Sioux Falls, SD – October 6th, 2014: Additional information of the monthly housing market statistics for Sioux Falls, Sioux Falls Metro Region and RASE MLS feel free to contact us. The Jensen Connection at Keller Williams Realty. Bill Jensen at 605.351.1896, Alex Jensen at 605.212.4407 Monthly Market Indicators Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list New Listings in the Sioux Falls region decreased 13.2 percent to 446. Pending Sales were up 43.0 percent to 459. Inventory levels rose 6.4 percent to 1,658 units. Prices were fairly stable. The Median Sales Price increased 0.1 percent to $150,000. Days on Market was down 6.3 percent to 94 days. Buyers felt empowered as Months Supply of Homes for Sale was up 17.1 percent to 5.3 months. The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but its growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists. Housing Supply Overview As recovery returns to most local markets after a brief soft patch, the Commerce Department released data showing new home sales surging to a six-year high. For the 12-month period spanning October 2013 through September 2014, Pending Sales in the Sioux Falls region were down 9.1 percent overall. The price range with the smallest decline in sales was the $150,001 to $200,000 range, where they decreased 1.9 percent. The overall Median Sales Price was up 2.7 percent to $156,000. The property type with the largest price gain was the Condo-Townhouse segment, where prices increased 4.2 percent to $147,950. The price range that tended to sell the quickest was the $100,001 to $150,000 range at 88 days; the price range that tended to sell the slowest was the $300,001 and Above range at 119 days. Market-wide, inventory levels were up 6.4 percent. The property type that gained the most inventory was the Single-Family segment, where it increased11.4 percent. That amounts to 5.4 month supply for Single-Family homes and 4.3 month supply for Condo-Townhouses. - 10k Research & Marketing
Posted on: Fri, 10 Oct 2014 02:09:53 +0000
Trending Topics
Recently Viewed Topics
© 2015