Curious about what happened this past month in Colorado real estate news? We put together a round-up of the stories, and how they affect Colorado homeowners and anyone looking to buy or sell a home in Colorado.
Home prices continue to go up.
According to The Standard & Poor's/Case-Shiller 20-city home price index, all 20 cities reported year-over-year price gains in February. The 20-city average rose 5 percent from 12 months earlier; it's up from a 4.5 percent pace in January. And, Metro Denver is the leader of the pack with home prices jumping up 10 percent since last year. The increases are driven by a low inventory of homes on the market along with an influx of people to the state.
Housing markets in other states begin to cool.
The surge seems to be slowing down, at least nationally, with two-thirds of the nation's 92 largest metropolitan areas showing less appreciation year over year. But, Denver didn't get the memo. Here, home prices are still going up and don't seem to be nearing their peak any time soon.
Property taxes might be going up as well.
According to Denver's Department of Finance, property values have gone up an average of 29 percent in Denver. In Arapahoe, Broomfield, and Jefferson counties, home values are up by 20 percent or more; Douglas County has seen increases around 20 percent, and Elbert County, 10 percent. This surge in home sales and home values in Metro Denver and throughout the state will likely affect property taxes over the next few years--causing them to increase as well.
Zillow no longer has access to Colorado listings.
The REcolorado Syndication Program launched in April, giving brokers and agents the ability to choose where each of their listings is syndicated. At the time of launch, Zillow and Trulia no longer have access to listing data from REcolorado. That means, those sites will not have accurate or timely information about the Colorado real estate market. COListings receives updates from three local MLSs every 15 minutes, and in a red-hot market where home inventory is less than a month--and often just a few days for homes below $400,000--up-to-date information is essential.
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