Increased demand and a low inventory of homes in the under-$500,000 range are making the current real estate market “hot as a pistol,” said Tupper Briggs of Re/Max Alliance in Evergreen.
Since January, 327 homes have sold in the Evergreen-Conifer area — a 13 percent increase over this time last year, Briggs said.
On the other hand, there are only 442 listings on the current market, a significant drop from 729 homes for sale a year ago, he noted.
The average sale price of homes in the area has jumped by 13 percent, coincidentally, Briggs added. This year homes are bringing an average of $458,000. In May 2012, the average home sale price was $405,000.
The trend of lower-priced homes selling more quickly than ones in the million-dollar range is continuing, according to Briggs.
There is a three-month inventory of homes priced at $250,000 and lower. For homes in the $250,000 to $500,000 range, a four-month inventory exists. It will take approximately nine months to sell a home in the $500,000 to $750,000 range and a year to sell those in the $750,000 to $1 million category.
There also is a 30-month inventory of homes priced at more than $1 million, said Briggs. However, even this market has increased since last year, he said. Since January, 12 homes over $1 million in value have been sold.
“Basically, if a home is under $500,000 and priced reasonably, in good condition and location, sellers should expect lots of showings and a quick sale,” said Briggs. “Price is a function of location and condition,” he remarked.
The market value of homes is unrelated to the county’s assessment of their worth, said Briggs. This could be good or bad news for Evergreen homeowners, depending on individual results of this year’s revaluation.
Jefferson County Assessor Jim Everson said that in Evergreen there was a wide variance in reassessed home values.
In Genesee South, the median value of homes increased by 19 percent. In the Nob Hill area, values dropped by 43 percent.
Median home values in Hiwan Estates and Fairway and Hiwan Hills increased by more than 8 percent this year, and those in north-central Evergreen dropped by 11 percent.
In calculating revaluations, Everson said assessors do comparisons of homes sold during the last two years.
“We apply a coefficient,” said Everson. ‘We try to find out likely property values of unsold homes.”
The size and quality of the house is taken into consideration, along with its location and amenities.
“A home might get a positive coefficient because of its view of Mount Evans,” he said.
In determining the tax rate for a home, the county uses a formula that factors in county and district mill levies.
If a resident has an issue with his home’s assessed value, he can make an appeal to the county from now until June 1.
Contact Sandy Barnes at email@example.com or call 303-350-1042.