Niwot SW Longmont Market Report
March 2024
Dear Neighbor,
As a homeowner, when you start to find your home doesn’t provide the space and amenities you need to support your future lifestyle, that’s usually when you decide to sell. But you’ve worked hard for this home and you want to make sure you’re doing everything you can to maximize your sale price.
Selling a home is a major life event, and even more so if you’re planning to purchase another, so it’s important to get it right the first time. As you consider selling, you deserve the insight and guidance from an expert in your local market. Here are the top things to know about the Niwot & SW Longmont real estate market right now:
Inventory Has Slightly Increased, Making Correct Pricing Extremely Important
Although inventory is higher than it was this time last year, inventory levels are still hanging around near historic lows, standing at just a 2-months supply, far below the 4-6-month supply typical in a balanced market. With the guidance of a real estate professional who understands strategic marketing, you can make sure your home sells as quickly as possible.
Median Sale Price in OUR NEIGHBORHOOD HAS INCREASED from 2023
The median existing home price for single-family residences in our area increased from $1,050,000 to $1,300,000. However in the remaining 80503 zip code the median sales price decreased by a out 15% than this time last year. I believe rising and fluctuating mortgage interest rates affect the Buyer’s ability to afford more house, but also people realize they are willing to spend more for what they really want. That’s why having the guidance of a real estate professional who understands strategic marketing and positioning, is key to maximizing your returns.
Number of Homes Sold Rise
Sales of existing homes in February rose modestly from last year at this time. There is demand for homes, but buyers are being cautious about where they spend their money. This is why you want to have a strategic plan for marketing so you can attract the right buyers.
As a homeowner, what does this mean for you?
If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.
As a Colorado native who knows this market well, I like to use exclusive strategies that can boost your ROI and get your home shown to the most qualified buyers—all while protecting you as the seller in a world where contracts can have so many buyer contingencies.
Rest assured that I will help you navigate the process with ease, so you don’t have to do any of the heavy lifting. My hard work, commitment to excellence, stellar communication, and strategic negotiations are just a few reasons why my clients have trusted me with over $200 Million sold. My process works, and I make it a seamless experience for you.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 303-810-1059
We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.
Call Today → 303-810-1059
All the best,
Zana Leiferman
License #ER100054577
Real Realty Colorado
www.realrealtycolorado.com
zana@realrealtycolorado.com
303-810-1059
|
Single-Family Home Stats |
February 2023 vs February 2024 |
Analysis |
|
Median Sale Price |
↑ Up 23% |
Median sale price is now at $1,300,000 up 23% from $1,050,000 in February 2023. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible. |
|
Median Days on Market |
↓ Down 14% |
Median days on market are significantly lower in 2024. Current demand and supply play a major role, compared to 199 Days On Market in 2023. Strategic pricing and marketing ensure your home sells for top dollar in fewest days on market. |
|
Price per Square Foot |
↑ Up 41% |
Demand in our neighborhood is on the rise, and price per square foot is now at $659/sq. ft. for the year, nearly double compared to $467 in January of 2023. To maximize your results, it’s extremely important to have a proven strategy and expert guidance from the beginning. |
|
Months of Inventory |
↑ Up 3% |
As the number of properties listed on the market has finally caught up to demand from buyers, the market is starting to equalize, further highlighting the importance of correctly pricing and positioning your home from the beginning so you can get top dollar as “best in class” rather than languishing on the market. In other areas of 80503 zip code, inventory is up 30%. |
Source: IRES MLS
In Their Words:
FRANK H.
We interviewed several agents from well-known national and larger Boulder brokerages before deciding on Real Realty. Zana stood out because of her energy and her realistic assessment of what we needed to do to sell our house. My wife and I worried that going with a smaller agency might be a gamble, but we soon found that we weren’t getting lost in the shuffle with Zana. She fielded our calls quickly and efficiently, always there when we needed her. Her advice on pricing was spot-on. We depended on her knowledge, support, and professionalism to navigate a protracted and potentially contentious closing. Best of all, our house went under contract in about half the time it takes right now. We would use Real Realty again in a heartbeat.
Looking Ahead
- New listings have shown a healthy rise so far in 2024
Inventory is starting to increase, and homes that have been sitting for months are finally going under contract. In this seller’s market, start to watch for upward pricing pressure in the near future. There’s only so much property available in Colorado in the first place, and while we are seeing more homes listed than a year ago, a low number of homes on the market combined with a strong pool of buyers means healthy competition. Homes that are priced correctly, and marketed strategically often sell quickly, and with multiple offers.
- Mortgage Rates Hike Higher
Inflation Data, which seems to be the biggest problem for interest rates these days, comes in higher than expected, which in turn affects mortgage rates. Although interest rates are sitting between 6.85%-7.25 right now, if you look at the numbers even considering mortgage rates, we are seeing more Buyers enter the market.
- Continued Growth in 80503
New home builds have stayed steady in our zip code. As Longmont develops further, property values will only increase. With one of the best school districts in the County, it helps keep our property values up.
- What to Expect When Selling Your Home
You deserve a steady, positive, and supportive experience from day one. Not someone who will just toss pictures online and maybe shoot you a text message or two. You need step-by-step, marketing, strategy, expert, guidance, and powerful negotiation on your side. Because anything less with a transaction of this magnitude makes absolutely no sense. You deserve to be able to rest, easy, knowing you are well-represented at every turn, from the first phone call to the closing table, and beyond.
Thinking of Selling in the next 12 months?
Call Zana today for your Strategic Marketing Consultation. We will cover your goals, and outline a strategic approach that fits your needs and timeline → 303-810-1059