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April 2017 Sioux Falls Housing Market Statistics

May 07, 2017 by

RASE May 2017 Housing Market Statistical Reporting
Sioux Falls, SD – May 4, 2017:

Monthly Market Indicators

The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.

New Listings in the Sioux Falls region decreased 8.2 percent to 605. Pending Sales were up 44.1 percent to 585. Inventory levels fell 28.2 percent to 1,320 units.

Prices continued to gain traction. The Median Sales Price increased 6.0 percent to $189,500. Days on Market was down 9.2 percent to 89 days. Sellers were encouraged as Months Supply of Homes for Sale was down 34.7 percent to 3.2 months.

Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand

Housing Supply Overview

Spring is in the air, and housing activity is heightening. There appear to be more buyers out on the prowl, given the fact that sales prices are still going up while the number of days a house is on the market continues to drop. This is a recipe for a seller’s market. For the 12-month period spanning May 2016 through April 2017, Pending Sales in the Sioux Falls region were up 10.5 percent overall. The price range with the largest gain in sales was the $1M and Above range, where they increased 155.6 percent.

The overall Median Sales Price was up 5.7 percent to $184,900. The construction type with the largest price gain was the Previously Owned segment, where prices increased 5.9 percent to $179,900. The price range that tended to sell the quickest was the $100K to $150K range at 73 days; the price range that tended to sell the slowest was the $800K to $900K range at 197 days.

Market-wide, inventory levels were down 28.2 percent. The construction type that lost the least inventory was the New Construction segment, where it decreased 16.1 percent. That amounts to 3.0 months supply for Single-Family homes and 4.0 months supply for Condos.

- 10k Research & Marketing

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