This fall, a more moderate pace of homes selling, more listings to choose from, and softening price growth will provide some breathing room for buyers searching for a home during what is typically the best time to buy a home in the Broomfield Real Estate market.
The housing market is rapidly changing from the peak frenzy it saw over the past two years. That means you probably have questions about what your best move is if you’re thinking of buying or selling this fall. Coming up, I help answer some of your questions in the October edition of the Broomfield Real Estate Show!
This fall, a more moderate pace of homes selling, more listings to choose from, and softening price growth will provide some breathing room for buyers searching for a home during what is typically the best time to buy a home in the Broomfield Real Estate market. Buyers will continue to see less competition for homes and have more time to tour homes they like and consider their options. This is great news for buyers who have been beat up by the housing market over the past couple of years, or waiting for the market to soften.
The numbers definitely support this too. Let’s take a closer look at the Broomfield Real Estate market.
Broomfield Real Estate Inventory
Just like last month, the number of active listings has decreased slightly for both single family homes as well as condos and townhomes. However, active listings of single family homes are up over 25% compared to last year. Condos and townhomes have seen a decrease in active listings of approximately 9% over the last year as lower listing prices are more attractive to buyers.
Broomfield Real Estate Home Sales
The changing market is definitely having an impact on the total number of sales in Broomfield. Last month, 93 single family homes were sold. This is a month over month increase of 4.5% but a year over year decrease of over 31%. The numbers are even more shocking for condos and townhomes which saw a 54% decrease over the past year.
Broomfield Real Estate Pending Sales
One of the most interesting stats for this month is pending sales. Single family homes remained incredibly consistent over the past month and actually increased 17.5% compared to last year, while condos and townhomes were consistent both month over month and year over year.
Broomfield Real Estate Average Sales Price
Fall has brought cooler weather and the typical seasonal slowdown of average sales price to the Broomfield market. In September, the average sales price for a single family home was over $726,000. This is a month over month decrease of 2.3%, but we have still seen an increase of 5.6% over the past year. Condos and townhomes are going against the grain when it comes to appreciation. The average sales price of $504,000 is a year over year increase of over 15%. This is certainly higher than most real estate experts predicted for 2022.
Broomfield Real Estate Days on Market
Buyers and sellers are continuing to adjust to the current dynamic which is forcing homes to stay on the market much longer than they have over the past two years. In September, the median days on market for a single family home was 23, while condos and townhomes were on the market for 11 days. This is a drastic change compared to last year when homes stayed on the market for just 6 days.
The Broomfield Real Estate Market Inflection Point
Everyone seems to be asking where the market is headed. Today, buyer activity is down and housing inventory is up. That’s a big change from where we were last year, and it’s happened quickly. Active listings, or homes available for sale, have increased nearly 26% compared to this time last year. At the same time, buyer demand has decreased almost seventeen percent. We are at an inflection point.
Over the past two years, we saw a massive amount of demand and not enough homes available for the people that wanted to buy them. Today, the market looks very different as those two factors continue to shift.
Helping You Make Informed Decisions Regarding Broomfield Real Estate
I produce this monthly update 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.
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
North Star Team at Compass