Here’s a look at the Sioux Falls Real Estate Market for July 2018. The median sale price for homes in this area rose slightly this month. Read more about this month’s real estate market below.
A Look at the Housing Stats
We saw a total of 548 condominiums and single-family homes sell in Sioux Falls. When you compare last year’s 564 homes sold during the month of June, you’ll see a decrease in sales of 2.8%. The median sales price of homes sold in Sioux Falls during the month of June was $215,000. This amount shows an increase of 6.5% from last year’s $201,800.
What Does this Data Mean?
At the end of the month, there were 1,424 homes listed with no offer. The inventory for real estate in Sioux Falls improves with 3.4 months of inventory available for potential home buyers. This number is down from June of last year when the inventory supply was 4.5 months, but it does show an improvement from last month. 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 June, there is a decrease of 7.5 percent from the 744 homes listed in 2017, with 688 properties added.
What This Means for Buyers
June ended with 1,424 homes on the market. This number is down 20.1 percent from the 1,783 in inventory last year at this time. If you want to stay on top of new listings you can set up saved searches and get updated via e-mail when new properties hit the market. Taking this step may give you the edge over other buyers in the area.
What This Means for Sellers
June’s sellers received 99.6% of their original list price. This is an increase of 0.2 percent from last year’s 99.4%. Homes on the market this June stayed listed for approximately 77 days. This number shows a decrease of 6.1 percent from the average of 82 days in June 2017. One of the keys to a successful sale is pricing your home correctly from the start. Get an idea of what your home is worth by clicking the free 15-second calculator below. We would love to help you get a more accurate estimation with a comprehensive report. Give us a call today!
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