What happened in the broomfield 2024 housing market?
Median CLosed price
In this dataset, we observe an unusual spike in the median closed price during November and December 2023, and January 2024. This trend deviates from the typical winter market, where sellers often become more motivated, leading to price reductions and creating favorable conditions for buyers. Despite the expectation of better deals in winter, this anomaly highlights the inherent volatility of the real estate market.
From January 2024 to December 2024, we observed a steady decline in home prices. This trend may be driven by rising interest rates and an increased number of homes entering the market. As inventory grows, so does competition among sellers. Greater competition often compels sellers to lower their prices to attract buyers and close sales.
Median Number of Active listings
This dataset highlights the seasonal nature of the real estate market. From May to October 2024, there is a noticeable increase in the number of new listings entering the market. This trend can be attributed to several factors:
Reasons for increased inventory in summer:
- More availability: Sellers often have more time during the summer to focus on selling their homes due to longer days. This provides longer showing opportunities thanks to increased evening daylight.
- Favorable weather: Good weather encourages more buyers to tour homes, boosting market activity.
- Curb appeal: Homes tend to look their best in summer. Yards are green, flowers are blooming and foliage is looking it’s best, motivating sellers to list their properties.
- Selling Season: Spring and summer are the time to sell homes. Buyers have more inventory to choose from causing more homes to be bought at this time.
- Home Inspections: Home inspections are much easier in the spring and summer time. For example the roof, sprinkler system, and AC units are much easier to inspect during warmer weather.
Median Numer of closed homes
This dataset reveals patterns similar to those observed in the “new listings” dataset, highlighting a direct correlation between homes being listed and homes being closed. As the number of listed homes increases, the number of closed sales rises proportionally.
Median Numer of days on the market
Once again, we observe a correlation between the number of days on the market and the seasonality of real estate. During the slower months, properties tend to remain on the market for longer periods.
