Embracing the Changing Tides of Broomfield Real Estate
By Yates Craig - October 27, 2023
Greetings as we embark on a journey through the ever-evolving landscape of Broomfield real estate in Metro Denver. It's our pleasure to be your compass, offering insights into the housing market for October, 2023. Here's the latest scoop:
Buyers Take the Reins: The market dynamic has swung in favor of buyers as the inventory supply has swelled to 2.3 months. This shift empowers buyers to flex their negotiation muscles, demand essential repairs post-inspection, and eliminate the need to waive appraisals. Additionally, sellers may be more open to concessions, including rate buydowns and covering closing costs, making this a prime moment for buyers to seize.
A Steady Listing Pulse: The Broomfield real estate market maintains its composure with a modest 0.1% increase in daily active listings. Currently, in the Denver MLS, there's a total of 7,073 listings up for grabs, including 850 newcomers. However, new listings have faced a 4.2% dip compared to the prior week, implying a snug inventory situation in 2023.
Striving for Balance: In a quest for market equilibrium, we aim for a 6-month supply of inventory. As of now, the market is at 37.7% of that target, with 18,766 listings needed to achieve a balanced market. This suggests a seller-leaning market, albeit with opportunities for buyers.
Showtime: Over the last week, there have been 10,651 showings, averaging 1.5 showings per property. On average, a property takes around 15 showings to secure a contract, with a median timeframe of 23 days. The market's rhythm is quick, so buyers should have their running shoes on.
Price-Wise Moves: The rate of price reductions is on the rise, with 47.8% of units going under contract witnessing a price slash. On average, this amounts to a 6.6% reduction from the original asking price, making it an attractive prospect for bargain hunters.
Seller Flexibility Shines: In contrast to yesteryears, 2023 sees sellers in Broomfield's real estate arena showing greater flexibility. Withdrawn transactions are down by 21.1%, and expired listings have also reduced by 22.2% compared to the same week last year.
In essence, Broomfield's real estate market is in a state of flux, offering a valuable window for prospective buyers. With an expanded inventory and a real estate terrain that appears to be recalibrating, now is the moment for astute buyers to take advantage of negotiable terms and secure their piece of Broomfield real estate paradise. For seasoned guidance in navigating this landscape, connecting with a Broomfield real estate agent is a prudent move.
Go Back