Here’s a look at the Sioux Falls Real Estate Market for October 2018. The median sale price for homes is showing a slight increase from this same time last year. Read more about this month’s real estate market below.
A Look at the Housing Stats
The month of October began with the median sales price for homes in Sioux Falls at $202,000. This amount is up 1.5 percent from last year’s $199,000. However, we are seeing a drop from last month’s $205,000. There were 287 condominiums and single-family homes sold last month in Sioux Falls. When you compare last year’s 335 homes sold during the month of September, you’ll see a decrease in sales of 14.3%. Last month, there were 344 homes sold.
What Does this Data Mean?
At the end of the month, there were 961 homes listed with no offer. This number shows a decrease of 20.9 percent from this time last year. Last month, there were 940 active listings in Sioux Falls.
The inventory for real estate in Sioux Falls is showing a 3.2 month supply of homes on the market for potential home buyers. This number is down from last year when the inventory supply was 4.4 months. For the real estate market to be considered balanced, there must be a 6-month supply of inventory.
What does this mean for Sioux Falls home buyers?
Sioux Falls had 437 new listings added to the real estate market inventory in September. This number is 7.9 percent higher than the 405 new listings recorded in September 2017. Last month, there were 434 new listings.
This means that competition is still strong when it comes to finding the right property in Sioux Falls. Get an edge when it comes to finding new properties by signing up to created saved searches and get updated via e-mail when new properties hit the market. Taking this step may give you an advantage over other buyers in the area.
What does this mean for Sioux Falls home sellers?
September’s sellers received 99.3% of their original list price. This is a decrease of 0.1 percent from last year’s 99.4%. Homes on the market this September stayed listed for approximately 76 days. This number is 4.5 percent more than the average days in September 2017.
Want to give yourself the best chance at a successful sale? Be sure to set your asking price 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 at 605-212-8431!
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