NoCo real estate market update
The NoCO real estate market continues to be affected by historically low-interest rates and the pandemic. We are feeling the exodus from large cities all over the country. Many of our recent buyers continue to be employed in places like Chicago and Los Angeles but are deciding to relocate and live here in northern Colorado.
Wellington tops the list of this month’s appreciation rates at 18.2% higher than this time last year. Not coincidentally, the town of Wellington increased their water tap fees by $40,000 per build. Therefore, all future new construction in Wellington just went up in price by $40,000. This is a huge indicator of expected growth as the city looks to protect its current homeowner’s water supply as new construction demand explodes. We expect Wellington will not be alone in making these types of restrictions on new building as communities across the front range brace for intense population growth.