Gillette WY Real Estate Market

Gillette WY Real Estate Market

It is hard to believe we are already half way through June.  However, we are enjoying the busy spring and a very active real estate market!

Attached you will find our June real state market update.  There are a few things we would like to direct your attention to this month.  First, is the absorption rate.  The overall rate is sitting at 5.5 months which is very little change from our May update.  This shows a balanced overall market.  You will also notice we have seen an increase in activity in the higher end homes.  There are now 15 homes under contract over $300,000. 12 of those are over $350,000 and 5 are over $450,000.  This is a good sign as there have only seen 29 homes over $300,000 close in the past 6 months.  

It is also worth noting that our average days on market has dropped from 153 in May to 146 days in June.  Days on market tells us what has happened in the past while the absorption rate is a forecast of the future market.

We hope this finds you well as we near the beginning of summer.  If you have questions or would like additional information please don't hesitate to contact us.  Feel free to forward this report along to anyone who may find it useful.  Also, if you know someone who may be looking to buy or sell a home we would love to help.  We are never too busy for your referrals!

Gillette WY Real Estate Market

Gillette WY Real Estate Market

Real estate is a very important economic indicator.  In a time where we are hearing some rumors of uncertainty in the energy sector, we are happy to report another month of strong numbers in the market.  The number of homes available changed only slightly to 272 while pending home sales as of today sits at 104.  We have seen pending sales up as high as 116 at different times this month.  Gillette is a resilient community that thrives when much of the rest of the country struggles.  Based on these numbers and the exciting residential and commercial development taking place in our community,  we are of the opinion that Gillette’s near and distant future are very bright! 

Please feel free to pass this update along to anyone who may find it useful.  As always, contact us when you have questions.  We always enjoy talking real estate!

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Gillette Wyoming Real Estate Market

Gillette Wyoming Real Estate Market

A few points of interest in this month’s report are the low absorption rate and the elevated number of pending home sales.  With 276 homes on the market, there is little change in our inventory from last month.  However, the homes currently under contract jumped from 78 last month to 107 today.  Our absorption rate has dropped slightly from last month and sits at 4.7 months.  This number continues to be driven by homes under $300,000, while the upper end of the market continues to lag behind a bit. 

It seems like we never had much of a slowdown through the winter months and we are already seeing evidence of a busy spring market.  We are fortunate to live where we do and looking forward to another great year as a community!  Please don’t hesitate to contact us when you have questions or need additional information.