Here’s a look at the Sioux Falls Real Estate Market for November 2018. According to statistics from the REALTOR® Association of the Sioux Falls Empire, Inc., the average sale price for homes in this area has increased by 7.1 percent from last year. Read more about this month’s real estate market trends.
A Look at Housing Stats
The month of November began with the median sales price for homes in Sioux Falls at $205,500. This amount is up 4.6 percent from last year’s $196,500, and we are seeing an increase from last month’s $202,000.
There were 294 condominiums and single-family homes sold last month in Sioux Falls, which is up 14.3 percent from the 279 sold this time last year but shows a decrease from the 287 homes sold last month.
What Does this Data Mean?
November began with 968 homes listed with no offer in Sioux Falls. This number shows a decrease of 17.9 percent from the 1,179 active properties last year, but the number is up slightly from the 961 active listings last month.
What does this mean for Sioux Falls home buyers?
Sioux Falls had 388 new listings added to the real estate market inventory in October. This number is 2.4 percent higher than the 379 new listings recorded in October 2017 but shows a drop from last month’s 437 new listings.
Competition is still strong when it comes to finding the right property in Sioux Falls. Taking this step to create saved searches may give you an advantage over other buyers in the area.
What does this mean for Sioux Falls home sellers?
October’s sellers received 99% of their original list price. Homes are staying on the market an average of 82 days, which is up 2.7 percent from last year’s 80 days.
Want to give yourself the best chance at a successful sale? Be sure to set your asking price correctly from the start so you don’t delay the sale and lose money on your investment.