The strong Broomfield real estate market has continued into the fall, which is typically reserved for the seasonal slowdown.
Inventory continues to be the biggest hurdle in the market today. Active listings for single family homes are down 37% since last month and nearly 64% since last year. Condos and townhomes tell a slightly different story. Listings increased 13% over last month but are still down 36% compared to last year.
There was a slight month over month increase in total sales for single family homes, but not enough to catch up to last year. Limited inventory is really impacting this metric with total sales down 26%. It’s not quite as bad for condos and townhomes as theres only been an 8% decrease compared to last August.
Pending sales is a bit of a mixed bag. They have gone up for both single family homes as well as condos and townhomes compared to last month, which really comes as a surprise since we should be in the middle of a seasonal slowdown. However, pending sales are down 10% for single family homes and 21% for condos and townhomes year over year.
Average sales price continues to climb for single family homes. In August it climbed to nearly $721,000, an increase of nearly 12% since last year. Condos and townhomes saw a nearly 6% decrease last month, but still boasts an impressive 10% increase since August of 2020.
Median days on market has stayed relatively stable since Spring. At 5 days for single family homes and 4 days for condos and townhomes, buyers should expect to act quickly if they see a home they are interested in.
Generally speaking, there’s a sense that the market is slowing. I would say this is true, but its important to understand it’s all relative. The spring and summer brought record demand to the market with multiple offers, appraisal gap and inspection waivers commonplace. Today, multiple offers are still common, but buyers won’t be met with quite as much competition as they would have 2-3 months ago.
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 | September 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.
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