In Renaissance, Meadow Mountain, and Portico there were 11 new listings in August. This number went up slightly from the previous month. The new listings had a low list price of $300,000, a high list price of $998,000, and an average list price of $550,914. 6 of the August new listings are under contract. The remaining properties have an average list price of $627,011. Currently, there are 14 active listings in those communities with an average list price of $961,421. This tells us that the listings hanging around on the market are the pricier ones.
There were 8 total sales in August. The low sold price was $335,000, the high sold price was $1,335,000, and the average sold price was $569,612. The average days until sold for the townhomes was 39 days. The average days until sold for single family homes was 74 days. One particular sale of interest was 4057 Milano Ln. This property was on/off the market since 11/28/2014. It is a 5 bed, 5 bath, with over 5500 finished square feet, sitting on the largest lot in Renaissance. It originally listed for $926,200 ($160/SF). After dropping the price to $837,600, it eventually sold last month for $765,000 ($132/SF). This was a great buy!
August is typically the month that begins the annual volume slide into the slower winter months. Well this August was on fire for Longmont. Back in July 2004 we had 154 single family home closings and not once since have we broken 150 closings in any month. This past August, we had 153 closings in August. Very impressive! We’ve also never had an average price this high. The average sales price in August for Longmont was $346,695. After big numbers like these, I expect September to reveal a bit of softening. In the Southwest corner, the number of new listings will likely drop and with it the sales volume. I expect new listings to go off market fast as buyer demand remains steady and prices could flatten out a bit as well.
*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.