The New Year brings new optimism for many and us at Laramie Land Company are trying to remain confident that the Laramie area real estate market of 2023 will be stable. The second half of 2022 did have a great impact on the economy and the Laramie Real Estate market also felt that impact with Buyers discouraged by the rise in interest rates and inflation and Sellers holding onto their assets. Not only did agents in real estate, but all affiliated in the market, felt the impact and we are not the only businesses that had the brakes pumped in 2022.
Sales in the residential market for Laramie were down in 2022 by over 20% in the Laramie MLS compared to 2021. In the summer months we did see an uptick in inventory available but again have seen inventory dwindle over the past few months and going into 2023. The average home sale price in 2022 was almost $385,000, approximately 13% increase from 2021. Average days on the market held steady year over year around 70 days but heading into 2023 we have seen homes have an active longer duration.
The first month of 2023 has seen more homes go under contract than added to the market, plus more closed than added. Coming into Spring we normally do see an uptick in listings and encourage all those wanting to sell to start the process early. In this ever changing market, whether you are a buyer or a seller, we are always available to assist you in navigating a successful transaction.
We are also open to discuss any other segments in the market including land, commercial and investment properties. We look forward to assisting everyone with their real estate this year and strive for you to get to know us, like what we have to offer, and trust us to get the transaction closed.
Know. Like. Trust.