Broomfield Real Estate Update
July 12, 2023
The Broomfield real estate scene held its ground yet again! This month saw a tad slower pace compared to last year but fret not—buyers and sellers proved their adaptability in this ever-changing landscape. While bidding wars took a breather, some Broomfield homes still attracted multiple offers and flew off the market faster than you can say "dream house." However, many properties stayed put for a few weeks, occasionally needing a price adjustment or two before finding their perfect match. Ah, the good ol' days of lightning-fast sales to the highest bidder—gone, but not forgotten, depending on whether you were in the buyer or seller camp.
Now, one of the reasons bidding wars took a backseat is the discerning taste of today's buyers. With interest rates hovering around seven percent and construction costs skyrocketing faster than a rocket-propelled unicorn, buyers are on the hunt for deals they can negotiate and triumphantly call their own. It also helps to have a qualified Broomfield real estate agent on your side.
Speaking of skyrocketing construction costs, homes in need of a little TLC have found themselves playing the waiting game on the market. So, if you're a seller, remember to shower your humble abode with some tender love and attention to detail. Nowadays, buyers expect Broomfield homes to be as close to perfection as possible, given their price range. It's a demanding world out there, folks!
The number of homes up for grabs has been steadily rising, resulting in a whopping 6,070 active listings by month-end. That's a 16.11 percent increase from May, reaching levels we haven't seen since 2020. Now, here's a fun fact: there's been a rise in deals going south during the inspection phase. Yikes! This has made sellers more inclined to work with buyers who might flee at the first sign of an issue during inspection or appraisal. Flexibility is the name of the game when it comes to Broomfield real estate.
With the market gearing towards a state of normalization, there's a silver lining for buyers—more control in their real estate hunt. On the flip side, sellers might need to channel their inner Zen masters and embrace patience as market dynamics do their dance. It's all about balance, folks!
So, to sum it up in a delightful way, the Broomfield real estate market has shown impressive resilience and adaptability. With median Broomfield list prices sitting around $824,800 both buyers and sellers can navigate this exciting market while keeping an eagle eye on key indicators like price reductions, average days on the market (59), median days on the market (28), and a median rent of $3,025. Trust your friendly neighborhood Broomfield real estate agent to guide you through this adventure!
Go Back