January 2016 Market Update for Old Town Longmont

Krista Koth Old Town Front Q4

December 2015, has not slowed down in Old Town. Granted, there may seasonally less home for sale, but the movement and activity is still there. The momentum would be more IF there was more inventory.

The current listings are ones that priced too high. About 4 have been bought for the sole purpose of renovation, and while they look nice, they are too high for the area still.
There are 11 active and 11 sold with 4 under contract.

One thing you are able to see in new neighborhoods, that is you can’t really count on in Old Town is price per square foot. You can have a 4000 square foot home, next to a 1,500 foot home. I does not hurt the larger home to be next to a smaller home, as long as it’s taken care of.

The thing in Old Town is every house will be redone at some point as the selll. The price is going up because of the demand in old town and when you update these beauty’s, it is only increasing the value more – we still have lots of growth here in Old Town.

The hardest thing for folks to find in Old Town is a 3/2 between 350-400k.
4 over these sold in December instanly for either asking price or above.

Location is what is more critical than the perfect home.
Out of the 11 homes that have sold, the price span is 125k-620k. It nuts- you can still find something for everyone, but you have to be on it and now the neighborhood, streets and what’s going on in that location.
For instance, the one that sold at 228 Emery is a steal! I would have listed that much higher base on this area changing repidly, as the turkey plant moves out, retail parks, shopping and Wibby Brewing moves in. There are 5 other houses on this street with LARGE lots. I think this would be an investors dream!

I predict a slow start to the year ONLY because inventory is driving the activity and once the inventory begins, as a Buyer, you need to be prepared to move quickly.
This is a great time for Sellers and for Buyers, you just need to be prepared and have someone working on your behalf who knows and understands the market.

*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.

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