Now that Cheyenne Frontier Days is over, Managing Broker and owner Steve Prescott has a market update for July!
In July, 227 homes were sold in 2021, a decrease from the 2020s of 243 homes. Even with fewer properties sold, the total volume was up $5 million. The inventory shortage impacts the sales prices of homes. A short supply with high demand will inflate pricing, and this volume increase is due to that economic effect. Homeowners will love to hear how this impacts their appreciation of their houses and properties! There is an appreciation of 12%, resulting in an average of $36,000.
If you dive into this more deeply, it means that if your home was worth $225,000 last year, it is now worth $261,000. That is a jump! Combine this with knowing the nominal inventory on the market and if you have been considering selling, this would be the time to get a premium price for your home. Sellers have been selling their homes for these incredible prices to meet the demand and then turning around with this cash to purchase competitively something they have been wanting. Whether downsizing, relocating, or upscaling.
Our RE/MAX Capitol Properties agents are more than willing to work with you all on your real estate goals. We encourage you to reach out to one of our professionals for consulting to help you determine the best options for you as you consider your options. Our realtors will be 100% transparent about the obstacles you may have to overcome with the current real estate landscape and share the overwhelming benefits. Benefits from low-interest rates if you are a buyer and a seller, so much more! No matter what your next steps are at RE/MAX Capitol Properties, we have programs for our agents to help make sure you receive the highest level of client service.
Next steps, give us a call or stop by our office! We’d love to chat and connect you with an excellent real estate professional.
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Cheyenne, WY 82001
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