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SOUTH DAKOTA - ONLY STATE IN THE USA TO SHOW INCREASE IN HOME SALES
Congratulations South Dakota. We are the only state to show an increase in existing home sales for the 4th quarter of 2007. Our home sales rose 8.9% from the same quarter in 2006 - this according to the National Association of Realtors who have been tracking statistics since 1979. With 4 states not reporting, that means sales of existing homes fell in 45 states during the October-December 2007 period. Think about this for a minute! This is really something!
Our little ol' state, with a population of around 800,000, experienced an increase in home sales while those sales decreased in every other state in America. Talk about how real estate is local! This is exactly what I have been talking about in past columns. You can't take what you hear from the media of how the real estate market is crumbling and apply it to every location in the U.S. Real estate is local and this latest report proves that very thing.
So the question you may ask is what is it about South Dakota that made it the only state to show an increase? Wow! That is some question and probably has a hundred different answers. Talking to scores of folks who have moved here from other states, I can only offer what I have personally heard concerning their moves to the Black Hills.
We are, of course, a tourist destination. Millions of tourists come to the Black Hills. Almost everyone I have ever met has been to the Black Hills at one point in their life. I have fun asking a new client from out of state if they have ever been to the Black Hills, and they generally all say yes. Then I say, I bet you were about 10 years old right? Most of the time that is accurate. Family vacations here make a huge impact on a person's life and now that they are retired or can work an internet job from anywhere in the world, they are choosing to return to the Hills. We offer a much more laid-back style of living than where they have been.
People who have served in the armed forces at Ellsworth AFB are returning to the Hills. I have sold many homes to retired military who remember being stationed at Ellsworth and how much they loved the area. Many ask to be stationed here during their last few years of military service.
Some are attracted to our area because of the great medical services we have, including VA hospitals. Some like how we are centrally located in the U.S. so they can easily visit their families and grandchildren. Families are moving here because of our safer environment and schools. There is no main reason why people are moving to the Hills, but when you add up all the different reasons it amounts to quite a few people moving here and buying houses.
So, is this a good time to put your home on the market for sale? Yes. Is this a great time to buy a home? Yes. With a big inventory and low, low interest rates, it is a fantastic time to buy! Again, congratulations South Dakota!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.