Steady as she goes. That’s one of the better descriptions to characterize the start to the summer selling season. The caveat is that more and more people are moving out of Colorado, than moving into the state these days. Colorado was recently ranked 12th of the highest number of people moving out of a state. Not all of these individuals were potential homebuyers, but this will definitely begin to have an effect on the housing market at large. With potentially fewer buyers, the market will shift its competitive edge toward buyers, allowing for potentially better negotiations and prices in the coming months. Let’s see what’s happening in the current housing market.
Denver Metro Area
Housing prices in the larger Denver Metro Area are holding steady at $637,000, which is ever-so-slightly higher than last month and 1.1% higher than last year. We are noticing a similar trend to last year, with a decent jump in inventory in May leading to steady prices and sales through the summer months. Inventory is 23.9% higher than last year, and homes going under contract are up 11.7%. This shows a healthy growth to MLS, giving homebuyers more choices. More inventory means more competition for sellers. And even with the added competition, properties are selling (on average) within 30 days. There are clearly buyers waiting for homes to come onto the market, regardless of the higher interest rates and ‘exodus’ from Colorado.
Boulder County
Much like May, Boulder County is showing a large shift in its real estate market this June. Inventory continues to be low throughout the County, down 15% from last year. This has pushed the total number of homes going under contract down a whopping 65%. Homes are still selling quickly in Boulder, with an average day on market down to 27 days! Clearly what’s happening throughout the Metro Area is happening in Boulder: Buyers are looking for homes, and when they’re available, they are buying. The median sales price of homes in Boulder County is $804,000, a slight drop year-over-year. But, like we said before, this average is largely skewed by the luxury market, which appears to be less active this year.
Longmont
The housing market in Longmont is holding steady as well, much like the rest of the Denver Metro Area. The median sales price dropped to $559,000, which is technically a drop of 9% from last year. Last June saw Longmont peak in sales and housing prices. This June, we’re seeing more steady sales than the typical summer rush. Much like the rest of Boulder County, Longmont is low on inventory, pushing overall sales down. Interest in Longmont remains high. Our affordability, proximity, and low inventory are keeping properties selling within 40 days. This is substantially longer than the rest of the Denver Metro Area, but real estate continues to move steadily. Longmont is very competitive due to these factors, leaving little room for negotiations.
If you’re looking to sell in Longmont, we recommend ensuring your home is ready for sale. Fix the easily fixable issues: paint, lawn and garden upkeep, replacing fixtures, trimming trees, etc. We also recommend having a few concessions to offer, including loan-rate buydowns, covering certain closing costs, etc.
If you’re looking to buy in Longmont, we recommend you have a strong offer to bring to the table. There are many buyers looking all across the Front Range. Real estate is moving at a steady speed. Pushing for negotiations will find you hunting for a different house before long.
Whether you’re ready to buy or sell, get in touch with the best Realtor in Longmont: The Wise Team. We’re ready to go house hunting with you to find your dream home in Longmont! We know you’ll love it here.
