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January 2016 Market Update for Renaissance

Julian Kirschenbaum Front Q4

The current inventory is dominated by new construction. Out of 21 current active listings, 8 are under contract, leaving 13 true actives. Of those 13 true actives 9 are new builds.

The 13 true actives are all priced above $400,000. The only new listing in 2016 so far was 1521 Venice Ln a 2 bed, 3 bath townhouse that hit the market on 1/6/2016 for $324,950. It went under contract in 5 days.
The 9 true actives that are new construction range in price from $469,000 to $889,000 with an average price per square foot of roughly $155/SF.

December produced 5 total sales – 4 single family homes and 1 townhouse. The low sold price was $353,900, the high sold price was $695,000, and the average sold price was $482,000. The single family homes sold at an average of $129/SF, and the townhome sold for $227/SF.
The average days on market was 58 days. However, 4 out of 5 properties sold in 45 days or less. Not bad for December when we typically expect seasonal slowing!

The sold listings range in price from about $350,000 to $700,000. But, the majority of the sales fell in the $400,000 to $500,000 range.
Lack of inventory is still the focus starting out in 2016. There are no current listings in the $300,000 to $450,000 range and that is really putting a damper on the numbers. Buyers are waiting anxiously for properties priced in that range as we just saw with 1521 Venice Ln (5 days to contract). Looking at the big market picture, there are currently only 13 active single family homes priced under $300,000 in all of Longmont!

In Renaissance, Meadow Mountain, and Portico, we closed the fourth quarter of 2015 very strongly. There were 15 total sales (1 more than in 2014) that produced a 41% increase in the dollar value of listings sold from the fourth quarter of 2014. I think the strong finish to 2015 is a sign of things to come in 2016. I predict another solid year of real estate sales with more growth in terms of average price gains as lack of inventory continues to drive prices higher.

*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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