A Look at the Housing Stats
January had a total of 143 condominiums and single-family homes sell. When you compare last year’s 142 homes sold during the month of January, you’ll see an increase in sales of 0.7%. The median price range of homes sold in Sioux Falls during the month of January was $194,900. This amount shows an increase of 3% from last year’s $189,195.
What Does this Data Mean?
At the end of the month, there were 765 homes listed with no offer. The inventory trend continues with 2.6 months of inventory available for potential home buyers. This number is down from January of last year when the inventory supply was 3.2 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 January, we see a mirror of last year at this time with 298 properties being added to the market.
What This Means for Sellers
The good news for sellers is that January’s sellers received 99.2% of their original list price. This is an increase of 0.6% from last year’s 98.6%. Homes on the market this January stayed listed for approximately 103 days. This number shows an increase of 12.1% from the average of 92 days in January of 2017.
What This Means for Buyers
January ended with 765 homes on the market. This number is down 11.9% from the 868 sold 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 than will catch the seller’s attention.
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