Real Estate Business In Sioux Falls

By
Real Estate Agent with RE/MAX Professionals Inc 4084

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

 

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