A Look at the Housing Stats
November had a total of 263 condominiums and single-family homes sell. When you compare last year’s 207 homes sold during the month of November, you’ll see an increase in sales of 27.1%. The median price range of homes sold in Sioux Falls during the month of November was $189,900. This amount shows an increase of 2.6% from last year’s $184,999.
What Does this Data Mean?
At the end of the month, there were 877 homes listed with no offer. The inventory trend continues for 2017 with less than 3 months of inventory available for potential home buyers. This number is down from November of last year when the inventory supply was 3.9 months. For the real estate market to be considered balanced, there must be a 6-month supply of inventory. Still, there is a light ahead when we consider that last year’s new listings for November were 268, while this November they increased 2.6% to 275.
What This Means for Sellers
The good news for sellers is that November’s sellers received 98.6% of their original list price when all was said and done. This is an increase of 0.2% from last year’s 98.4%. Homes are selling faster this year, with an average time on the market of 78 days. This number shows a decrease of 2.6% from the average of 80 days last November. With the median price increases, the current inventory needing additions, and the days on the market shrinking, this is a great time to place your home on the market.
What This Means for Buyers
December ended with 877 homes on the market. This number is down 17% from the 1,057 from last year. With fewer options to choose from, this is not the time to slow down when it comes to choosing your home. There’s competition out there, and you can bet they are just as determined as you are to make that sale. Meet with your real estate agent to discuss your buying needs and create an offer than will catch the seller’s attention.
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