Here’s a look at the Sioux Falls Real Estate Market for March 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
February had a total of 145 condominiums and single-family homes sell. When you compare last year’s 157 homes sold during the month of February, you’ll see a decrease in sales of 7.6%. The median price range of homes sold in Sioux Falls during the month of February was $200,000. This amount shows an increase of 9.4% from last year’s $182,800.
What Does this Data Mean?
At the end of the month, there were 789 homes listed with no offer. The inventory trend continues with 2.7 months of inventory available for potential home buyers. This number is down from February of last year when the inventory supply was 3.4 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 February, we have a slight decrease of 2.1% from the 286 properties listed this time last year, with 280 properties being added to the market.
What This Means for Buyers
February ended with 789 homes on the market. This number is down 16.5% from the 944 in inventory last year at this time. 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 that will catch the seller’s attention.
What This Means for Sellers
The good news for sellers is that February’s sellers received 98.8% of their original list price. This is an increase of 0.3% from last year’s 98.5%. Homes on the market this February stayed listed for approximately 105 days. This number shows an increase of 5% from the average of 100 days in February of 2017.
Sioux Falls Homes for Sale
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