Happy New Year 2016!!
Can you all believe that we are already more than half way through January? (yes, I’m serious!) Before we look ahead to see what the New Year may have in store, I think this is a good time to reflect on the past year 2015. Everyone has probably heard that Longmont and Colorado are hot markets. It is a Seller’s market. But what exactly does that mean??
It comes down to simple law of supply and demand. Supply/inventory (# of properties available for sale) is down and demand (# of buyers looking to find a property) is up! Just look at this comparison of number of homes sold in our neighborhood area in 2014 vs 2015…
|Number of Sold Listings|
Here are the new listings that came on the market in December 2015. (note: this does not include any new construction). There were NO properties in our area that were listed below $996,000. Really? Really! We know SW Longmont is a sought after area due to good schools, walking paths and parks, and proximity to Boulder to name just a few. Can you just imagine the frenzy that would be created by a listing less than $500,000?
|New Listings December 2015|
|MLS#||Address||Price||SqFt||BD||BA||Price/SF||Status||Days to Contract|
|IRES 780769||4122 Heatherhill Cir||$996,000||5400||4||4||$184.44||Active|
|IRES 780316||8757 N 87th St||$1,195,000||5018||4||5||$238.14||Active|
|IRES 780289||4110 Heatherhill Cir||$1,190,000||5072||4||6||$234.62||Under Contract||1|
|MLS#||Address||List Price||Sold Price||Type||BD||BA||SqFt||Price/SqFt||DOM||DTO||DTS||SOLD DATE|
|IRES 778406||3925 Oakwood Dr||$300,000||$300,000||RES||2||2||1399||$214.44||40||6||40||12/7/2015|
|IRES 778241||814 Timothy Dr||$359,900||$359,900||RES||3||2||2799||$128.58||45||4||45||12/11/2015|
|IRES 779068||3752 Oakwood Dr||$265,000||$265,500||ATD||2||3||1580||$168.04||44||4||44||12/23/2015|
|IRES 780653||815 Snowberry St||$350,000||$350,000||ATD||3||3||2048||$170.90||17||2||17||12/30/2015|
|IRES 778581||3527 Boxelder Dr||$499,900||$494,000||RES||4||3||4450||$111.01||60||10||60||12/31/2015|
|Count||High Price||Low Price||Avg Price||Median Price||ADOM/ACDOM|
Déjà vu!! I predict that this year will be a repeat of the previous year. With that said, while it is easy to sell a home in this market, sellers need to have a goal of maximizing the net price they receive. That means your house needs to be in perfect showing condition and priced to attract multiple offers. You want the home that 20 people compete for, not the one where people kick the tires and take a pass.
And…. I predict it will be a tough game, but the Broncos will win the Super Bowl!!! ?
*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.