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The Sioux Falls housing market held at near-record low inventory in February, as new listings dropped and closed sales increased compared with last year.
Closing sales in the city were up 5.5 percent, while new listings dropped 3.6 percent, according to the Realtor Association of the Sioux Empire Inc.
The average price of a house sold last month was $217,710 – an 11 percent increase year-over-year.
“The overwhelming feeling about prospects in residential real estate for the immediate future is optimism,” according to an analysis included with the report. “Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for creative and diligent agents prepared to put in the necessary amount of work.”
The inventory of homes on the market in Sioux Falls at 735 houses is down 21 percent compared with last February. That represents a 2.6-month supply.
“The low-inventory crunch will continue into 2017, as will an increase in prices across all price ranges and property types,” the report said. “Eager buyers will vie for fewer available homes, making affordability a challenge for the unprepared.”
The Sioux Falls housing market held at near record low inventory in February, as new listings dropped and closed sales increased compared with last year.