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Property Values Increase Across Metro Denver
Property valuation notices went out recently and while homeowners likely saw an increase in property value, according to county assessors it will be tamer than the drastic increases we saw in 2017.
Every two years, county assessors in Colorado must estimate property values and send out a notice of valuation. Those values are part of the formula used to determine the size of the property tax bills that will go out. In a recent news conference, Denver Assessor Keith Erffmeyer, said that while property values continue to rise across the greater metropolitan region, growth is beginning to moderate here in Denver. The majority of the city’s assessed neighborhoods saw lower increases than they did during the 2017 valuations.
JoAnn Groff, Colorado’s property tax administrator said that statewide, median residential property values rose 17.2 percent between June 30, 2016, and June 30, 2018. However, three metro counties continued to see home value gains above the state average, led by Adams County, which recorded a 24 percent increase in residential property values.
Here’s a breakdown of how other Colorado counties fared in terms of increases:
In Arapahoe County, home values were up 22 percent on average, with apartment values up 40 percent and commercial properties up 15 percent.
In the city and county of Denver, the average gain for single-family homes was 21 percent, 15.2 percent for rowhouses and 17.1 percent for condos. Apartment values were up 22.4 percent, while the value of commercial properties rose 31.4 percent.
Sun Valley homes shot up 57 percent in value, while in Globeville they rose 53 percent, and in Elyria Swansea they were up 41.3 percent.
Denver’s western and southwestern neighborhoods also had bigger increases in value, including Villa Park, up 43 percent; Overland, up 37.5 percent; Westwood, up 36.8 percent; and Barnum West, up 34.9 percent.
But price gains were restrained in other places, bordering on tepid. Single-digit gains over two years were measured in Cherry Creek, Goldsmith, Southmoor Park, and Windsor.
Douglas and Jefferson counties each averaged a 13.5 percent increase in residential values.
Boulder County reported some of the slowest gains in property values, with residential properties rising 13 percent, multifamily properties were up 15 percent and commercial properties increased 13 percent in value.
If you’re ready to take the plunge and become a homeowner in Denver, now could be an excellent time. Especially if you have an experienced pro on your side. Contact Us today – we’d be happy to show you around!
Ray and Carla have been working as a team since 1995. Carla’s extensive knowledge of the Denver area real estate market not only includes over 35 years as a Real Estate Broker Associate but also in....
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