Real estate sales in Wellington and surrounding areas continue to look promising throughout the summer and over the next few years.
Following the economic recession starting in 2008, the U.S. housing market has, for the most part, remained lackluster. But after a few lean years, the real estate market in Wellington is starting to show signs of improvement in both residential and commercial sectors.
Since autumn of 2011, the value of real estate in Northern Colorado has been steadily and rapidly appreciating. Now, five years after the recession started, housing prices have bounced back to their original pre-2008 prices. Homes in Wellington are selling for an average of $207,000 and listings are taking seven to thirty days to sell.
In spite of increasing prices, the demand for Northern Colorado homes has done nothing but increase. For the past few years, Wellington has remained one of the top rated “old town locations” in the region. And as oil and gas exploration in Wyoming grows, there’s also an increased demand for well-priced homes located within a short distance of Cheyenne.
More importantly, according to The Kinzli Team Real Estate broker associate Lou Kinzli, a Texas-based oilfield equipment company, Cameron, has written a letter of intent to lease facilities in Wellington, which will create job opportunities in the area, further bolstering the housing market’s growth.
Katie Moon, Realtor at The Group, Inc., said that the local housing market seems to be less volatile, and builders are buying shovel-ready building lots at low prices, leading to increased construction activity. This trend suggests a greatly increased supply of homes over the next few years.
Meanwhile, Moon said that the “summer months are when we see more listings. The word is just getting out that now is a good time to sell,” so inventories of for-sale homes will grow despite new-home construction.