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Longmont Real Estate Market Update - November 2017

There may be good news for some home buyers in Longmont. The market appears to be cooling, but just a little. Based on historic trends, it also could be simply the calm before another storm of activity.
Real estate, homes
Photo by Blake Wheeler on Unsplash

This content was originally published by the Longmont Observer and is licensed under a Creative Commons license.

There may be good news for some home buyers in Longmont. The market appears to be cooling, but just a little. Based on historic trends, it also could be simply the calm before another storm of activity.

The latest data (November) shows that the median home sales price of $388,400 for single family homes in Longmont is up 5.0%, compared to a year ago. However, this is down 4.1% from October 2017.

The lowest sale price for a home in Longmont in November was $202,500 and the highest was $1,038,220 in Prospect New Town.

The number of homes sold, 111 in November, was five fewer than October but eight more than the same period last year.

The average number of days a home was on the market in November before the sale was complete, 62, is unchanged from October but 10 days longer than November 2016.

August saw the largest number of homes available for sale in 2017, at 259. In November, that number dropped to 164. The number of homes under contract was 110 in November, down from 133 in October, but up from 75 in 2016.

What does this all mean? If conditions remain, we expect housing prices in Longmont to stay stable or rise in the coming months, especially as we hit the springtime, the historically more popular months to purchase homes.