Great news! As of today, July 29th of 2009, there are 520 single family homes for sale in Longmont, CO which is 19.2% less available inventory compared to last year. (Figure 1)
Homes For Sale 2008 vs. 2009, Longmont, Single Family Residences
Not so great news; 2008 came with 10% depreciation for an average single family home in Longmont, which happened at the same time when home buyers demand dropped down by 17.8%. It is hard to predict the hit homeowners will have to take this year since current demand has decreased by almost double of that. Sales volume continues to remain at alarming low levels, currently minus 29.4% compared to the same time frame last year. (Figure 2)
Monthly Total Sales Volume Change, 2008 vs. 2009
Since January of this year the average sales price has decreased by 5%, which unfortunately means that homeowners are continuing to lose on average 0.7% of their equity each month.
In June there were a total of 81 homes sold with average days on the market reaching 111 days mark. In July there are 79 homes sold so far.
On a positive note, well prepared and well priced homes that utilize an aggressive marketing approach still sell relatively well, often even with multiple offer situations. If you would like to receive your neighborhood specific market information, you can reach Edite Lawrence at email@example.com.
Edite Liepina - Lawrence, Realtor
ERA Tradewind Real Estate
Source: IRES 2009