The easing of price increases during 1996 and 1997 has been dramatically reversed in 1998. The annual increase in average price reached double digits early in the year and has slowed only slightly since then. Condominium prices are increasing considerably faster than are prices for single-family detached homes. Listings are down 6 percent from 1 year ago, as the frenzied sales pace of the summer has limited choices for potential buyers. Second-home sales are booming at Colorado resort areas.
New developments sell quickly and brokers report a shrinking inventory.
Yearend totals are not expected to be at record levels. Price increases have slowed, and there is some buildup of inventory. Townhouse and condominium sales activity slowed, and price increases moderated in the third quarter. Despite the modest inventory buildup in these areas, the local sales markets are expected to remain balanced throughout next year. Spotlight on Cheyenne, Wyoming Cheyenne, with a population of 54,000, is the largest city in Wyoming.