January 2012 Sioux Falls Housing Market Statistical Reporting
RASE January 2012 Housing Market Statistical Reporting
Sioux Falls, SD – February 7, 2012: For once, the headlines are getting it right: "Supply-side correction continues," "Home buyer demand strengthening," "Market heads toward balance." There is a very real sense that the landscape is shifting. We don't want to overstate the case this month, as this coming spring will be the bellwether. It's been plus or minus five long years since the peak of the housing bubble and the ensuing aftermath. As we delve into a new year, let's see if the first month of the sixth year brought any encouraging signs.
New Listings in the Sioux Falls region increased 5.7 percent to 405. Pending Sales were up 6.6 percent to 162. Inventory levels shrank 7.2 percent to 1,675 units.
Prices softened somewhat. The Median Sales Price decreased 2.6 percent to $132,250. Days on Market was down 11.7 percent to 98 days. Absorption rates improved as Months Supply of Homes for Sale was down 7.0 percent to 6.8 months.
No one likes feeling stuck. The fate of housing and the economy remain tied together in a single garment of destiny. As long as housing remains weak, many Americans are unable to relocate when an employment opportunity arises. Instead, they're anchored to a house that's underwater. Several key efforts aimed at easing refinancing, converting vacant properties to rentals and getting some private equity in the game are all reasons to stay alert and informed.
-Greg Sax, 10k Research & Marketing
Posted in: Sioux Falls Housing Stats