The Wall Street Journal reported on Monday the 30th that home prices have zipped back into record territory in a handful of American cities. Denver metro area is one of the few, and our values are up more than 6% from their 2007 high. Broomfield area follows that trend too with supply and demand issues firming up prices.
We have talked about the metro low inventory situation here in that the 10 year averages of available property is around 25,000/month and we have not had inventory/property available above 7,000/month for over a year. Keep in mind that closed deals/property averages 5,000 a month and that has remained steady. Applied economics of supply and demand is clear that prices will increase.
This is good news for sellers and even those who bought at peak should be able to sell with a gain. Lifestyle changes have keep going despite the market prices and lots of sellers are more than ready to switch home lifestyles. I’m talking about for example new empty nesters and those who need a better mobility floor plan. Lot’s of pent up demand to move around Broomfield!
We have focused on helping people sell their multi level home to go into a main floor living lifestyle. Our greatest challenge is finding that ranch style home out side of Anthem Ranch which seems to have adequate inventory. The builders of these type of home have about a 6 month wait for a new home completion. They have been testing how high to price and $500k comes quickly around Broomfield.
Interest rates are somewhat of a concern as they have been at all-times lows. This rate helps with affordability and when the rates rise if could cool the upwards price trend. For my buyer clients it is time to buy and while inventory is low…you only need one property out of the 7,000 on the market.
As you need help with you Real Estate we are ready to advise with total market knowledge. Allowing you to make the best informed decision with confidence.