Broomfield Update
by Osman Parvez
I’ve been spending a little more time in Broomfield the last few weeks as I help a client find a home. Seems like a good time to do an update on local market conditions.
The following market analysis covers home sales in Broomfield, Colorado through August, 2006. As you’ll see in the graphs below, more people have listed their homes for sale this year but demand (as measured by sales volume) is essentially unchanged. Meanwhile days to offer is running lower.
Home Sales Volume in Broomfield
35 homes sold in Broomfield in August, equal to August last year and down 22.2% from July. Year to date (January through August), there were 253 sales in Broomfield this year. There were 254 and 227 sales in Broomfield for the same period in ’05 and ’04, respectively.
Home Inventory in Broomfield
There were 256 homes on the market in Broomfield in August. That’s an increase of 29.9% from August of last year and up 3.2% from July.
Days to Contract in Broomfield
It took an average of 64 days for homes sold in August to go under contract. That’s down from 79 days in July and 74 days in August of last year.
In summary, inventory is up substantially in Broomfield but for the last few months, days to offer has been flying below last year (except July). As with other markets showing lower days to offer but higher inventory, this suggests that hesitant or marginal buyers are out of the market. Meanwhile sales volume is essentially unchanged from 2005 and running ahead of 2004 (~11% more sales).
As with Erie, the factor to watch in Broomfield is new construction. We visited Pulte’s massive Anthem development a few weeks ago where the full build out is expected to be 3,100 homes. This is for a market that normally sees average sales volume of only ~30 homes a month. This project, among others in Broomfield, will undoubtedly put downward price pressure on comparable homes in surrounding areas.
We’ll post a more detailed report on the Anthem mega project shortly. Comments are welcome. Feel free to call me with any questions at ph: 303.746.6896.
—-
Want to get blog updates via email? Click HERE.
Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
—
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Welcome to House Einstein
Locations, Due Diligence, Negotiation
Testimonials
We can highly recommend Sophie. Her attention to detail and communication skills are great. Our home was in area that most realtors are not familiar with, but Sophie took extra time to get to know the neighborhood in order to give us quality service. She also brought in a professional photographer to make our home look its best. Even though the listing was in winter, the house sold quickly. With Sophie’s business and people skills, we have no doubt she will be a top realtor in the area.
Osman was a refreshingly honest realtor. He stressed through the entire process that his goal was to make me happy with my home purchase. I greatly appreciated the fact that he never shied away from pointing out the negatives as well as the pluses of different places while leaving the final decision up to me.
Share This Listing!
More about the author
Osman Parvez
Owner & Broker at House Einstein as well as primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has appeared in the Wall Street Journal and Daily Camera.
Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. Learn more about Osman.
Work with
House Einstein
Thinking about buying or selling and want professional advice?
Call us at 303.746.6896
Your referrals are deeply appreciated.