May proved that even buyer fatigue cannot stop Broomfield area buyers from slowing down or giving up, with increased opportunities rising in an extreme market.
In May, the data demonstrated that while it is an extreme seller’s market in the Broomfield area, closings are still happening, despite active listings being down.
The Broomfield real estate market has turned into an unpredictable year, lacking seasonal consistency with rainy weather in tow, while prices continue to skyrocket. Broomfield hit a new average sales price record of $683,920 for single-family properties year to date.
“Buyer fatigue is the most prevalent conversation within REALTOR® circles right now,” said Andrew Abrams, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. “Like a marathon, buyer fatigue has slowed people down but has not stopped anyone from crossing the finish line. Interest rates continue to be relatively low and consistent. Listings continue to slowly hit the market, while buyers continue to gobble up properties as soon as they do. Many felt 2020 would be an outlier, while 2021 was supposed to feel different. A direction of resiliency, strength and the possibility of fun was on the horizon. For sellers, the latter has proven true while buyers continue with themes of resilience and strength to overcome this tough seller’s market.”
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.
A total of 461 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 226 homes sold. 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. I also don’t find this surprising given the elevated sales prices throughout Broomfield this year.
The average sales price in Broomfield continues to skyrocket and is now over $683,000 in 2021. This represents a 18.6% year-over-year increase. This is by far the highest we have seen over the past five years. The average sales price in May alone was just over $690,000. We are in the heart of buying and selling season now that school has finished for the summer. I predict this metric will continue to rise through the rest of summer.
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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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