Last week we looked at Cody, but what’s going on in the Powell, WY real estate market? For two towns that are so close together, they do have differences in the real estate markets. Let’s take a look at what the Powell, WY real estate market has going on.
This graphic shows the market trends for Powell. You can see that it is still a sellers market, but as with Cody, the marketing is shifting toward that middle balanced market area. There are currently 4 months of inventory in and around Powell, and the median days on market is 6. An interesting observation is that the median sold price is $280,000, and that may be an indication as to why the days on market remain low. More people are able to afford to buy at that price.
Looking at this graph you can see the new listings for the past 3 years. Interestingly enough the listing price continues to go up, and at the same time we have a saturation of buyers, so the days on market continues to be low. Most likely this is a reflection of the housing shortage that is being seen across the nation.
Finally, this graph depicts the sold prices of homes in Powell in the past three years. If you compare the points on the graph between Oct. 2018 and Oct. 2023, there is an almost $100,000 difference, and while there are some steep peaks and valleys in the more recent past, overall the average sold price continues to go up year over year, which is typical of real estate.
So what? As a seller, you are still in a position to get some equity out of your property. If you need to sell, this is still a good time. And while in many cases we are seeing homes on the market for a few weeks rather than a few hours, this is a good indication of a stabilizing environment. Buyers are in a position to have to decide what is best for their future. Interest rates are higher than we are used to at the moment, but if these numbers continue, then we will see home prices continue to rise at least to some degree. As a buyer, ask yourself if you are better off to purchase now and refinance later when the rates drop, or wait for interest rates to drop and risk home prices being higher. These are important questions, and there are no easy answers.
Our team would be happy to help you navigate this. If you are interested in talking with us one-on-one, fill out the form and we will be in touch.