Longmont Real Estate Market Update

Here are the statistics for the real estate market in Longmont for the last 6 months.  This includes single family homes and attached dwellings.  As you can see, inventory (home on the market for sale) is up 15%.  The amount of properties that are under-contract is up 45%!!  Look at the properties that have sold, up 128%!!  Of course, this is based on the last 6 months, so is taking data from December on.  The winter months were not stellar for real estate sales, but this is a great indicator that the market is improving.  A big swing was the home buyer tax credit, which has expired, but interest rates are low and home prices appear to have bottomed out.  Now is the time....if you are a first time home buyer, or looking to move up, down or sideways...take advantage of the great prices and great interest rates!
Contact me if you would like more information.

Longmont real estate market update!

Here is the latest information about the housing market in Longmont Colorado for the past year, single family homes. This graph shows improvements in the market….Inventory is up a little, but look at the properties that have sold, up 72% from a year ago and properties under contract are up 69%. These increases have been driven by the Homebuyer tax credit, which expired the end of April. As the year progresses, we will see if this upward swing will continue. I certainly hope it does!!

Housing market snapshot from Colorado Association of Realtors

  Nearly three quarters of 4.9 million Colorado residents are homeowners.

 

 Housing costs are a primary factor in determining whether a state can effectively attract and retain  employees and businesses.

 

When a home is Colorado is sold...

 

•  Income generated from real estate related industries is $21,429
•  Additional expenditures on consumer items such as furniture, appliances and paint services is $5,311
•  It generates economic multipliers impact; there is a greater spending at restaurants, sports games and charity events. The size of this multiplier effect is estimated at $12,845

 

Homes sold by Colorado Realtors in 2009

 

•  59,156 single family units were sold in 209, a decrease of 12 percent compared to 2008. 13,258 Condo/Townhomes in 2009, a decrease of 13 percent compared to 2008.
• The median price for a single family home was $ 214,584, a decrease of 12 percent compared to 2008, for condos/townhomes was $150, 333 in 2009, and 18 percent decrease from 2008

 

Who were the buyers?

 

•  Thirty-nine percent of recent home buyers were first time home buyers.
•  The typical first time buyer was 29 years old, while the typical repeat buyer was 47 years old.
•  The median income was $58,200 among first time buyers and $83,900 among repeat buyers
•  Twenty-one percent of recent home buyers were single women, 9 percent were single males.
•  When considering the purchase of a home, commuting costs were considered a very or somewhat  important by 77 percent of buyers.

 

Foreclosures

 

• The foreclosure rate has been a major issue in Colorado for the past five years. Blighted properties, lost tax revenues and displaced families have left both physical and emotional scars across the state
•   Colorado foreclosure filings dropped from 39,607 in 2007 to 39,143 in 2008. The preliminary numbers for 2009 foreclosures filings are up 2.39 percent, reaching 40,070 according to Realty Track. Many are anticipating 2010 to rise slightly.
•  Colorado Association of Realtors in conjunction with CBS4 and the Colorado Foreclosure hotline has started a Foreclosure Prevention Campaign to educate and help consumers choose the best option for their families when faced with this issue. The campaign also includes useful home buying and selling tips. Information can be found at http://cbs4denver.com/homehelp

Contact Kathy Crowder for all your Real Estate needs

 

Stats for Longmont Real Estate, Year to date.