Sioux Falls Real Estate Market Indicators Suggest 2015 is the Year To Buy or Sell
If there was ever a year to list or purchase a home in the Sioux Falls real estate market, economic factors indicate that this is the year.
Expectations indicate an energetic and strong selling season. Although, a lot of national conversations have been about the increase of new construction, national news is not always an indication of the local experience.
Sioux Falls has, over the last year, increased new listings 7.1%, for a total of 560 homes, while pending sales were up 43%, for a total of 440. Even still, the percentage of inventory fell 5.2% to only 1,389 homes – meaning homes are in high demand and sellers are encouraged to provide buyers with needed inventory.
The median sales prices for homes in Sioux Falls increased from $154,000 to $159,000, while the average days on market increased to 103 days.
Another excellent indication that homes are moving in the Sioux Falls area is the “Months of Supply” metric. This market measurement calculates how long the current supply of homes would last if no further homes were added to the list of homes for sale. Previously the supply of homes was calculated at nearly 5 months and it is now currently down to about 4 months. Sioux Falls homes are selling faster than they were in 2014.
The Sioux Falls Economy
Real estate agents watch labor statistics for market indications as well. Individuals are earning more this year over last and the economy, as a whole, looks promising. Employment drives home purchasing activity and it is expected that mortgage rates will remain low for, at least, the first six months of 2015.
Concerns about enough inventory, mortgage rates, and affordable homes may haunt the nation, but those in the Sioux Falls market, according to market projections, will continue to enjoy increases in pending sales, which were up from last year 7.5%.
Let the Fisher Sisters Help You With Your Next Sioux Falls Home Sale or Purchase
If you’re interested in entering the Sioux Falls market anytime soon as a home seller or buyer, please make sure to contact us. Keeping up to date on marketing trends is our passion and we’ll use our Sioux Falls real estate market experience and expertise to ensure your sale or purchase is a smooth and positive experience.
We would be happy to assist you by further analyzing recent market activity to see how it may affect your specific efforts as a home seller or buyer in the competitive Sioux Falls real estate market. Let us help you in your home search, or list with us for the results you seek.