by Jessica Morley
The Tri-Town residential real estate market has been and continues to be strong despite all that has happened this spring. The year 2020 started robustly, with moderate weather and buyers eager to get ahead of the summer selling season. With that, the overall year-to-date stats for listings closed are actually up 15%. Other surrounding areas are down 13% with the dip we saw in April and May.
Even with the impact of the coronavirus on the market, prices remain unchanged from this time last year. The average price of listings is up 1-3%, as demand continues to be strong while inventory is relatively low. The number of listings that came on the market in April and May was down 11% from last year. However, new listings are climbing each week since mid-May, so we’ll see that increase in inventory this summer. The average sales price for our area has been holding around $412,000.
Additionally favorable, homes spent an average of 48 days on the market, only 4 days longer than this time last year! One significant difference during this unique period has been the increase in closing time. With safety regulations, the closing process took a little longer, including more employment verification from lenders.
With home prices and days on the market holding steady, and inventory low, it’s a perfect time to sell. Typically, it can take 2-4 weeks to prepare your home to sell. That includes time for cleaning things out, staging, last-minute adjustments, and repairs, gathering important documents, and finalizing details. Definitely start now if you want to take advantage of the continuing seller’s market. Ask your agent what you can do to get your home ready. He or she will guide you with what can be done to maximize your home’s potential in the eyes of your prospective buyers.
For buyers, interest rates are still at historically low levels. However, given the complexity of loans, do plan to talk with an agent and a mortgage lender before finding that perfect home online. You will want to be ready to go when you find your dream home! Expect to be in a multiple-offer situation. Regionally, sellers are receiving full-price offers (99.6%) and locally, 100.4%.
The tri-town area is a desirable place to live, and the market is reflecting that. It’s a great time to sell, with this steady seller’s market; it’s also a great time to buy, with these low mortgage interest rates. Call your real estate agent today for more information!
Data obtained from the Longmont Association of REALTORS® and based on information from IRES, LLC.
Jessica Morley is a REALTOR® with Sellstate Peak Realty. She lives in Firestone with her husband, four kids, and two cats. With a background in education, Jessica loves to bring useful information to her students, clients, and consumers alike. When she’s not teaching or helping her clients, she can be found with her family, drinking a strong cup of coffee, or blissfully barreling along a mountain bike trail. You can reach her at www.buycohomes.com.