Currently, there are 27 active listings in Renaissance, Meadow Mountain and Portico. Of those, 11 listings are under contract. Another 5 of those active listings are new construction scheduled to be built at a later date. That leaves 11 true active listings on the market right now in our SW corner of Longmont.
Of these remaining true active listings, the low price is $344,900, the high price is $2,100,000, and the median list price is $650,000. Every single family home is listed above $500,000! $500,000 seems to be the price point where we see listings taking more time to sell. The average days on market for the active listings is now at 44 days, where the average days on market for the sold listings from July was only 46 days.
The townhome sold, 1727 Venice Ln., went under contract in 6 days and sold after 45 days on market for $335,000 ($5,100 above list price).
In July, there were 9 single family homes sold and 1 townhome sold. Of the 9 single family home sales, the low price was $375,000, the high price was $1,325,000, and the median price was $410,000. These homes sold after an average of only 44 days on market.
Again, we can see the $500,000 price point come into play with the sold listings. Of the 10 total sales in August, 8 sales were under that $500,000 price point. 76% of the sales this year have been under $500,000.
2014 and 2015 have been very comparable for number of sales and sales volume — both outstanding years! August 2014 was the biggest month of real estate sales for the year in terms of number of listings sold (16) and sales volume ($7,970,947). So far, 2015 has surpassed 2014’s numbers, but to keep the pace I think we will need to see more listings come on the market in the sub-$500k range. Right now, there are just 2! The demand from buyers has been incredible and I think that this will continue into the fall season. The only thing holding us back will be inventory, which is non-existent right now at the sub-$500k price point. It will be interesting to see what comes on the market this month for a final summer push.
*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.