Housing Market - Sheridan, WY 2016 (Gillette: appointed, real estate, mortgage)

[KeyboardKate]

I am considering a move to Sheridan, Wyoming. With the soft coal and oil & gas markets, are the housing prices dropping? I've been watching houses on realtor.com and some other sites. There seem to be a lot of houses on the market for a long time that don't sell and the price doesn't drop. Any thoughts about why that is?

[branDcalf]

Because while many people want to live in Sheridan, not all of them can afford to.

Some of the houses are paid for and the owners can afford to wait for the right buyer. Some owners will take low ball offers, but there isn't a lot of work available to those who would move there but need a job. Some houses are more valuable empty (tax wise) than taking a low ball offer that doesn't pay off what is owed. Some who buy investment properties got burned during the methane boom and are slow to repeat buying over-priced houses.

The right house is still getting top dollar.

[sunsprit]

Many factors in the Sheridan housing market ... and not in the primary coal & gas production areas where there's been the concentration of job losses. A quite different economy base here than in places such as Gillette.

Likely the housing you're looking at has owners who are either on "fishing" expeditions or simply don't need to sell at less than their prices.

[TNT25]

The following local website will give you a better reading of the market in Sheridan, showing which homes are in the contract process:

http://www.sheridanwyorealestate.com


As indicated by previous posters, those predicting a precipitous drop in Sheridan housing prices, I believe are going to be disappointed. While there may be a softening here and there, the desirable properties are still going under contract rather quickly, often only a day or so after being listed.

[KeyboardKate]

Originally Posted by branDcalf

Because while many people want to live in Sheridan, not all of them can afford to.

Some of the houses are paid for and the owners can afford to wait for the right buyer. Some owners will take low ball offers, but there isn't a lot of work available to those who would move there but need a job. Some houses are more valuable empty (tax wise) than taking a low ball offer that doesn't pay off what is owed. Some who buy investment properties got burned during the methane boom and are slow to repeat buying over-priced houses.

The right house is still getting top dollar.

Thank you -- very interesting. I just want to be careful and not buy at the top of an over built market.

[Rescue3]

I think we're on the way to being over-built, but aren't quite there yet. A whole bunch of spec homes are just getting finished at the Powderhorn, a 49-unit subdivision was just started on Coffeen Ave south of the college and Cloud Peak is building out another neighborhood. All in an outbound market.

Unlike most markets, many people in Sheridan list their homes and never drop the price - ever. The folks at the land office downtown can't explain it other than to say Sheridan people are 'a stubborn lot.' For example, two doors down from me has been on the market for four years. No one even comes to the open houses anymore. Just won't sell, but the owners invested too much in it initially and refuse to take a (big) loss.

You might want to keep tabs on the Sheridan market. The railroad just moved 92 positions to Gillette and the union contract calls for the BNSF to buy the homes if the transferees cannot sell at market value. They are expecting a number of buy-outs, which in turn will get dumped on the market. Those houses will be sold at a loss, and may depress some other real estate prices in the area.

[KeyboardKate]

Thank you Rescue 3 -- you've addressed the issues exactly -- those are my concerns. I'm suprised about more homes at the Powderhorn -- when I check their site, there seems to be quite a few existing homes listed. I'll keep watching -- maybe something interesting will turn up. Thanks again!

[KeyboardKate]

Does anyone know where I can get some information on the number of houses on the market in Sheridan County over the last 5 years and any changes in the price per sq. ft.?

[WyoNewk]

If there is such a thing, it probably wouldn't be too accurate, since the selling price of homes in Wyoming isn't a public record. The Realtors' Multi-list might have such a figure, but I don't know, and I don't know if they release those figures or not. You might ask a Realtor in Sheridan.

I honestly doubt Sheridan will see much of a downturn, as there aren't all that many coal related jobs in the town -- nothing like in Gillette, where I live. I'm sure Gillette's housing market (and economy in general) is going to take a good hit. Housing has been a fair bit higher here than in Sheridan, but I can see that reversing. I work with mortgage companies and have noticed some nice homes they have available in Sheridan for under $200K. One I've been in is 2000+ sq ft (2-story) on a large lot in an upscale smaller neighborhood, and asking price is $175K. I'd guess it was built in the late 70s/early 80s and still has some of those appliances but doesn't look that dated -- very nice, actually. (EDIT to add): It's been on the market at this price for over 2 years, iirc.

A wild ride is the nature of the oil and gas industry, always has been. Oil broke $50/gallon this week, and that's been the price a lot of oilmen have been looking for, saying they can start drilling again at that point. We'll see....

[sunsprit]

Your "best" source for a market evaluation/overview in the area will be to contact a local residential appraiser. Of course, these are "fee for service" providers. But the information may be worth it to you.

As well, another figure in the county assessor's office will have their guideline psf's available. This, however, is a quite different number in many instances than the actual selling prices. But it may be the indicator you're seeking for the pricing trends of the area.