September 2018 Sioux Falls Housing Market Statistics
RASE September 2018 Housing Market Statistical Reporting
Sioux Falls, SD – Sept 7, 2018h
Monthly Market Indicators
Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales.
New Listings in the Sioux Falls region increased 6.9 percent to 601. Pending Sales were up 15.4 percent to 524. Inventory levels fell 14.9 percent to 1,498 units. Prices continued to gain traction. The Median Sales Price increased 3.8 percent to $200,250. Days on Market was down 1.3 percent to 76 days. Sellers were encouraged as Months Supply of Homes for Sale was down 18.2 percent to 3.6 months.
Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market and an economic backdrop conducive to consistent demand. We were reminded by Hurricane Florence of how quickly a situation can change. Rather than dwelling on predictions of a somber future, it is worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance.
Housing Supply Overview
According to a recent study by Fannie Mae, 24 percent of Americans feel that now is a good time to buy a house. That number was 54 percent five years ago. Feelings change rapidly when incomes do not match well with home prices and frustration sets in. For the 12-month period spanning October 2017 through September 2018, Pending Sales in the Sioux Falls region were up 4.5 percent overall. The price range with the largest gain in sales was the $900K to $1M range, where they increased 75.0 percent.
The overall Median Sales Price was up 6.0 percent to $200,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 4.8 percent to $193,000. The price range that tended to sell the quickest was the $100K to $150K range at 70 days; the price range that tended to sell the slowest was the $1M and Above range at 175 days.
Market-wide, inventory levels were down 14.9 percent. The construction type that lost the least inventory was the Previously Owned segment, where it decreased 12.4 percent. That amounts to 3.4 months supply for Single-Family homes and 4.6 months supply for Condos.
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