House on the market? Or are you thinking of moving to Cheyenne? Even though times are tough right now, with the right information and set of tools you can buy/sell a house today. Here is a snap shot of where Cheyenne's real estate market stands as of the beginning of June 2010 according to AOL Real Estate.
Total Number ofProperties: There are currently 24,914 properties in Cheyenne. 61% ofthese properties are owned, 31% are being rented and 7% are currentlyvacant. This vacancy rate of homes helps home buyers determine if a housing market has a weak or strongcompetition. With vacancy rates being higher than ever right now, Cheyenne's vacancy rate doesn’t necessarily mean a bad thing because it will open a lot of opportunities for homebuyers to find a property at a low price.
Inventory of Homes: The total inventory of available homes in Cheyenne, WY for June 2010 stands at 413 homes. Foreclosures consume about 50% of the Cheyenne real estate market standing at 209 total homes. Foreclosures can indicate problem areas, but given recent events, foreclosures can also be good purchase opportunities given their reduced cost. The other 50% of Cheyenne’s real estate market is comprised of resale homes standing at 204 homes.
House Appreciation: House appreciation provides three indicators of the home values trend in Cheyenne, WY. The appreciation, which is currently at 2.6%6, signifies whether the market has increased or decreased in value. So in Cheyenne’s case, it has decreased. The housing median value, which is currently $183,834, shows the worth of a typical home in the area and the average market value for a home in Cheyenne for June 2010 was $164,010.
Average Days on the Market: The number of homes and the average time homes are on the market (for sale) in Cheyenne can indicate how long homeowners are willing to wait to sell their homes. It took an average of 114 days for homes in Cheyenne to go from listing to a ratified contract. In comparison to the rest of the state of Wyoming, homes are being sold more quickly in Cheyenne as the average number of days on the market for the rest of the state is 162 days. On the contrary, average and maximum days on the market will help sellers set an expectation for how long it may take to sell ahouse. Currently, the maximum number of days on the market, for both Chyenne and the rest of Wyoming, is at 991 days.
This information can help guide you during your selling/buying adventure. Knowing where the overall market stands for your area will give you insight to your selling/buying process compared to the rest of the market. If you are looking to sell or buy in Cheyenne, please contact me!
Joe