Sioux Falls Real Estate - Market Report - January 08
As many parts of the nation continue to see a downturn in home values, high foreclosure rates, and poor economic trends, Sioux Falls and the surrounding area appear to be the the exception to the rule. In 2007 the median home values increased 4.9% according to the REALTOR’S Association of the Sioux Empire (RASE).
While new construction homes are on a slight decline from 2006 (approx 6.35%), pre-existing home sales which constitute about 80% of the market, are remaining steady. In a recent Press Release by RASE CEO, Barton Hacker stated, “Interest rates continue to be extremely low and inventory levels throughout the region are such that we are seeing neither a traditional buyers nor sellers market.” “These are strong leading indicators that we have a stable real estate market. Despite discussions of a possible economic downturn, conditions here remain generally positive for anyone considering the purchase or sale of their home.”
Single Family home sales remain steady in Sioux Falls, South Dakota. As of January 31, 2008 there were 739 Active single family home listings in the city of Sioux Falls, South Dakota. The median price of active listings was $169,900 and have been on the market an average of 103 days. In addition, there were 170 homes with contingent or pending status. These homes had a median price of $146,900 and were on the market an average of 105 days.
During the same time 83 homes were Sold. The average Listing Price on these was $182,722 with an average Sales Price of $176,989 indicating that sale to list price at 96.86%. The days on market averaged 83 days.
Looking to buy or sell in this Sioux Falls or surrounding area? For more information, contact me by phone (605)376-4400, e-mail: rita@yournextexit.com, or stop by my website (http://www.yournextexit.com/) to browse.
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