January 2018 Rapid City Real Estate Market
Rapid City Real Estate Market 2018. Video Transcript:
Hey everybody! This is Tristan with Mindful Living Realty. Welcome back to Tristan and his WHITEBOARD LIVE!
Today we're gonna go over the Rapid City Real Estate Market for January. Get an idea where having here in the next few months.
But, before that of course, we've got the joke of the day.
Want to hear a joke about paper? Never mind it's terrible...
Oh, I know you laughed at that one.
Alright where are things heading in Rapid City. How are things in January? The January market right now? Got a lot of numbers behind me that I'll go over here just a bit. Don't wanna over kill you with numbers, but just to kinda prove my point here.
Right now, so we are looking for... What is the trend in all Rapid City areas? We're talking about residential in Box Elder, Rapid Valley, all Rapid City area - nothing Northern Hills, Southern Hills that kind of thing.
So what we can see here is in January of the last four years we can see this is the number active listings from 606, 608, 2017 we went down to 519, and then 2018 we're back on 571. And that 571 was taken on the first of February - around that time is when that number was taken. The active is always a fluid number.
So also then - the sold listings... these were actually the ones that actually closed in January, so we're looking at November and December under contracts, right? 98, 95, 102 and then up to 122 here. Over the course of this, we've got an average price of 4 percent going up.
Now January is a weird month. Somedays, we hit the fan running on January 1 after the Holiday Season. Last year was crazy. All the realtors were walking around on our hands trying to find something do. It was just dead, dead quiet. Which you can see here, which is why that number  is way low.
Now what's interesting here is that this number here - we got a 10 percent... (if I can get my marker open that'd be helpful)...So this is a 10 percent increase between here and here [actives - 519 and 571]. But here - 20 percent increase [solds - 102 and 122].
So obviously, we're getting things sold faster coming on the market. Obviously seeing then an inventory problem - which we've had consistently for the past few years, and it looks like we're seeing that right now.
If I ran active listings, all Rapid City...how many listings do you think we have right now?
I just run that a few minutes ago. 465 active residential properties. If you're looking for single family, that number is this. (394)
That's not very many. Especially as we are getting into the Spring market.
Last year about February fifteenth - for whatever reason...Once February 15 hit we were smack dab in Spring market. We are having multiple offer scenarios. We were having situations where buyers having trouble finding properties.
This year's kinda looking like we're running into the same thing. We're having lower inventory. We've some pent-up buyer needs. In the past week. I’ve probably received 10 e-mails from other agents, saying "Hey - I've got a buyer looking for a property, can't find one. Do you have anything In this area?"
So we're seeing again where we're looking at the spring market being very, very much a seller’s market. A very tight market and probably seeing some double offers and that kind of thing.
That being all said, if you're thinking about selling your home don't wait until spring-ish...Don't wait until March or April to start the process. You might be beneficial to start selling your home now that's what works for you.
I recommend start working on getting your home fixed up - getting the painting done...getting those things done inside while it's cold outside, so you can be ready to put your home on the market when you are ready.
Now last year, if you waited until May, it was almost too late. You kinda missed the meat of the spring season. So don't wait for that. I just want to put these numbers up on the board to showcase that.
You know when a realtor tells you “Yeah, it's a great time to list!” You're like "Yeah, whatever!" Well... yeah, it is.
It's a good time to get your home on the market.
Buyers - if you're looking at buying a home this spring, good thing for you do: get prepared! Know what you want, make sure your get with your lender, make sure all that's ready to go. Be prepared to put in a good, strong, solid offer and know where you are at with that.
OK! Let me know if you have any questions or comments. Let me know below.
I've got my buyer videos and my seller videos - Tristan and his WHITEBOARD seller videos and Tristan and his WHITEBOARD buyer videos. Goes through the process for you to help you...to explain each part of the process, hoping some good information for you there.
Alright! Thanks for watching! This is Tristan and his WHITEBOARD...we'll talk to you next week! Have a great day!