Rapid City Homes Market Report for February, 2010:
In some ways, I feel like a broken record. Things are moving right along!
With a whole 22 homes less for sale this year than last (active on the market), we still sold 17 more homes and put under contract 27 more than last year. And the average sold price of preowned homes is up 12% from last year. Add that to days on market (DOM) falling from 95 to 71, and that tells me buyers have been jumping off the fence to take advantage of the low interest rates and tax credits.
New construction still lingers back, with the average sale price being down 7.5%. But the time from listing to sale (days on market) is down 25% from last year! I see new construction coming out of their slump within a year or so, provided the builders don't slam the market with spec homes.
Date range for active stats: as of 3/1/09 and 3/1/10
Date range for sold stats: 1/1/09 to 3/1/09 and 1/1/10 to 3/1/10
This representation is based in whole or in part on data supplies by the Black Hills Association of REALTORS or its Multiple Listing Service for the periods as shown. Neither the Association not its MLS guarantee or is in anyway responsible for its accuracy. Data maintained by the Association of its MLS may not reflect all real estate activity in the market.
So, once again, there you have it. The time is great for new listings. In Rapid City, a nice home priced right in the $120,000 to $170,000 range should have no problems selling.
- Tristan
Prudential Kahler REALTORS
Homes for sale in Black Hawk, Rapid Valley, and near Ellsworth AFB
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