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Independently owned real estate company, The Group Inc., held its annual forecast event virtually on Tuesday, January 19 at 6 pm to help show customers, realtors, the media, and investors what the 2021 landscape will look like within Northern Colorado.
The event consisted of a comprehensive review of the economy, filled with stats and lots of details regarding real estate growth in the region. This traditionally an invite-only event fills The Embassy Suites with around 900 people but has gone virtual this year due to safety and health concerns regarding the COVID-19 pandemic.
The Group compiles comprehensive data with its insights from the last year, with its forecast having earned community respect by being 99.5% accurate with the number of homes sold and 98.75% accurate with the average home sale price. The Group has organized the event for the past 26 years.
The forecast shows that 3,089 homes were sold within Fort Collins in 2020 compared to 2,840 homes sold in Fort Collins in 2019.
The Group forecasts that Northern Colorado real estate and homeowners will experience a lot of dirt moving as some major housing developments across the Front Range take shape. They also forecast that the market will continue to be impacted by historically low inventory, which will lead to increasing price increases, which will be mitigated as mortgage rates will remain low for the foreseeable future.
The Group Commercial partners predict that multi-family properties will continue to boom in 2021, the rental market for small industrial and land sales will continue to be strong, and that vacant retail spaces will increase and office vacancies. Colorado’s 2020 commercial sales volume appears to be down approximately 20 percent from 2019.
Personal finance website SmartAsset ranked Fort Collins No. 6 among the country’s best housing markets for growth and stability for 2020 (https://smartasset.com/mortgage/best-housing-markets-for-growth-and-stability-2020#q=The%20Best%20Housing%20Markets%20for%20Growth%20and%20Stability%20in%202020). WalletHub ranked Greeley as No. 30 nationally among 300 cities on its list of best places to buy a house in 2020 (Fort Collins was No. 63).
Since 1976, the 100% locally owned Group Real Estate has built its community of Realtors in Northern Colorado and resource staff to 275 strong.
For more information regarding The Group, including where to watch the comprehensive economic presentation, visit: thegroupinc.com/forecast-2021/