Broomfield & Westminster Market Insights
for the month of July 2015
I love a good yard sale, don’t you? Of the top three signs that get planted in our front yards, the yard sale sign causes almost as much excitement as the HOUSE FOR SALE sign does! When I say yard sale, I’m not talking about the “clean out the garage” kind, but a good estate sale, like when someone retires and is moving away. The kind that is filled with furniture, kitchen items and curios that no longer serve a purpose to the original owner, but offer a new season of usefulness to the one clever enough to recognize the potential.
Many houses in the Broomfield and Westminster area are like that. Originally just the right design to serve the owner’s need and purpose but now outgrown due to changing circumstance, they are homes that would be perfectly suited to other’s ideal living situations.
Since housing prices have rebounded enthusiastically over the previous several years, those who have considered making a move will find this a great time to move forward with those plans.
In June, Broomfield and Westminster enjoyed a brisk season with an average market time of just 24 days. In many cases even less! While the bargain hunters are out snatching up new yard sale treasures, the real estate market is enjoying a pleasant flood of eager, ready buyers.
These buyers are not discouraged by the home price increases. Quite the opposite has proved true, in fact. Mortgage rates that remain below 5% interest mixed with easy term loan packages have attracted plenty of buyers to venture into this marketplace with high hopes of sealing a great deal on a new place of their own to call home.
These kind of stable equity gains and beneficial loan terms should result in a flourishing market, balanced between buyer needs and seller wants. And yet for some elusive reason, most Front Range area counties are experiencing what could easily be described as a housing drought.
Timing is a seller’s best friend, and friends, the timing is ripe for home sales.
Numbers surely never lie, and these are the numbers:
With 293 new active listings in June, sales were very good with 441 of them closing by the end of the month. The average closed sales price of $376,026 was higher than the average listing price of $366,551.
Evidenced by stories of disappointed buyers beginning to fear their homeowner dreams may not come to pass indicates many potential sellers reluctant to plant that For Sale sign on the front lawn. It will be interesting to observe how the resulting scarcity of inventory throughout the county affects the numbers in coming months.
Discovering the secret to unblocking the apparent log jam in this real estate market may lie not in looking at past market performance but, much like those bargain items found at the yard sale, envisioning a fresh season of potential. The trick will be in transmitting that season of potential to sellers that will bring about the desired outcome; the steady flow of homes moving from sale to SOLD.
Stirring up interest, curiosity and exciting anticipation sometimes takes no more than planting the right sign out front.