We are excited to share The Wells Group’s 21st Annual Real Estate Forecast https://www.youtube.com/watch?v=2P7EE-VI5lk .
This year’s format looked different than previous years with the forecast going virtual, making it accessible to watch from the comfort of your home. This yearly event compiles data and predictions for the La Plata County real estate market and is presented by real estate professionals.
Bob Allen shares his economic data annually in our forecast, and his charts are extremely helpful in breaking down various segments of the La Plata County economy. Bob starts his segment by saying, “the tale of this year is all about supply and demand” supply deceased significantly in La Plata County with the demand growing steadily in. We see this trend across the board for 2020, from single family homes to rural land.
One of our traditions is for John Wells to share annual predictions, and he shares some of the top predictions for 2021 from The Wells Group. A new prediction to the forecast this year is the importance of internet service. With folks working from home and moving to a more rural area this has moved up to the most important requirement for buyers. Interest rates have started to rise slowly and this will also affect the affordability of properties in La Plata County. Inventory continues to be limited, when sellers want to downsize, upsize or move more remote they are realizing there are not as many options available so that is a huge factor for deciding to put their house on the market, in turn limiting more options for buyers.
This is a fantastic resource to understand our local economy, and the graphs elaborate on a variety of aspects (labor force, airlines, tourism, hotel occupancy, natural gas, Fort Lewis College enrollment, and more). We encourage you to take a look, and let us know if you have any questions about the La Plata County economy or real estate market.