Here are the April 2023 Denver Metro Real Estate Statistics. New listings continue to be down by 30% since last month indicating sellers are still reluctant to list their homes. Although pendings are down 30% year over year, they are up almost 11% from last month. Buyers who want and have to buy are out there as we are still seeing multiple offers in many situations and median days in market is only 8 days, double from last year but that is a ridiculously low number. There are still homes that are on the market longer for whatever reason and that is often condition, location or price. We are seeing the market a bit hotter in the suburbs inside the E470 loop such as Arvada, Golden, Lakewood, Littleton, homes off of 225 on the east side and Highlands Ranch and Centennial. There is activity all over the metro area although some areas are sell at a different pace. Month over month price are up about 2.5% and down about 5% year over year as we expected. Sales volumes are also down due to the higher mortgage rates which have been significantly increased in the last 12 months.
Everyone is talking about the property assessments that homeowners have received in May which occurs every 2 years. All counties in Colorado have experienced unbelievable appreciation over the last 2 years and that is reflected in the property valuations. By state statute the assesssors must use a specific study period of time. In this case 7/1/2020-6/30/2022. The valuation has nothing to do with data after June 30, 2022 and that is the statute. The actual property taxes will be increased based on mill levys and potential legislation that will be on the November ballot. Appeals must be submitted for all counties by June 8, 2023. The question you should ask is: Could you have sold your home last year on June 30, 2022 for the assessed value? If the answer is no appeal. Also attend meetings the different districts hold when they determine the mill levys this fall as well as vote in November. Reach out if you have further questions.
Did you know if you are 65 and have lived in your home for 10 years you can file for a senior property tax exemption? You still have property taxes but they are reduced. Go to your county website to find out more.
As always please call us if you are buying, selling or investing or even just to talk on many different scenarios.
Source: RECO, DMAR, Denver County Assessor and Douglas County Assessor
