Sioux Falls real estate is holding its own, especially for sellers. This month’s Sioux Falls market report shows, as students return to school and households settle, there are still plenty of houses being sold, and increased values, but an increasingly low inventory from which to choose. Here’s how the Sioux Falls real estate market looks at the end of August 2017.
A Look at Local Housing Stats
Last year, after students had gone back to school, Sioux Falls saw a total of 4,490 sales pending at the end of August. At the end of August 2017, there are 5,006 Sioux Falls home sales pending, an increase of 11.5 percent.
Sales prices last year were around $170,000, and are up this year by 5.7 percent at $187,500. The good news is, that’s $1,500 more than last month and the month prior, indicating slightly increased sales values.
What does this mean if you’re selling a house in Sioux Falls?
Sioux Falls is seeing an increase in the number of houses being sold. Even better, the homes are selling for more money, in less time, and for nearly all of the original asking price. That means sellers are setting the pace for the current real estate market trends in Sioux Falls as the seasons make way from summer to autumn. If you’ve got a house to sell that’s in good condition and in a desirable neighborhood, you can expect to sell your home in less than 90 days for nearly the original asking price. But don’t take that as a sign to rest on your laurels. The market could look completely different in tomorrow’s climate.
What does this mean if you’re buying a house in Sioux Falls?
You’re running out of wiggle room. If you’ve been house hunting for 3 months or so, there’s a good chance you’ve already seen what’s available. There aren’t many new homes being added to an already dropping inventory. Worse yet, there are still plenty of buyers out there ready to elbow you out of their way so they can have their pick of the available homes for sale. Don’t lollygag. When you find a house you can imagine yourself living in that is priced right and tempting you for an offer, just do it – or you might not have the opportunity tomorrow.
The temperature in the Sioux Falls real estate market this month is heavily influenced by the number of available houses for sale in direct contrast to the number of buyers looking for a home. There’s no time to waste and little room for mistakes for buyers in this seller’s market.
Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.