Here’s a look at the Sioux Falls Real Estate Market for May 2018. According to a recent stats, the addition of new listings to the market has decreased 12.6 percent from this time last year. However, the median sale price has increased by 7.9%. Read more about this month’s real estate market below.
A Look at the Housing Stats
April had a total of 291 condominiums and single-family homes sell in Sioux Falls. When you compare last year’s 297 homes sold during the month of April, you’ll see a decrease in sales of 12.6%. The median sales price of homes sold in Sioux Falls during the month of April was $211,500. This amount shows an increase of 7.9% from last year’s $196,000.
What Does this Data Mean?
At the end of the month, there were 872 homes listed with no offer. The inventory trend continues with 2.9 months of inventory available for potential home buyers. This number is down from April of last year when the inventory supply was 4.2 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 April, we have a noticeable decrease of 12.6% from the 462 properties listed this time last year, with 404 properties being added to the market this month.
What This Means for Buyers
April ended with 872 homes on the market. This number is down 24% from the 1,147 in inventory last year at this time. There are fewer new listings on the market this year as compared to last year. With the current inventory showing less than a 3 month supply of homes and the decline in new listings, home buyers will want to be on top of receiving information about new listing as soon as they hit the market. In order to be informed, you can set up saved searches and get updated via e-mail when new properties hit the market.
What This Means for Sellers
April’s sellers received 99.5% of their original list price. This is an increase of 0.1% from last year’s 99.4%. Homes on the market this April stayed listed for approximately 91 days. This number shows an increase of 2.9% from the average of 88 days in April 2017. Home sellers need to get an idea of what their home is worth when setting the asking price. With the low inventory, you want to be sure to price your property strategically. Start off by clicking the link below to get a home value estimation. Once you have a baseline idea, contact us for a more comprehensive report that considers factors that are important when setting an asking price.
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