In February, the Broomfield housing market proved that the underlying theme of this market is speed: speed at which buyers are purchasing relative to the number of sellers listing, and the speed at which active properties are going under contract while prices are accelerating.
There were 68 closed properties, down 24.4 percent from last year at this time. Attached properties saw a 25 percent decrease in closings relative to last year at this time. The increased demand for attached properties propelled the market to an average close price of $411,874. Meanwhile, detached properties saw an average sales price of $690,103, an increase of 22 percent relative to last year.
The report additionally confirms that with median days in the MLS at five, close-price-to-list-price ratio at 100.2 percent, competition remains incredibly high. With properties frequently going over asking price, full appraisal gap waiver appreciation continues to rise. Savviness, creativity, knowledge and guts are all components that will help buyers move towards a path of homeownership in this market.
The question currently is what will it take to get to a more normalized market? Seasonality, vaccines and interest rates will be a few of the best indicators. As more of the population gets vaccinated, we may see increased listings throughout the summertime. Most importantly, if interest rates start to increase, that may decrease buyer demand changing the quantity of multi-offer situations. While no one has a crystal ball, using market indicators, creativity and perseverance will help buyers succeed in this hot market
It appears the spring buying and selling season is here a little early. 130 single family homes have sold so far in 2021, with 68 of those selling in February. Inventory is still very tight with only 31 available homes at the end of February. If the number of homes for sale improves we could be looking at a record-breaking year for many key metrics.
The average sales price for a single family home in Broomfield has skyrocketed to over $640,000 in 2021. This represents a 14.9% year-over-year increase. This average sales price is by far the highest we have seen over the past five years. The average sales price in February alone was just over $690,000 which is a 17.3% month-over-month increase. I would not be surprised if the YTD average was over $650,000 as soon as next month.
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 | March 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.
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You May Be Wondering… What is My Home Worth?
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For questions regarding this Broomfield Real Estate Market Report or the Broomfield Real Estate Market in general contact:
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