Understanding the current and projected state of the real estate market is essential for home buyers and sellers. Key players that influence the housing market include supply and demand, home prices, and interest rates. However, there are some lesser-known real estate trends that change each year. In the upcoming year, the continued development of Highway 40 in Winter Park and the impending presidential election are a couple of factors that could very well impact real estate market trends. Buyers and sellers should be sure to keep the five Winter Park real estate trends listed below top-of-mind as we approach the new year.
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2020 Real Estate Market Trends You Need to Know
Scarcity of Inventory
People are discovering Winter Park, buying property, and staying! This is great news for the local economy, but it means that there’s a scarcity of inventory for those looking to buy a home in this area. Over the last five years, median home prices in Winter Park have increased. However, Winter Park is still one of the more affordable mountain regions to live in. 2020 will be a competitive year for buyers! Stay on top of the latest and greatest listings by frequently searching our properties.
Favorable Interest Rates
Buyers, rejoice! Interest rates are considerably low for primary and second home purchases. Jumbo rates are competitive as well and investment rates aren’t too shabby, either. This gives buyers more purchasing power and reason to feel good about borrowing money as opposed to liquidating assets or depleting cash reserves to buy a second home.
Impact of the Election
The 2020 presidential election could possibly slow down sales. According to Myers Research, the median change in sales activity sees a 15 percent decrease during an election year. Moreover, “History suggests, however, that the slowdown is largely concentrated in the month of November. In fact, the year after a presidential election is typically the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year as long as the economy stays on track.”
Continued New Development
Our area has been rapidly expanding over the last several years. One of the top five Colorado real estate market trends is the high demand for ski-in/ski-out properties. Many people who discover Winter Park choose to buy because they want to be close to our area’s first-class skiing. Many of the properties for sale that feature direct ski access are condos and townhomes. It’s no surprise that 2020 will bring continued new development in areas like Grand Park, Rendezvous, Granby, and Lakota.
Highway 40, lesser-known as Main Street, is changing rapidly with new commercial and residential development. New businesses are coming to town, and existing businesses are expanding. The Arrow development is the final stages of its first residential stage, the northern commercial portion of Arrow is taking shape, ROAM has infrastructure such as roads, water, and sewer going in, and Grand Park has gone vertical on the commercial spaces next door to the Foundry.
Watch the Weather
In Winter Park, the weather always affects buying, selling, and overall economics. This is because much of our area activities depend on good weather! Here, there’s a direct correlation between snowfall and the local economy’s health. For example, this year Winter Park had the snowiest October on record, so Winter Park Resort opened earlier than any other year! It also helped that the new multi-million dollar snowmaking system at the resort enabled the earliest opening in our 80-year history. Thanks to Alterra for their dedication to the ski resort’s infrastructure!
Your Dream Home Awaits in Winter Park
Looking to purchase a home in Winter Park, CO? Whether you’re moving across the nation or across town, Real Estate of Winter Park is here to help! The team at REWP is committed to helping you find the perfect home in Winter Park. We also keep up with the latest real estate market trends so that we can help you navigate the market with ease. Buying a home can be stressful, let us help!
Contact us to get started on your Winter Park home buying journey!