ResalesHot Market: Casper, Wyoming Pending Sales Explode
While not a large market, the Casper, Wyoming, real estate marketplace has skyrocketed in 2008. Pending home sales over the last few months (which is a sign of future business) have shot up dramatically month after month each month in 2008 to as much as 1,000 percent in January when 56 homes went under contract. Last January only 5 homes went under contract in the same market.
Every month this year, buyers are outpacing last year"s pending sales at tremendous levels. The latest being June with 91 homes under contract -- up 300 percent over June 2007. One of the pushing points is the growing energy industry in the area. Wyoming is the nation"s largest producer of coal and a "major source of natural gas and crude oil," according to a report in the Casper Star-Tribune.
Home builders can"t keep up with the recent job growths, the paper says, pointing out that nearby Rock Springs is running into the same issue of a growing real estate market in the face of a strong economy. Jobs are growing and workers are moving in, some taking residence in local hotels where they can"t find affordable rentals or homes to buy.
Wyoming is one of the few places in the U.S. where real estate is still growing in value in the double digits. The Wall Street Journal recently reported that from 2007 to 2008, farm land there has risen in value more than 20 percent.