Realtors in local Wyoming markets describe some slowdown in sales, and some drops in prices, and brisk sales in other markets.

Jackson, Jackson Hole

"As we enter the fall buying season, overall sales volume is down approximately 10 percent for the year as compared to 2001 numbers," say Realtors Chad and Dianne Budge. "Single-family home sales continue to be slow, but the median sales price appears to be similar to last year. We are finding excellent buys in the home market, and believe that the median price will actually go down when the figures are compiled at the end of the year. We are recommending to our clients to buy, but shop carefully and look for the undervalued homes. We are seeing some purchases as much as 20 percent off of one and two year ago appraisals."

"Vacant land inventory is up significantly, however the number of transactions is almost the same as last year," note the Budges. "As we go into the winter months, we will no doubt find sellers even more motivated. The increase in inventory has allowed well-informed shoppers to uncover good values. Again we are encouraging our buyers to buy, but look for value."

"The condo and town home market is still a buyers market compared to last year; sales continue to be about 15 percent off from last year's numbers. However, as in all segments of the market, quality units priced correctly are in demand, as low interest rates continue to make the numbers work well. We have buyers that have purchased units with as high as a 6-7 percent annual capitalization rate off of rental income. It should also be pointed out that with interest rates at a 30-year low and with tax advantages we are seeing even higher returns. We know of very few that are seeing these kinds of returns in the stock market. Price corrections in the high-end market ($1,000,000 and above) have led to an increase in activity; numbers of showings have increased. Astute high net worth investors with cash on the sidelines from the stock market are shopping this sector of the market for values and finding them.

"Overall we feel that it is a strong Buyers Market. The historically low interest rates and a tumultuous stock market have educated investors placing their investment money in the Jackson Hole Real estate market.

Please feel free to call or email us anytime with questions.

Cheyenne

Says Realtor Dean Greenwalt, "Last year we experienced a very solid 5 percent appreciation in properties located in Cheyenne. Our stable economy, F. E. Warren Air Force Base, state and federal government headquarters are very kind to us. The influx of new "larger" business such as Lowe's warehouse and others make us very attractive. No state tax is a blessing and a curse as the mineral industry dominates the state's economy. This year we are experiencing the same rate or better in residential and commercial properties. Sales are equal with last years record pace."

Adds Realtor Dean Greenwalt, "For the past several months, the Cheyenne market has shown an influx of out-of-state buyers and a shortage of affordable homes. The low interest rates have contributed to the aggressiveness of the market, but with most of the re-financing boom behind us our lenders are extremely competitive in seeking new customers. Compared to a year ago, the number of homes on the market has decreased about 25 percent with the average number of days on the market dropping to 86 days thus far into 2002. The average year to date sold price for single family homes has increased from $113,829 in 2001 to $120,332 thru July 31, 2002."

Casper

"Casper is experiencing a tight market right now, with there being more buyers than sellers," explains Realtor Debbie Eberspecher. "Homes that are very clean and in good condition are normally selling quickly, if they are priced correctly to begin with. Even with the shortage of homes on the market, sellers are not able to get extremely high prices, as the buyers are not normally willing to pay the high price, and will just wait for another home to come available. Now is a good time for the buyers with interest rates still low."

Gillette is a thriving town of 24,000 with more growth projected for the next seven to 10 years, says Realtor Harry L. Kimbrough.

"Gillette and all of Campbell County has seen a tremendous increase in values with a minimum of 12 percent to as high as 30 percent in some areas. Several new subdivisions are being built and many savvy investors are taking advantage of Gillette's booming economy. With the development of methane gas fields scheduled to go on for years to come and several new power plants being scheduled for construction, Gillette's economy should be strong for quite some time."

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Published: September 24, 2002

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