Real estate trends come and go – some lasting days, some months, and others for even longer. In Sioux Falls, South Dakota, the nearly two-year-old trend of decreasing housing supplies coupled with escalated median sales prices, all but completes the shift into what is considered a seller’s market. Supply and demand determine fair market values, and in Sioux Falls, good houses are hard to find. Great properties introduced to the Sioux Falls real estate market quickly move from “for sale” to “sale pending.” When a quality residence hits the market, multiple above-list-price offers tempt the seller to move promptly. Here’s what’s going on in Sioux Falls real estate this month.
A Look at Local Housing Stats
The number of sales that were in the works at month’s end has increased by 12.8 percent. In July of 2016, there were 4,429 pending sales in Sioux Falls, South Dakota in contrast to this year’s 4,998 sales in-progress.
Hanging in line with last month’s numbers, the median sales prices for homes in Sioux Falls is increased by about 5.1 percent, around $186,000. This median price trumps last year’s median price of only $177,000.
What Does This Data Mean
Houses for sale in Sioux Falls stay on the market on average for about 86 days, 4.4 percent less time than last year’s comparison of 90 days list to close.
Also consistent for the area and the season, properties in Sioux Falls sold, on average, for just above 98 percent of the original asking price. That’s not a whole lot of wiggle room for wheeling and dealing, and that’s because that’s no room for error when competing in a market with such limited inventory and high demand.
Last July, there were 1860 properties for sale on the real estate market in this area. Inventory dropped by more than twenty percent this year with July’s ending inventory of houses for sale at 1,489.
What does this mean if you’re selling a house in Sioux Falls?
When you’re no longer teetering on the fence and have decided to list your home for sale, take assertive action without delay. Gain an edge over competing properties by staging your house for success. If all elopements remain similar, sellers should expect to pull in at least 98 percent of the original list price and should be able to accomplish that goal in 90 days or less. It’s a seller’s market, which means that if there’s got to be compromise, it’s likely going to be the buyer who gives way, not the seller.
What does this mean if you’re buying a house in Sioux Falls?
With inventory on the decline and medial sales prices on the rise, multiple offers on quality houses make buying property in Sioux Falls a challenging endeavor. If you’re ready to buy, don’t lose valuable time pondering all of the possibilities. If you do, by the time you come up from your daydream, someone else may have snatched up the home you were thinking of buying. Don’t try to shave too much cost off the asking price because most homes in the area are selling for about 98 percent or better.
The temperature in the Sioux Falls real estate market this month is heavily influenced by the number of available houses for sale in direct contrast to the number of buyers looking for a home. There’s no time to waste and little room for mistakes for buyers in this seller’s market.
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