Where do your tax property dollars go the furthest in Colorado?

A recent article in the Denver Business Journal discussed where in the state of Colorado are our property taxes being used most effectively.

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Here are the top 10 places in the state where people are getting the most for their property tax dollars, according to SmartAsset, the New York-based personal finance company.  For a look at their full report, click here.

  1. Denver County
  2. Yuma County
  3. Lincoln County
  4. Conejos County
  5. Alamos County
  6. La Plata County
  7. Bent County
  8. Elbert County
  9. Crowley County
  10. Park County

The report evaluates school rankings, crime rates, and property taxes for every county in the state.  With the exception of Denver county, all of the counties at the top of this list are rural.

Denver’s average home price passes half-million dollar mark

The average price of a single-family home sold in metro Denver is now over $500,000 for the first time.

“Our housing market is showing few signs of slowing down as prices continue to surge upward.  For the first time, the average sold price for detached single-family passed the half-million mark settling at $502,986.  This may represent a psychological barrier for some buyers wishing to enter the market.  Some good news for buyers was the month end inventory.  Active listings for the residential market finished 5.56 percent higher than last month and 5.31 percent higher than February last year.  This is good news as we normally see a small seasonal decrease this time of year.”

-Steve Danyliw, Chairman of the DMAR Market Trends Committee

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Things to note from The Denver Metro Real Estate Market Trends Report for March 2018:

  • According to a recent Westword article that compared the increasing costs of housing and childcare, average weekly wages adjusted for inflation- have only risen $33 since 2000 (read that article here.
  • Some former Denver residents who have moved out of Colorado are finding that they’re now priced out of the market and their dream of “moving home” may not be in the cards.
  • Denver metro homebuyers need an average annual salary of $79, 180.65 in order to afford a median-priced home.
  • As buyers are placing offers over list price, appraisers are struggling to keep up with the market and are oftentimes appraising the property below the contract price.

Read The Denver Post article on this topic here.

 

Denver housing market heats up

The Denver housing market stayed consistent with it’s fast-paced trend that has continued the moment we were all expressing Happy New Year greeting.  Statistics show a 77.5% increase of new listings in January from December and in most cases buyers were there to scoop them up as quickly as they were listed.

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“In January, homes under contract were almost the same number as new listings. This means that as fast as listings come on the market, they are placed under contract,” Steve Danyliw, chairman of the DMAR market trends committee and a Denver real estate agent, said in the report.

For more info on the Denver housing market, click here.

Things to note from the Denver Metro Association of Realtors February 2018 Market Trends Report:

  • Colorado was the 9th fastest growing state in 2017, with an increase of 77,000 residents.  The 2016 increase was 90,000 residents.  Some residents may be moving out of state due to traffic and housing prices.
  • First-time home buyers accounted for about 32 percent of home sales in December and for the full year according to the December 2017 REALTORS Confidence Index Survey.
  • The deficit of homes in the metro area, which represents the demand for housing and the supply of available housing, is expected to peak this year at 32,000.  Experts say it could take up to 10 years to correct the imbalance of homes needed.  The current deficit is attributed to a shortage of land available for development as well as a shortage of trades, which leads to the slowing of new build activity.