The market in Longmont is starting to gain momentum. March is the time when people start attending open houses and have started their shopping for a new home. The warmer weather has been helpful in getting people out shopping as well. We are still looking at a low inventory of homes for sale as we did last year. If you plan on selling your home this year, the market is strongly in your favor. If you are a buyer, you can expect a lot of competition when putting an offer on that home you really want. As a Realtor®, I can help you with strategies in offering the winning bid.
Comparing the 80501 and 80504 Zip Codes in Longmont, the graph below shows the monthly supply of homes available. This means that if no new listings came on the market and given the current rate that homes are selling, the current supply of homes for sale would be sold out in less than a month for both zip codes. This is an indication that homes are selling quickly (often times under contract within a few days) and that we have a low inventory. For reference, having a 6 months supply is the balance between a buyer’s and a seller’s market. Having less than a 6 month supply favors sellers, or what we call a seller’s market. Having more than a 6 month supply is a market in favor of buyers. It is preferable to have a more balanced market, or closer to a 6 month supply.
The following graph shows the median sales price for a home. Homes in 80501 are slightly more expensive, just shy of $10,000. This is because 80501 covers areas of Longmont that are west of I-25, including the downtown and old town areas whereas 80504 covers west Longmont and Firestone. Typically, properties west of I-25 fetch a higher price than those east of I-25. Location, location, location!
Next month we’ll see how the market has changed. See the article I wrote on the 2016 Market Forecast for information on how the real estate market will likely play out this year. Let me know if you want specific data on your neighborhood and I’ll draw up a report for you.