In March, the Broomfield housing market displayed itself as an emotional market, with nearly every statistic in the report justifying how much competition there is for buyers as well as how far they are willing to take their offers to secure a home.
In this highly emotional market, it is one of the most challenging times to hone in on a price. Instead of only using past sales as an indicator, we must also understand how much competition we have when submitting an offer. In other words: the data or facts are only a small piece of the puzzle. The bigger question is what are buyers willing to offer to beat out their competitors and go under contract?
The market here in Broomfield as well as the rest of the Denver metro area is starving for listings. This is clear when we see a 46% decrease in active listings for single family homes and a 42% decrease for condos and townhomes since last month. This is alarming as we should be ramping up for the spring and summer selling season. If you look at the same numbers year over the year the numbers are even more staggering as there was an 87% decrease in listings for single family homes and an 84% decrease for condos and townhomes. Demand for both single family homes and condos and townhomes is peaking. If you’re considering selling your home, now is the best time to maximize sales price.
A total of 243 single family homes have sold in Broomfield so far this year. The most active price tier is the $500k-$750k tier with a total of 114 homes sold. This makes sense and aligns with the average sales price across Broomfield. The good news is the second most active tier is $300k-$500k with 60 homes sold. This gives hope to first time homebuyers that there are still homes in Broomfield that are relatively affordable.
In March, 112 single family homes as well as 26 condos and townhomes sold. That is the highest number of single family homes and the second highest number of condos and townhomes sold in March over the past 5 years.
The average sales price in Broomfield continues to skyrocket and is now over $680,000 in 2021. This represents a 17.1% year-over-year increase. This is by far the highest we have seen over the past five years. The average sales price in March alone was just over $725,000. Last month, I predicted the average sales price would exceed $650,000. It easily surpassed that. Next month it’s possible the year to date average could exceed $700,000.
Thank you again and enjoy this edition of the Broomfield Real Estate Market Report. If you have any questions about an area or your home specifically I am always here to help.
I am proud to live in Broomfield and to serve our community. If you are considering selling your home or thinking of buying one, I would be grateful for the opportunity to earn your business.
Broomfield Real Estate Market Report | April 2021
Below is a link to the full version of my monthly market report for Broomfield. In addition to the information above you will find micro market information on the following neighborhoods:
- Anthem Highlands
- Anthem Ranch
- Aspen Creek
- Country Estates
- Lambertson Farms
- McKay Landing
- Spruce Meadows
- The Broadlands
Don’t see your neighborhood on the report? Contact me today and I will prepare a similar report about the market activity in your neighborhood and include it in all future months of the Broomfield Real Estate Market Report.
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.
See the big picture and all the details of the Broomfield Real Estate Market and more –> Download the full market report as well as find more valuable information about Broomfield Real Estate here.
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
Coldwell Banker Ref Real Estate