It is a pleasure to share my Broomfield residential real estate market for October with you. This report, which is based on extensive personal research, offers you the opportunity to examine the 2020 market trends and relevant sales statistics and to explore what is happening in your neighborhood’s micro market. I hope you will enjoy this report and find it both useful and enlightening.
It’s been fascinating to experience the Broomfield real estate market over the course of the summer after we emerged from the COVID shutdown. I questioned what would happen to the market when we found ourselves quarantined in our own homes unable to see homes in person. It left sellers wondering what to do and buyers frustrated. We all did our best using virtual tools such as 3D walkthroughs, video and virtual open houses but it was still a very difficult time.
Since then, the market here in Broomfield as well as the rest of the Denver metro area has experienced record numbers driven by record low inventory and even better mortgage rates.
At the end of September there were just 76 single family homes on the market. That is exactly half compared to the September 2019 and a nine and a half percent decrease from last month. With so few homes for sale this definitely indicates a sellers market.
Last month the average sales price for a single family home was $598,401. This is a 3% increase year over year, but interestingly enough a 7% decrease from last month. When I saw this I had to do a little more digging because this didn’t seem right given the nature of the market. Here’s what I found. While there was that 7% decrease in average sales price, the average price per square foot actually increased by $2 from $187 to $189 across Broomfield. So what does this mean when we compare that to the average sales price? Simply put, the homes sold in September were just a little smaller than those sold last month.
Speaking of homes sold, there were 96 single family homes sold in September. This is a 4% decrease year over year and an 18% decrease from last month. With fewer homes on the market this is not surprising but will be worth monitoring over the next couple of months.
If you’re selling your home here in Broomfield, how long can you expect it to be on the market? This is going to vary depending on your sales price as well as your neighborhood but the average days on market for Broomfield in September was just 20, a 48% decrease year over year and 9% decrease month over month.
The big question is, what does this mean for buyers looking to purchase a home in Broomfield? Like I mentioned earlier, this is definitely a sellers market. There’s currently less than a months supply of inventory for single family homes in Broomfield. This is incredibly low considering a balanced market has six months of inventory. If you’re looking to buy here in Broomfield, you’re likely going to be met with some pretty fierce competition.
The Broomfield real estate market is continuing its momentum into fall. There were a significant number of sales in nearly every price tier throughout the market in September. Additionally, average days on market decreased in four of the five price tiers I focus on. Looking further into this metric it’s important to note that a change of 4-5 days this late in the year is noteworthy.
The average sales price for a home is nearing $600k. This is remarkable considering the typical buying and selling season was halted due to the COVID-19 pandemic. Pent up buyer demand has pushed the average sale price up consistently over the past several months. If this continues, the average sales price may go above $600k by the end of 2020
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.
Thank you again and enjoy the October 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.
Broomfield Real Estate Market Report | October 2020
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:
Real Estate Professional | Certified Real Estate Negotiation Expert
Coldwell Banker Ref Real Estate