Fall 2023 ~ Cody, WY
The common question all real estate agents get whether sitting at a basketball game or buying groceries is, “What’s the market doing?” While always a good question, there are so many data points to analyze it’s not always easy to know what people want to know when they ask. But, to at least get the conversation started, here are some snapshots of market data for Cody, Wyoming over the last 3 years.
This graphic indicates that we are still in a seller’s market, though that little arrow has slid to the right over the course of the last year, indicating we are moving toward a more balanced market. Our months of inventory available is dropping, and we are seeing homes sold at 96.4% of the list price. The average days on market is 14, and the the median (note that median and average are different things)…the median sold price is $434, 375.
The graph to the right shows the number of new listings per month over the last 3 years. According to this graph, the number of new listings has generally gone up, but at the same time our months of inventory is down. This would be another indication of the seller’s market as there are still more buyers out there competing for the listings available.
Finally, this graph shows the median sold price of Cody, Wyoming homes over the past three years. As expected, there are many ups and downs, but overall the price continues to increase. As a general rule, this is why real estate is a good long-term investment. Remember, median is the middle number in a group of numbers, while average is adding up all the numbers and dividing by how many numbers you added. These are two very different statistical definitions. So, when looking at this graph, remember that we are looking at the medians, NOT the averages.
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