It is a pleasure to share my Broomfield residential real estate market for November 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.
October marked a continuation of the main themes that have defined the for-sale housing market in the Broomfield since early summer: low inventory, steep competition and rising prices.
Active listings across both detached and attached single-family homes at the end of the month stood at 75, a record low for October by nearly 57 listings.
But that low level of inventory hasn’t yet slowed down the pace of sales. There were 128 closed transactions in October, a 16.36% year-over-year increase. November appears poised for another big month, with a record 110 pending transactions at the end of October.
The pressure among buyers to find a home in this market has resulted in an increase in prices. The median closing price for a detached single-family home was $535,000 in October, up 3.59% from a year ago. The median closing price for an attached home, such as a townhome or condominium, was $355,000, up 2.9% from a year ago.
Not surprisingly, buyers are also having to move more quickly. Homes spent an average of 18 days on the MLS, another record low for October.
Sellers continued to have little to no competition as escalation clauses, appraisal gap waivers and ‘as-is’ offers were frequently used. Buyers had to fight tooth-and-nail making concessions in all of the ways referenced above to secure a place they could call home.
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 October including 10 sales of over $1 million. Additionally, average days on market decreased in three of the five price tiers I focus on. The most interesting stat when looking at average days on market is the difference between properties priced from $750k-$1 million and $1 million plus. The lower of these price tiers is taking 19 days longer to sell. Very interesting.
The average sales price for a home is nearing $600k. As I’ve mentioned previously, low inventory and interest rates are driving the prices of Broomfield homes up. As we get closer to the holidays we may experience a slight slowdown. This was evident as the average sales price dropped approximately $400 from last month. This should only be a small blip on the map, with a strong return at the beginning of 2021. The average sales price could top $600k early in the year.
Thank you again and enjoy the November 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 | November 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