Here’s a look at the Sioux Falls Real Estate Market for April 2018. According to a recent stats, the addition of new listings to the market remains consistent with numbers from this time last year. However, the median sale price has increased by 9.4%. Read more about this month’s real estate market below.
A Look at the Housing Stats
March had a total of 261 condominiums and single-family homes sell. When you compare last year’s 251 homes sold during the month of March, you’ll see an increase in sales of 4%. The median price range of homes sold in Sioux Falls during the month of March was $209,000. This amount shows an increase of 10.2% from last year’s $189,700.
What Does this Data Mean?
At the end of the month, there were 839 homes listed with no offer. The inventory trend continues with 2.8 months of inventory available for potential home buyers. This number is down from March of last year when the inventory supply was 3.8 months. For the real estate market to be considered balanced, there must be a 6-month supply of inventory. When it comes to the number of new listings in March, we have a slight decrease of 2.5% from the 407 properties listed this time last year, with 397 properties being added to the market.
What This Means for Buyers
March ended with 839 homes on the market. This number is down 19.3% from the 1,040 in inventory last year at this time. There are fewer new listings on the market this year as compared to last year, so you’ll want to remain focused as you look for a home that meets your needs. It’s a good idea to set up saved searches and get updated via e-mail when new properties hit the market.
What This Means for Sellers
We are watching the numbers as we report that March’s sellers received 99% of their original list price. This is an increase of 0.4% from last year’s 99.5%. Homes on the market this March stayed listed for approximately 94 days. This number shows an increase of 2.9% from the average of 91 days in March of 2017.
Sioux Falls Homes for Sale
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