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February 2017 Sioux Falls Housing Market Statistics

March 03, 2017 by

RASE February 2017 Housing Market Statistical Reporting
Sioux Falls, SD – February 3, 2017:

Monthly Market Indicators

The start of the year ushered in a wave of good news about a hot stock market, higher wages and an active home sales environment. At the same time, housing prices have continued to rise, and the low inventory situation and affordability crunch has been particularly hard on first-time buyers struggling to get into the market. Nevertheless, buyer activity is easily outpacing seller activity in much of the country, culminating in relatively quick sales and low supply. Demand definitely remained strong this month.

New Listings in the Sioux Falls region decreased 0.7 percent to 398. Pending Sales were up 75.1 percent to 359. Inventory levels fell 24.2 percent to 1,078 units.

Prices continued to gain traction. The Median Sales Price increased 3.3 percent to $178,000.  Days on Market was up 3.9 percent to 106 days. Sellers were encouraged as Months Supply of Homes for Sale was down 28.9 percent to 2.7 months.

Unemployment has reached pre-recession levels, and Americans remain optimistic about finding quality employment. This matters because job growth and higher paychecks fuel home purchases. Unfortunately, that won't matter for potential buyers if price appreciation outpaces income growth and if mortgage rates continue their upward trend. Sellers are getting a generous number of offers in this market. The worry for sellers then becomes that there will not be a generous number of homes to choose from when they become buyers.

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Housing Supply Overview

Anecdotal evidence indicates that it's becoming tougher to buy a home. Never mind the usual, though apt, concerns about lower affordability amidst rising prices. With the huge amount of demand for a limited set of properties, competition is becoming the biggest obstacle. For the 12-month period spanning March 2016 through February 2017, Pending Sales in the Sioux Falls region were up 8.4 percent overall. The price range with the largest gain in sales was the $700K to $800K range, where they increased 136.4 percent.

The overall Median Sales Price was up 5.3 percent to $182,200. The construction type with the largest price gain was the Previously Owned segment, where prices increased 5.9 percent to $177,950. The price range that tended to sell the quickest was the $100K to $150K range at 75 days; the price range that tended to sell the slowest was the $900K to $1M range at 168 days.

Market-wide, inventory levels were down 24.2 percent. The construction type that lost the least inventory was the New Construction segment, where it decreased 19.5 percent. That amounts to 2.6 months supply for Single-Family homes and 3.2 months supply for Condos.

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City of Sioux Falls

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