Longmont Colorado Real Estate Forecast 2021
The Longmont Colorado residential real estate forecast for 2021 is a bright one, particularly for sellers and long-term owners. This, because it’s currently a sellers’ market — though not a total sellers’ market — which means top dollar for listings and a strong appreciation for property owners. It also represents an opportunity for buyers who can buy into the market at an affordable price and still enjoy nearly historic low-interest rates. Read on to learn more about the Longmont Colorado residential real estate forecast for 2021 and what you need to know.
The Longmont Colorado residential real estate forecast for 2021 is optimistic, due to recent trends and current circumstances. For instance, in February 2021, the median list price for active properties increased by 2.2% over the past year to rise to $475,000. Meanwhile, the median listing price per square foot stands at $215, with the final median sales price coming in at $476,300.
Presently, the sale to list price ratio in Longmont Colorado is at 100%, which means properties are selling almost always for their asking price, which is an unusual event. Also, the average day’s listings stay on the market is very short, with the median listing days being just 38 days. This is actually less than the DOM last month and is also slightly under the average listing stay of last year.
At this time, the Longmont Colorado residential real estate market is just off of parity, with sellers being favored over buyers. Right now, the market has entered into a sellers’ market, meaning there’s less available inventory than active buyers. (A balanced market is one that has near parity between buyers and sellers, with all available inventory depleting in six months, without the introduction of any new listings.)
What is of serious concern is the almost total absence of distressed properties, which include foreclosures and short sales. Due to the onset of the worldwide pandemic and subsequent shutdowns and restrictions, courts stopped processing these types of civil cases. That caused distressed properties to all but disappear from the market. So, if a large number of distressed properties suddenly return to the market, it will have a largely detrimental effect on the real estate market. However, if these properties trickle onto the market slowly, it’s possible the reintroduction will cause minimal disruption in the residential real estate market in Longmont Colorado and well beyond — perhaps in Boulder and Weld counties.
Longmont Colorado Cost Of Living 2021
The Longmont Colorado cost of living in 2021 is more affordable than one might think. Using a score of 100 as a baseline for the national average, Longmont Colorado comes in with a relatively inexpensive price tag. Read on to learn more about the Longmont Colorado cost of living and what to expect throughout this year.
Longmont Colorado is a wonderful place to call home, sprawling over two counties and offering some of the best weather and recreational opportunities in the state. Breaking down the cost of living into six categories, here’s how Longmont Colorado performs:
- Transportation. The cost of getting around in Longmont is quite affordable, with a score of 93, being less expensive than the national average. (It’s also less costly than the statewide score of 107.)
- Healthcare. The cost of healthcare in the area is also less expensive than the national average and the statewide score, coming in at a score of 94, making it affordable for most residents.
- Utilities. Here in Longmont, the cost of electricity, water, and sewer, or utilities at large, comes in with a score of 98, making it more affordable than the national average.
- Groceries. The cost of food is only slightly more expensive than the national cost, with a score of just over 101.
- Miscellaneous. The costs of odds and ends in the Longmont community earn a score of 110, which is a tad more expensive than the national average.
Finally, housing is the most expensive cost, with a score of 172, and a median home cost of $398,000, which is above the national average and the statewide cost.
Benefits Of Living In Longmont Colorado
The benefits of living in Longmont Colorado come in many forms, including the overall lifestyle, the recreational opportunities, as well as the cost of living. Then, there’s the weather, which is some of the best in the region. All of this, plus, Longmont offers a genuine sense of community. So, read on to learn more about the advantages of living in Longmont Colorado, and what you need to know.
The benefits of living in Longmont Colorado begin with all there is to see and do. Because of its location, outdoor activities are very plentiful. These include, but are not limited to many levels of recreation, such as skydiving, hiking, biking, fishing, kayaking, tubing, paddle boarding, sailing, camping, and more.
Other advantages of living in Longmont are all the flavors to enjoy, from some of the best craft beers to quaint and quirky restaurants with many delicious fares. Also, the eateries are only made better with the presence of retail shops, galleries, and the entire creative district.
Just the above boasts many of the best aspects of living in Longmont Colorado, but there’s still more. For instance, the cost of living, which is quite affordable. In fact, using a baseline score of 100 as a national average, Longmont scores 122 overall, because transportation, healthcare, and utilities are all below the national average in cost. Additionally, groceries and miscellaneous or odds and ends are just slightly above the national average. Even housing — though more expensive — still remains mostly affordable, which demonstrates the various benefits of living in Longmont Colorado.