Welcome to the June edition of the Broomfield Real Estate Show! Here, we dissect key trends in the Broomfield, CO real estate market to give you valuable insights into active listings, sales, average prices, and market speed. Whether you’re considering buying or selling in our vibrant city, these insights will empower your decision-making.
Broomfield Homes Active Listings
Last month, there was a 9% surge in active listings of single-family homes compared to last. However, these listings experienced a drop of more than 13% when compared to last year. On the other hand, the numbers for condos and townhomes dipped by 5% relative to last month and saw a substantial reduction of close to 27% compared to the same period last year.
Broomfield Homes Total Sales
Home sales trends are presenting an interesting dynamic. As we look at the numbers for May, we saw a total of 80 single-family homes sold. This represents a modest increase of nearly 13% from April’s total of 71 sales. However, when we draw a year-over-year comparison, the sales have actually dipped by around 10%. If we take a step back and compare this to May 2021, the decline is even more significant, with total sales down by close to 30%.
Switching gears to condos and townhomes, we see a similar pattern. Total sales in May 2023 amounted to 24 units, slightly up from 22 in April. But again, when compared to last year, there’s a decrease of 4% from the 25 units sold in May 2022. And like single-family homes, the two-year comparison shows a more pronounced drop of 25% compared to May 2021, when 32 condos and townhomes were sold.
Overall, the Broomfield housing market is experiencing a slight monthly uplift in sales for both single-family homes and condos/townhomes. However, the overall picture reflects a more cautious market when compared year-over-year, particularly when we look back two years to 2021.
Broomfield Homes Pending Sales
Let’s take a look at pending home sales, as they present their own intriguing narrative. Single-family homes experienced a bit of a slowdown in May 2023, with 70 pending sales. This shows a downturn of approximately 11% compared to April, which stood at 79. When compared to the same period last year, we’re seeing a more significant reduction of roughly 34% from the 106 pending sales. Taking a broader look, the figures have decreased by about 45% when compared to May 2021, when there were 128 pending sales.
Turning our attention to condos and townhomes, a contrasting scenario unfolds. The pending sales for May 2023 totaled 25, indicating an encouraging growth of about 32% from last month’s total of 19. On a year over year basis, there’s a slight increase of approximately 9% compared to the 23 pending sales recorded in May 2022. However, the two-year comparison echoes the trend seen in single-family homes, with a decrease of about 14% from the 29 pending sales in May 2021.
While there is a modest monthly surge for condos and townhomes, the overall trend in Broomfield’s pending home sales indicates a slowdown for both single-family homes as well as condos and townhomes when we look at year-over-year and two-year comparisons.
Broomfield Homes Average Sales Price
Average sales prices present a captivating narrative. Looking at single-family homes in May, the average sales price was just over $811,000. This reflects a modest decrease of roughly 3.5% from April’s average of nearly $841,000. Yet, the year-over-year comparison 2022, which saw an average price of $787,000, shows an increase of about 3%. And when we stretch our view back to 2021, we see a more substantial rise of approximately 16.5% from the average price of $696,000.
Switching focus to the condo and townhome market, we see a similar trend. May 2023 saw average sales prices clock in at $518,000, a decrease of around 5% compared to April’s average price of $545,000. However, looking back to May 2022, there’s a slight decrease of less than 1% from the average price of nearly $522,000. In contrast to this slight dip, the two-year comparison shows a more significant increase of around 20% from the average sales price of $430,000 in 2021.
While both single-family homes and condos and townhomes have seen a slight month-on-month decrease, the longer-term trend continues to be upward, with both single-family homes and condos/townhomes showing a robust growth in average sales prices compared to the previous years.
Broomfield Homes Average Days on Market
Let’s shift our focus to the average days on the market for homes in Broomfield. For single-family homes in May, properties stayed on the market for an average of 15 days. This shows a significant improvement, with a decrease of approximately 42% from the 26-day average seen in April. However, in a year-over-year comparison, we see an increase of over 100% from the 7-day average. Similarly, when compared to May 2021’s average of 8 days, the figures reveal an increase of nearly 88%.
As for the condo and townhome market, we see a contrasting trend. In May 2023, the average days on the market increased to 39, showing an uptick of about 18% compared to April’s average of 33 days. The year-over-year comparison shows a considerable increase of over 200% from the 12-day average. Looking back to May 2021, we see a similar trend, with a nearly 95% increase from the 20-day average.
While Broomfield’s housing market has seen a month-on-month improvement in terms of the average days on the market for single-family homes, both single-family homes and condos and townhomes show a substantial increase when looking at a year-over-year and two-year basis, suggesting that properties are staying on the market longer compared to previous years.
Final Thoughts
Wrapping up the June edition of the Broomfield Real Estate Show, let’s review the key insights from our local market. A mixed picture emerges with a monthly rise in active listings for single-family homes, contrasted by a dip in condo listings, and a year-over-year decrease for both.
Sales trends show a slight uptick compared to last month, but an overall slowdown year-over-year. Average sales prices, despite a modest month-to-month decrease, continue their upward climb year-over-year. Meanwhile, properties remain on the market longer, indicating evolving market dynamics.
Remember, whether you’re buying or selling, understanding these trends can help you make informed, confident decisions. As we continue to navigate this market together, I look forward to bringing you more insights on the next episode of the Broomfield Real Estate Show. Take care.
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John Grandt
Realtor® | Real Estate Negotiation Specialist
North Star Team at Compass
john.grandt@compass.com
720.351.8488
