Buyers who are searching for townhomes in Longmont have many more options than they did a year ago, according to a new real estate report.
There were 126 attached home listings in January, compared to 15 in January 2022, data from the Longmont Association of Realtors shows.
Kyle Snyder, a real estate market analyst with the financial services company First American Title, said Longmont’s construction boom is behind the high townhome inventory.
“Those are mainly in two areas of town — the southwest part of town and the east part of town by Fox Hill — there are two subdivisions that seem to be going in at the same time,” Snyder said.
Most of the townhomes listed for sale are not move-in ready, however — only 30 are fully built. But that’s not holding buyers back — sellers have accepted offers on roughly half of the 126 January townhome listings, Snyder said.
The average price of a Longmont townhome in January was $496,201 — up $67,806 from $428,395 in January 2022, according to the report.
“That’s another factor of new home construction — they’re just more expensive,” Snyder explained.
Prices are also increasing because of climbing prices in the rest of Boulder County, he said.
“Lafayette, Louisville, Boulder — you can see how much more expensive they are than Longmont. So people are going, ‘wow that’s a lot — where else should we look?’ and they look at Longmont and say ‘I can get the same house for $200,000 less? Let’s do it.’”
Snyder said he’s relieved to see new townhomes hitting the market.
“It provides some options, and we literally have a housing crisis in the area — there’s not enough housing,” he said.
Attached homes are spending, on average, 69 days on the market, compared to 22 days in January 2022, according to the report.
The year-over-year inventory increase for single-family homes was not as stark — there were 80 active listings in January 2022 and 128 listings last month. The average sale price of a single-family home in January was $616,305, compared to $619,021 a year ago.