Oil Industry Affects Stanley Housing Market

4-11-18 STanley home big_1523488984039.jpg.jpg

A few years ago the oil field boomed and since then the production has dropped.

While it is not as busy as it used to be – some oil towns are starting to see steady growth.

Before the oil boom, Stanley had a population of about eighteen hundred people.

In the middle of the boom the town saw about a thousand more people move in.

Now that things have slowed down, the population dropped again but is still significantly higher than it originally was.

KX spoke with the city assessor and she said that there has been homes on the market and they are selling quickly.

More than half of the homes on the market are selling higher than the assessed value.
In 2017, the city assessor had 54 home sales – that compares with only 38 in 2016.

“Some of the older homes are staying on the market a little bit longer maybe 3-4 months but there’s a good turnover in sales,” said Susan Spaeth, Stanley City Assessor.

She adds that many of the people putting their homes up for sale aren’t necessarily leaving town.

Several are upgrading to newer or bigger homes in the area.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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