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 the Data Mean in the Sioux Falls Market Report?
In June, a house on the Sioux Falls real estate market typically took 87 days to close. July was similar and only one day off at 86 days. In August, that number is expedited to just 78 days from list to close, which is one day better than last August’s record of 79 days to close.
For all three of the last consecutive months, and for the last 12-month average, sellers are receiving around 98.8 percent of their original asking price. This is excellent information in helping set accurate asking prices on homes for sale in Sioux Falls from the moment they hit the market.
Inventory is important because it influences the pricing of homes and sets the pace for a competitive atmosphere. Last year, in August of 2016, Sioux Falls had on offer 1,899 homes to choose from – and we haven’t seen a number that high since. This year, that number is significantly lower at 1,507.
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.
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