The Broomfield, Colorado Market is still a Buyers Market, but we are beginning to see some trending showing strengthening of the market. When we reference the chart below:
we see we started the year with a market action index of 17.25 and dropped to 16.5 in March. In the beginning of November the the Market Action Index increased to 18.25. An index of 30 usually means a balanced market and anything over 30 indicates we are experiencing a Sellers market.
We are beginning to see an increase in Median Price per sq foot over the past year which is a trend we have not see for a few years in Broomfield. The Median price per Square foot started the year at $132 and is currently just over $140, which is a 6% increase. Some of this can be contributed the fact that we are not seeing the volume of distressed sale that we were experiencing and is a nice indicator to the stabilization of the market. We do need to keep in mind though that we have a ways to go before it is a balanced market. The market still favors the Buyer.
One interesting trend we are seeing in Broomfield is the reduction of Inventory currently on the market.
In January we saw inventory levels of 430 units, which then grew to 525 units and have now dropped to below 350 units and the inventory is trending lower, which is a good sign for stabilizing prices.
In summary, looking at our three indicators above market activity, price per square foot, and inventory all indicators are trending towards a strengthening market and now may be a good time to make the home purchase. If you are thinking about buying or selling a home give us a call. When working in today's market you want an expert that knows the market and can help you to make an educated decisions.