Cheyenne WY Housing Market - November 2016
To get a true gauge of where the Cheyenne Housing Market stands, it’s helpful to analyze it on more than one level. In other words, there can be a lot of “fluctuation” in home sales data on a month-to-month basis, and even when comparing one month to the same month in the previous year. Home sales, for example, almost always fluctuate from month-to-month based on seasonality. Maybe a year earlier there was a big snow storm which slowed sales for a week, making the year-over-year gains appear larger than they were. These fluctuations, however, can be partially eliminated over a longer period of time. Today, we will highlight stats for the last three years for Cheyenne Real Estate.
As of December 12, 2016, the Median Listing Price for Homes in Cheyenne was $215,000. This creates a cost per square foot of about $90/sq. ft.
You can see by the above graphic that the Cheyenne Real Estate Market has been fairly stable for the past 3 years. Prices have gone up some, but remained affordable. The low interest rates have fueled the market and we have been lucky to escape the large spikes and big dips in prices.
As mentioned above, the Real Estate market prices can fluctuate based on a number of factors including the economy, the neighborhood, jobs and other factors as well. These prices may also affect the number of Days a Property is on the Market before it sells (DOM). Below you will see spikes in DOM each year. This is typically a seasonal fluctuation around the beginning of winter and during the holidays. But for the most part, the DOM has dropped from about 115 DOM in 2014 to about 60 DOM this year.
When the recent DOM is greater than the average DOM for the last month or so, it is a negative indicator for demand. This means it is taking longer for homes to sell. On the other hand, if this DOM number is lower than previous months, it means that listings are in demand.
On the other hand, many properties failed to sell in Cheyenne, WY. Properties may not sell for a number of reasons; the most popular reason is that the home is overpriced. Other reasons may include location, poor marketing, condition of property (inside and/or outside), or seasonal fluctuations. Sellers have control over some of these factors, but a home is where it is no matter what. It’s about HOW the Agent markets the property. Take the advice of your Agent and/or Staging Professional when they give you tips to improve the showing quality of your home.
It is always important to realize that the real estate market in Cheyenne, WY can fluctuate due to many factors, including shifting interest rates, location, the economy or seasonal changes. Though if the weather grows cold, a good Agent can use this to their advantage. This typically means fewer homes on the market so buyers may get better prices but fewer homes to choose from.