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June 2010 Market Statistics for Cheyenne, WY

By
Real Estate Agent with Century 21 Bell Real Estate

Real Estate Market Thinking about moving to Cheyenne or currently have your house on the market in Cheyenne?  Here is a snapshot of where Cheyenne’s real estate market stands as of June 2010 according to AOL Real Estate. 

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. 

Total Number of Properties:  There are currently 24,914 properties in Cheyenne.  61% of these properties are owned, 31% are being rented and 7% are currently vacant.  This vacancy rate of homes helps home buyers determine if a housing market has a weak or strong competition.  With vacancy rates being higher than ever right now, it 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. 

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 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 at 162 days.  Conversely, average and maximum days on the market will help sellers set an expectation for how long it may take to sell a house.  Currently, the maximum number of days on the market is at 991 days.

Times are tough right now.  Those who currently have their home on the market are need for those who are looking to buy to act now.  Please contact me if you are looking to sell or looking to buy in the city of Cheyenne, WY.

Comments (2)

Sam Stryker
Tempe, AZ

All great information on this one

Jun 15, 2010 03:38 AM
Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Great post! Excellent information's on your market area!

Thanks for sharing,

Adam

Jun 16, 2010 09:28 AM