Gillette WY Real Estate Market Update
JORDAN OSTLUND
Gillette WY Real Estate Market Update
The first day of summer is officially here and the Gillette real estate market is alive and well! Our overall absorption rate has crept up a bit since last month and currently sits at just over 7 months. A few things that stuck out to us in this month’s report were the very low end of the market as well as the higher end homes that are beginning to move. On the low end notice that the absorption rate for homes in the ranges of $0 - $119,999 and $120,000 - $139,999 are 2.7 and 3.9 months respectively. This is due to the influx of foreclosures in this lower price range. We have seen a lot of foreclosures coming on the market and selling rather quickly. On the other hand, we have seen some activity in the upper end of the market. There are currently 12 homes under contract above $300,000. This is encouraging as there have only been 30 homes above $300,000 that have sold in the previous 6 months.
