2012 Economic Outlook in the Broomfield / Westminster, CO Areas!

    Westminster, CO - As fall looms on the horizon the 2012 Economic Outlook in the Broomfield/Westminster real estate market continues to show improvement over 2011.

Through August/2012 Broomfield/Westminster single family home sales are UP 13.12% compared to through August/2011; attached unit sales are UP 6.68% for the same time periods; the overall market is UP 12.13%.

The Absorption Rate (the time it takes for the market to fully turn) currently stands at 72 days for Broomfield/Westminster single family homes. At the end of August/2011 the Absorption Rate for Broomfield/Westminster single family homes was 117 days.

Active single family home listings are up 7.98% (798 vs. 739) when comparing August/2012 to July/2012. At the end of August/2011 there were 1,141 active single family home listings in Broomfield/Westminster That equates to 30.07% fewer single family homes available for sale at the end of August/2012 than at the end of August/2011.

At the close of 2012 there will be less than 650 single family homes on the market for sale in the Broomfield / Westminster area.

Below is a brief overview of average single family and attached unit values for the Broomfield/Westminster area for the past two years.

(Information is from MetroList, the Denver Metro MLS.)

Single Family             2011(Thru August)               2012 (Thru August)
    Area                       Average SalesPrice               Average Sales Price                  % Change
Broomfield....................... $184,392........................... $204,132.........................+10.70%
North Suburban Central.... $181,053........................... $196,717.........................+8.65%
North Suburban West........ $203,455........................... $224,775.........................+10.47%
===== ===== =====
TOTAL    $189,608 $207,318 +9.34%
Attached Units
Broomfield....................... $110,810........................... $115,082.........................+3.85%
North Suburban Central.... $97,824............................. $112,180.........................+14.67%
North Suburban West........ $109,526........................... $134,481.........................+22.78%
===== ===== =====
TOTAL    $104,072 $123,373 +18.54%

View Broomfield / Westminster Areas! in a larger map

Look for the Broomfield/Westminster real estate market to continue its customary path this fall as sales activity and inventory levels decline through the balance of the year.

Home mortgage interest rates should remain around 3.5% to 4% for the traditional thirty-year fixed-rate
loan.

New home construction will continue to increase across the Denver Metro area, Boulder Valley, and Northern Colorado as new subdivisions come on-line and in-fill projects are built out.

As noted by the chart above, home values have increased over the past year in Broomfield/Westminster. With the increase in sales activity and decrease in available inventory … scarcity will create demand!!

© 2012 RE/MAX Alliance. All rights reserved.

Thanks for reading this,  Dan Hopper.

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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

Thank you for reading, "2012 Economic Outlook in the Broomfield / Westminster, CO Areas!"