Some segments of the market are cooling – but only slightly. Not all homes are getting multiple offers like they were just a month ago.
What goes down. must come up. At least that’s true in real estate gravity. Whether we are talking about long-term appreciation or the return to seasonal increased inventory, the return to normalcy is here. Month-end inventory increased 2.8% compared to last month. Big percentage changes can happen when you start with the low inventory we have been seeing. The impact of this increase will be seen by both buyers and sellers, but may take a couple months before we see big changes.
For the first time in a long time, buyers are dealing with less competition, and therefore the extreme bidding wars are decreasing drastically. Earlier in the summer it didn’t seem to matter what a home was priced at, as long as it was reasonable. Now sellers are having to adjust their listing strategy to what the comps suggest. If the home is listed too high, the showing activity and likelihood of an asking price offer drastically decreases.
The number of new listings was up 26.3% month-over-month. More houses are hitting the market, allowing for more people to buy. Whenever there’s a shift, whether seasonal or unprecedented circumstances, adjustments are normally made slowly. Sellers have been using comps from the peak of the seller’s marker and are potentially listing too high. While buyers may be feeling exhausted, the opportunity to get a house under contract at list price is starting to become more realistic.
A total of 583 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 271 homes sold, 45 of those in the past month. This makes sense and aligns with the average sales price across Broomfield. There has been a shift in the second most active tier. That now belongs to the $750k-$1M tier with 153 total sales in 2021.
The average sales price in Broomfield continues to skyrocket and is now approaching $700,000 in 2021. This represents a 17.2% year-over-year increase. This is by far the highest average sales price we have seen over the past five years. The average sales price in June alone was over $756,000. However, inventory levels are rising and bidding wars are decreasing. This may cause the average sales price to dip slightly in the coming months.
The demand for single family homes in Broomfield is strong. This is evident by looking at list-to-sale-price ratio, average sales price and average days on market. Unfortunately, there just isn’t the inventory to boost total homes sales to the numbers we saw in 2019 and even 2020 during the COVID-19 outbreak. The good news is that active listings appear to be increasing as we move further into summer. This will likely drive down other metrics but increase total sales numbers.
The median days on market has hit a 5-year low for single family homes in Broomfield. This is not a surprise as buyers have been making offers on homes as quickly as they hit the market. As inventory increases this is another metric that is likely to increase slightly. I don’t believe we will experience double digit numbers, but an increase to seven days is possible in the coming months.
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 | June 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.
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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