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 WY Real Estate Market

Gillette WY Real Estate Market

We hope this finds you well as we near the holiday season.  Attached you will find the Gillette Real Estate Market Update for this month.  Notice that the absorption rate has continued to drop and now sits at exactly 6 months.  This indicates a perfectly balanced overall market.  However, a closer look at the numbers reveals a tale of two markets.

Homes under $300,000 continue to be the most active.  This price point continues to be driven by foreclosures and new construction.  Buyers and investors have been taking advantage of the deals on foreclosures which explains the very low absorption rate for homes under $120,000.  Buyers are also taking advantage of the new construction between $200,000-$300,000.  We have some builders that are offering quality products at this price point.  Couple that with record low interest rates and it is a very attractive option for many buyers. 

The higher end homes continue to be the slower end of our market.  Low inventory can show some misleading numbers when a couple of sales occur, and we are still seeing these homes sit on the market for longer periods. 

Please don’t hesitate to contact us when you have questions.  Also feel free to pass this along to anyone who may find it useful.  Happy Thanksgiving to you and yours!