Here’s a look at the Sioux Falls Real Estate Market for September 2018. The median sale price for homes dropped this month but remains consistent with this time last year. Read more about this month’s real estate market below.
A Look at the Housing Stats
The month of September began with the median sales price for homes in Sioux Falls at $205,000. This amount is consistent with the amount that was recorded this time last year. There were 344 condominiums and single-family homes sold last month in Sioux Falls. When you compare last year’s 355 homes sold during the month of August, you’ll see a decrease in sales of 3.1%.
What Does this Data Mean?
At the end of the month, there were 940 homes listed with no offer. The inventory for real estate in Sioux Falls remained consistent with a 3.1 month supply of homes on the market for potential home buyers. However, this number is down from last year when the inventory supply was 4.6 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 August, there is a drop of 10.3 percent from the 484 homes listed in 2017, with 434 properties added.
What does this mean for Sioux Falls home buyers?
August ended with 940 homes on the market. This number is down 26 percent from the 1,271 in inventory last year at this time. 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?
August’s sellers received 99.6% of their original list price. This is an increase of 0.8 percent from last year’s 99.8%. Homes on the market this August stayed listed for approximately 74 days. This number remains consistent with the number recorded this time last year. 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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