Here’s a look at the Sioux Falls Real Estate Market for August 2018. The median sale price for homes dropped this month and the number of new homes coming on the market showed a decrease. Read more about this month’s real estate market below.
A Look at the Housing Stats
As we began the month of August, the median sales price for homes in Sioux Falls was $210,000. This amount shows an increase of 6.3 percent from the $197,500 recorded this time last year. There were 347 condominiums and single-family homes sold last month in Sioux Falls. When you compare last year’s 313 homes sold during the month of July, you’ll see an increase in sales of 10.9%.
What Does this Data Mean?
At the end of the month, there were 964 homes listed with no offer. The inventory for real estate in Sioux Falls dropped from 3.4 months of inventory available in July to 3.1 available in August for potential home buyers. 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 July, there is an increase of 2.2 percent from the 458 homes listed in 2017, with 468 properties added.
What does this mean for Sioux Falls home buyers?
July ended with 964 homes on the market. This number is down 24.5 percent from the 1,263 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?
July’s sellers received 99.4% of their original list price. This is an increase of 0.5 percent from last year’s 99.9%. Homes on the market this July stayed listed for approximately 73 days. This number shows a slight increase percent from the average of 71 days in July 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!
Sioux Falls Home for Sale
Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.