after an average of only 27 days on market. The average price per square foot for the solds was $160/SF.
The demand for attached homes has been huge. In the neighborhood, the new construction projects have favored attached homes, but they’re priced comparably, if not more, to many single family resales. When resale attached homes hit the market they’ve been going fast. The same holds true for Longmont as a whole. Out of 66 total attached listings last month only 5 were resales and not new construction.
I predict that December will be a big month for real estate sales. Last December was exceptionally good with 6 sales totaling $2,271,000 in volume. There have already been 3 sales this month producing $1,500,00 in volume with at least a few more under contract that could definitely close by the end of the month. With a couple more closings this month, I think we can close out 2015 in a big way!
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.