Wyoming Housing Market Analysis - August 2024
The Wyoming housing market in August 2024 is showing a mixed bag of trends with several key indicators showing both positive and negative trends. Below is a detailed analysis of the current market conditions.
Median Sales and List Prices
The Median Sales Price for homes in Wyoming stands at $410,800, reflecting a year-over-year (YoY) decrease of 2.1%. Similarly, the Median List Price has dropped to $547,200, marking a YoY decline of 4.5%. This downward trend in pricing indicates a cooling market, potentially offering opportunities for buyers.
Price Per Square Foot
The median Price Per Square Foot is $256, showing a slight YoY decrease of 0.4%. In contrast, the Median List Price per square foot has risen significantly to $286, up by 15.6% YoY. This disparity suggests that while sellers are listing properties at higher prices per square foot, the actual sales prices are not keeping pace.
Sales and Inventory
Homes Sold in August 2024 totaled 668, representing a YoY increase of 5.9%. Pending Sales also saw a rise, reaching 656, up by 3.8% YoY. However, New Listings have decreased by 9.6% YoY to 778, and inventory has dropped by 8.0% YoY to 2,143 homes. The Months of Supply have significantly decreased by 50.0% YoY to 3.2 months, indicating a tighter market with fewer homes available for sale.
Market Dynamics
The Median Days on Market for homes in Wyoming is now 41 days, a reduction of 19.0% YoY. This suggests that homes are selling faster compared to the previous year. The average sale to list ratio is 97.9%, showing a slight YoY increase of 0.2%, indicating that homes are selling close to their list prices. However, the percentage of Homes Sold above list price has decreased by 0.6% YoY to 7.2%.
Price Adjustments and Off-Market Trends
The percentage of Price Drops remains unchanged YoY at 26.1%. Notably, the percentage of homes going off-market within two weeks has surged by 35.0% YoY to 36.6%, suggesting a high level of buyer activity and competition for available properties.
In summary, the Wyoming housing market in August 2024 is characterized by declining median sales and list prices, a reduction in inventory, and faster sales times. While the market shows signs of cooling in terms of pricing, the increased sales and Pending Sales figures indicate sustained buyer interest. Potential buyers may find opportunities in the current market conditions, while sellers may need to adjust expectations in light of the downward pricing trends.
