Housing Market - Sheridan, WY 2016

[KeyboardKate]

I see what you are referring to Rescue 3 -- I am begining to see the spec and other homes come on the market.

On 6/29/2016
MLS has 770 listings; 17 forclosures (12 in Sheridan area)

[KeyboardKate]

On 7/11/2016
MLS had 776 listings; 17 foreclosures (12 in Sheridan area)

[Rescue3]

Yes - and there is a brand new subdivision getting built on Big Horn Ave just southeast of the airport. Just started scraping dirt a week ago. Huge neighborhood.

I chatted with someone in the real estate business lately. He said the primary source of people moving to the area is retirees (guilty as charged, your honor). The rest of the buyers are either young people moving up from a $150,000 house to a $300,000 house or older people downsizing from an expansive rural or high dollar place to a smaller home closer to town.

Inbound dollars: $170 million "North Main" road project starts in earnest in October. VacuTech moved up here from Denver and their business is booming.

Outbound dollars: BNSF closed Sheridan Station - 200 jobs gone. Everyone I know in the energy support business (lawyers, engineers, map makers and the like) has already been laid off, down-sized to part time or is awaiting the next round of layoffs. The state has decreased revenues distributed to counties for schools and major projects by enormous percentages.

The coming election will foretell the future; if the democrats retain the executive branch in Washington, the inbound dollars will decrease even further. If the republicans get into the executive branch and energy recovers, we'll do a little bit better. Locally, we'll get a new mayor and we'll have to wait to see what he does to attract new businesses. Meanwhile, we'll all go on trading the same dollar amongst ourselves - with the added revenue that retirees bring.

[KeyboardKate]

Interesting information you have about where the support for the real estate prices is coming from.

Too bad about losing the RR jobs. Although the Main work will help, don't those jobs usually last about two years? Or will it be longer? I read in a Montana paper that Cloud Peak's coal production is down, but don't know if that was Spring Creek Mine or some other mine.

Given the young working families and the down-sizing retired population, I can see why larger homes are on the market for a long time.

[KeyboardKate]

Any changes to the Sheridan housing market?

[matt fe2o3]

Originally Posted by Rescue3

- with the added revenue that retirees bring.

Well it's not insignificant. Just in simple terms retirees that bring 5k per month in income over 30 years equals 1.8 million per each/set. 25,000 of these retiree sets parses out at 45 billion into economy over 30 years. Plus medical insurance / medicare contributions into health. A massive portion of both end(s) up in the local economy.

I think retirees bring quite a lot to the table. Most of the goal is to relax and enjoy themselves and have zero interest in changing anything - well I speak for myself anyway. It's a bit of a gold mine. I can't speak to what I don't know - of which there is a-plenty - however last week in Cody reinforced my observations - spotless town, good services, friendly people. It was nice to leave Pat O'Hara's after a quick lunch and have someone come out after us to thank us for coming in, seeing well behaved kids in the town and no traffic. Some of it is a little sterile but overall and aside from winter - it is inviting.

And for the gun crowd, anti or pro, We just spent 4 full days in Cody and not once, outside the older gentleman police officer at the airport, did we see anyone with a sidearm, not that it bothers me in the least. Yet I digress.

Point is retiree cash is great. If your town(s) can attract settling and spending from folks that are used to making 15k a month just to survive modestly in the city as a family unit, and they find they can retire on 5k a month with a paid off house - it's a win-win!