This month The Wells Group hosted the 17th annual real estate forecast event. This event allows the public to see previous years predictions of the real estate market and how it matched up to what actually happened in the market. If you were unable to make the event this month I have recapped some of the main points as well as linked to the Durango Heralds article about the event as well as the link to the full presentaiton located on The Wells Group website.
Looking at 2017 these are the major predictions for 2017 from the Wells Group Forecast Event.
- Inventory Challenges. They predict this will be an issue in the under $500,000 market county wide.
- Increase in median price in all homes of La Plata County.
- Increased number of homes for sale in Forest Lakes.
- Interest rates will not impact the market unless raised above 5% for residential mortgages.
- Tourism will increase again
- There will be a higher number of baby boomers from the Front Range who migrate to La Plata County. They will sell their homes with substantial equity due to appreciation and look for a lifestyle change.
- There will be a higher number of luxury home sales.
- More recreational ranch sales in Southwest Colorado.