Monthly RASE MLS Statistics
RASE January 2019 Housing Market Statistical Reporting
Sioux Falls, SD – Feb 11, 2019:
Monthly Market Indicators
It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.
New Listings in the Sioux Falls region decreased 17.0 percent to 356. Pending Sales were up 33.0 percent to 302. Inventory levels fell 17.7 percent to 1,198 units.
Prices continued to gain traction. The Median Sales Price increased 4.9 percent to $197,000. Days on Market was down 6.7 percent to 98 days. Sellers were encouraged as Months Supply of Homes for Sale was down 19.4 percent to 2.9 months.
The National Association of REALTORS® recently reported that national existing home sales were down slightly during January 2019 and that pending sales were up in year-over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their home ownership goals.
Housing Supply Overview
Although inventory continues to show signs of improvement across the country – especially in markets in the western part of the U.S. – the national increase seems to be coinciding with a reduction in sales. This could be because the inventory increases are in higher price ranges that many buyers cannot currently afford. For the 12-month period spanning March 2018 through February 2019, Pending Sales in the Sioux Falls region were up 2.1 percent overall. The price range with the largest gain in sales was the $700K to $800K range, where they increased 64.7 percent.
The overall Median Sales Price was up 7.3 percent to $204,900. The construction type with the largest price gain was the Previously Owned segment, where prices increased 6.2 percent to $197,500. The price range that tended to sell the quickest was the $100K to $150K range at 68 days; the price range that tended to sell the slowest was the $700K to $800K range at 149 days.
Market-wide, inventory levels were down 18.4 percent. The construction type that lost the least inventory was the New Construction segment, where it decreased 14.2 percent. That amounts to 2.7 months supply for Single-Family homes and 4.1 months supply for Condos.