Quick Market Update

Last month I broke down the mid-year stats with a lot of detail. With many of you taking a summer vacation and trying not to pay too much attention to the day to day, I'm providing a graph which captures the stats in the form of a quick summer read - the number of active listings are up substantially, the number of sales have increased slightly and prices are basically flat. Regardless of whether you are on vacation or staying close to home, I hope you are having a great summer. Please reach out if you want to discuss the current market and how I can help make it work for you, whether you are buying, selling or both. 

All the best,

Rich

Summer Market Update 2025

The real estate market traditionally slows down as we get into summer and this year the Boulder County real estate market is on trend. Interest rates have been hovering just under 7% for about two years now, so the interest rate story is old news. The story in the current market is the increase in inventory of available homes for sale. Active listings of Single Family Homes in Boulder County are up 28% from one year ago and up 50% from two years ago. Active listings of Condos/Townhomes in Boulder County are up 49% from one year ago and up a whopping 153% from two years ago.

Interestingly, the market has not slowed down as far as the number of sales. The number of sales has remained about the same as one year ago and are up compared to two years ago (a 16% increase in the number of sales of Single Family Homes compared to 2023 and a 9% increase for Condos/Townhomes).

Statistically, prices have remained about the same over the last two years. So, what's happening? Not every home that goes on the market will sell. Buyers have more choices and are taking their time to find the right property that suits their needs. In the current market, buyers are purchasing the most updated properties in the best locations while homes that are outdated, have less than perfect locations and/or are priced too high are sitting on the market. It's leaning towards a buyer's market, especially for homes that need updating or have a challenging location.

At this point you may be wondering, what should we do now? For sellers, being priced properly based on condition and location is paramount and will help you sell. For buyers, there are more choices and opportunities than we are used to having, whether that means getting the most updated property available at a reasonable price or getting a steal on a fixer upper. For investors, this is a great time to pick up a rental property at a great price.

Whether you are considering buying or selling, please reach out and let me help you explore the opportunities.

Thanks and All The Best,

Rich

New Property Tax Assessments Coming Soon

In Colorado, property taxes are re-assessed every odd numbered year and in May you will receive an updated 2025 tax assessment which establishes the value of your property as of June 30, 2024. The study period for tracking values is July 1, 2022 to June 30, 2024. Property values in our market have have been flat to slightly down over the last few years. Statistically, the median value of single family homes in Boulder County during the study period was down -1.6% and the median value of condos & townhomes was down -1.7%. Hopefully you will not see an increase in your tax assessment, but the assessor loves to assess, so we'll have to wait and see.

The new tax valuation you'll receive is the starting point for calculating property tax over the next two years. If you think your assessment is inaccurate, you have until June 1st to appeal. In appealing your assessment, here are some Do's and Don'ts:

• Do make sure the assessor's objective information is accurate. Check the square footage, the number of bedrooms and the number of bathrooms. 

• Don't appeal based on the percentage of increase or simply state that the "value is too high".

• Do consider market value and feel free to check with me to find out if the assessor's valuation is accurate.

• Do provide evidence to back up your appeal such as comparable sales, photos and descriptions of issues that negatively impact your property.

Rising property taxes are the downside of the appreciation we experience over the long term in our market. Most of your property tax dollars fund public schools, which is a good thing, but if you feel the Boulder County tax assessor is trying to get too much of a good thing, I am happy to help with your appeal. Call or email me anytime to discuss.

Best, 

Rich