What is going on with this crazy Broomfield real estate market? Find out now. Welcome to the April edition of the Broomfield Real Estate Show!
Even as interest right rise the demand from homebuyers has never been higher. A recent survey from the National Association of Realtors indicated competition has intensified with an average of 5 offers on every home sold. Now let’s take a look at whats happening here locally in the Broomfield real estate market.
Inventory continues to be a challenge for both agents and homebuyers. Available single family homes have dropped 25% over the past year and a staggering 78% since the beginning of the pandemic in 2020. It’s a similar story for condos and townhomes as well with a 72% decrease over the past year and an 85% decrease over the past 2 years. Over the past couple of weeks it seems like things may be trending in a different direction as more listings are showing up in client searches. I’m hopeful as we near the end of the school year that even more homes are put up for sale.
The good news is there was a slight increase in single family home sales in March compared to the previous month. The bad news is that sales are still down compared to the previous two years. Condo and townhome sales are also down but only slightly compared to last month as well as over the past two years.
Pending sales for single family homes are on the rise; increasing 37% since last month and 6% over the past year. With active listings down, it’s unlikely this trend will continue however. While pending sales for single family homes is up, condos and townhomes have remained relatively flat over the past two years, down 14% since last year, but up 21% compared to March of 2020.
Average Sales Price
Over the past month, average sales price dipped 11%. However, it’s not time to jump for joy just yet as the average price per square foot decreased just over 1%. What this shows is that the homes sold were simply smaller last month, especially since the average sales price has increased 2.8% when comparing March 2022 to March 2021. Condos and townhomes have seen a fairly consistent increase in average sales price, up 9% since last month, 26% since last year, and 38% since March of 2020.
Days on Market
Homes continue to sell almost as fast as they are put on the market. This continues to be the case for both single family homes as well as condos and townhomes, with the median days on market at just 4. This forces buyers to act quickly and aggressively if they want an offer to be considered in this sellers market.
What Does the Future Hold?
I’m often asked what I think will happen with the market the rest of the summer. If interest rates continue to rise it may take some of the strain off the market, but I still think it will be challenging for buyers over the next several months as they continue to compete for nearly every home.
Helping You Make Informed Decisions Regarding Broomfield Real Estate
I produce this monthly report to provide you with a high level overview by looking at the patterns and trends.
I hope to help you make sense of the numbers so you can make informed decision. It is my hope that this report helps you to ”See the Big Picture and All the Details!”
If you see a segment of the market that you would like additional help with understanding please contact me. Or if you desire a specific Property Valuation Report that I routinely prepare for my clients, please contact me.
This report covers Broomfield Single Family Homes and Broomfield Luxury Homes.
How can I help you with your Broomfield, CO Real Estate Needs?
This Broomfield Real Estate Market Report and the level of detail is representative of what you can expect from me as your Real Estate Agent.
I am a Colorado native and Broomfield resident with years of local knowledge and insight to help meet your needs, and I strive to exceed client expectations.
You May Be Wondering… What is My Home Worth?
Do you wonder what your home is worth in the current market? Do you desire a specific Property Valuation Report that I routinely prepare for my clients? Please contact me.
If you are considering buying or selling a home, I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
For questions regarding this Broomfield Real Estate Market Report or the Broomfield Real Estate Market in general contact:
Realtor® | Real Estate Negotiation Specialist
North Star Team at Compass