Business is anything but usual
Since the start of the pandemic the Real Estate Industry has grown in activity. In the beginning the seller's weren't as fired up about selling because they didn't want people walking thru their home. This started the low inventory which puts the buyer's in a position of needing more properties to pick from.
The theory of why there is an increased amount of buyer's in our market, is that people who are stuck at home whether they are renting or own a home become unhappy with where they live. For some their homes are too small, other's realized their homes were to big for them. People started to make changes in their lives at an increased rate.
My buyer's were looking for that home that they felt safe in and gave them the room that they wanted . Back yards became more important especially fenced backyards. One of my clients raises dogs and she told me that she couldn't keep up with the demand for puppies. The distant to relatives became more important, so did the grocery stores and parks.
Currently we have 161 active listings in Sioux Falls. Of the 161 active listings 56 of them are townhomes, twinhomes, and condo's. The first day on the market, several homes have multiple offer's and sell for full price and sometimes more.
Here is our December Stats for Sioux Falls.
Dec. 2019. Dec.2020
New Listings 239 232
Closed sales 293 372
Medium Price Closed $219,900 $245,000
Average Price Closed $256,431 $280,219
Percentage of list price 98.8% 99.2%
Days on Market includes closing 80 days 84 days
Inventory of Homes 1142 homes 629 homes
Supply of Homes 3.3 months 1.5 months