The real estate market in Laramie held steady through 2015 and did see overall price appreciation for sellers. The spring was the busiest most of us could remember, with a large number of homes being toured in the months of February – April, earlier than the normal June-August onslaught of homes on the market for sale. This resulted in the month of June having the most closings throughout the year. Overall, the Laramie MLS reports 410 residential homes sold in 2015 with an average sale price of $229,980. Comparatively, in 2014, 420 residential homes sold and the average sale price was $216,614. This represents a little over 6% increase in sale price year over year.
New construction attributes to this price increase, and it appears to be one of the most highly sought after residential purchase. Many homes broke ground in the northeast area of Laramie, with only a small percentage making it to market. Lots are still available in northeast Laramie for sale for continued development of new homes. The market will also see much more new construction this spring/summer with homes breaking ground in the next phase of development at Grand View Heights as well as some homes that will be constructed on the south side of town, just west of the Corthell Hill area.
Inventory throughout 2015 and going into 2016 remains low for the market. There are buyers in the market, patiently waiting for the spring (and weekly) to find their perfect home. We look forward to marching into Spring and hope to communicate with potential Sellers that NOW is the time to get your home ready to be SOLD!