Summer Doldrums and Home Sales in Rapid City, SD
Vacation time is over so it's time to get back to lookin' at homes!
I've compiled information about the number of homes sold in Rapid City each month and displayed them in some graphs (thanks Excel!). This gives a visual understanding not only of the activity each month, but what price ranges are hot and are selling well.
First quarter 2010 Rapid City home sales:
Second quarter 2010 Rapid City home sales:
Third quarter (to date) 2010 Rapid City home sales:
So as you can see: March - KAPOW! (everyone say it with me: "tax credit") Remained pretty stable and active through the second quarter. July slowed some, but stayed active from the activity of the previous months. And then came August. KA-SLUMP!
Statistically speaking, things look better than the graphs indicate versus last year. In August, there were 12% more listings (on August 1), and 7% more sales across the board in total residential sales. Under contract took a hit with 25% less than last year. (again, as of Aug 1)
When you break it down to single family and new construction, those numbers hold about the same. Single family new listings were up 14%, sales were up 9%, days of market remained stable at 71, and the average price was up 4% from last year.
New construction is interesting as builders get building a few more homes. 16% more listings, about the same number of solds, and days of market is DOWN 30% (!!) from last year. Average price remains about the same.
With interest rates being as crazy low as they are, we are seeing if buyers jump on the bandwagon. Lots of homes to view. With rates this low, those payments should be really affordable.
But all in all, I remain optimistic - the only way to be. I think things will pick back up here as school gets in session and people get into their normal routines. Here's to great weather and a mild winter to help that out! It could remain 70s for 2 months and then no snow til February...oh wait...where do I live again?? :)
Later,
- Tristan
Tristan Emond
Prudential Kahler REALTORS(r)
www.rapidhomesonline.com
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