Sioux Falls housing market sees inventory plunge
Dec. 8, 2020
If it’s not record low inventory, it’s awfully close.
The Sioux Falls real estate market ended November with a 1.8-month supply of homes on the market, down 53.7 percent from the same time last year, according to the Realtor Association of the Sioux Empire Inc.
That represents 583 homes on the market, down 45.6 percent from the same time last year.
There were 225 new listings for the month, down 15.1 percent year over year.
There were 247 closed sales, down 11.2 percent.
“November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again,” according to an analysis included with the report. “These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.”
The average house in November spent 73 days on the market before selling, which is a week faster than last year.
The price range that tended to sell the quickest was the $150,000 to $200,000 range at 75 days; the price range that tended to sell the slowest was the $700,000 to $8000,000 range at 142 days.
The average price for a home sold last month was $260,402, a 2.1 percent year-over-year increase.
“Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year,” the report said.
“With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions. … With the holiday season upon us, both buyer and seller activity typically follow seasonal slowdowns before rebounding in the new year.”
