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May 2017 Sioux Falls Housing Market Statistics

June 06, 2017 by

RASE June 2017 Housing Market Statistical Reporting
Sioux Falls, SD – June 6, 2017:

Monthly Market Indicators

Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.

New Listings in the Sioux Falls region increased 0.6 percent to 656. Pending Sales were up 47.5 percent to 649. Inventory levels fell 27.1 percent to 1,416 units.

Prices continued to gain traction. The Median Sales Price increased 6.3 percent to $194,450. Days on Market was down 3.3 percent to 87 days. Sellers were encouraged as Months Supply of Homes for Sale was down 34.6 percent to 3.4 months.

In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes.

Housing Supply Overview

Finding adequate supply is still an issue in most markets, as demand continues to overwhelm the current stock of homes for sale. There are signs of improvement in new construction. Some builders sense that the extended trend of low inventory equates to opportunity and profit. For the 12-month period spanning June 2016 through May 2017, Pending Sales in the Sioux Falls region were up 13.1 percent overall. The price range with the largest gain in sales was the $1M and Above range, where they increased 140.0 percent.

The overall Median Sales Price was up 5.7 percent to $185,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 5.9 percent to $180,000. 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 182 days.

Market-wide, inventory levels were down 27.1 percent. The construction type that lost the least inventory was the New Construction segment, where it decreased 22.5 percent. That amounts to 3.3 months supply for Single-Family homes and 3.6 months supply for Condos.

- 10k Research & Marketing

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