Economic Snapshots and Stats

Broomfield/Westminster Economic Snapshot - April '13

As the Colorado real estate market ramped-up in 2012, one of the issues facing the Broomfield/Westminster real estate market as 2013 began was available inventory of homes for sale when compared to previous years. In March/2012 there were 680 active single family listings in Broomfield/Westminster. In March/2013 that number was 551 representing a 18.98% reduction, which was driven by increased buyer activity. 

When comparing March/2013 to March/2012, single family home sales are up 22.69% for Broomfield/Westminster. Attached unit sales are up 7.69% for the same time periods. Collectively, those two market segments are up 18.12%.

Below are some sold numbers for single-family homes and attached units for various areas throughout Broomfield/Westminster. Information is courtesy of MetroList (Denver Metro MLS).

As spring deals with winter’s last feeble efforts to hang on, this is the scenario that exists across Broomfield/Westminster, the Boulder Valley, Metro Denver, and Northern Colorado – fewer listings and more sales. Combined with low mortgage interest rates the result is a perfect storm, if you’re a seller.

Normally, scarcity creates demand, which in turn adds value to whatever is in short supply. Looking at the Broomfield/Westminster real estate market and average sales value, the average sales value for single family homes year-to-date in March/2012 was $188,147. That number in March/2013 was $216,376, a 15% increase year-over-year. 

Look for the Broomfield/Westminster spring real estate market to continue to flourish. Available inventory will creep-up, but will continue to be swept-up by prospective buyers waiting in the wings. Mortgage interest rates have trickled-up over the past few weeks, but there are no signs on the horizon they will shift noticeably either up or down for the balance of 2013.