Monthly RASE MLS Statistics
RASE October 2020 Housing Market Statistics
Sioux Falls, SD – Nov 18th, 2020:
Monthly Market Indicators
October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in any areas, keeping housing hot while the temperatures continue to fall.
New Listings in the Sioux Falls region decreased 31.0 percent to 457. Pending Sales were up 47.9 percent to 648. Inventory levels fell 36.0 percent to 1,227 units.
Prices continued to gain traction. The Median Sales Price increased 12.0 percent to $239,250. Days on Market was down 2.5 percent to 79 days. Sellers were encouraged as Months Supply of Homes for Sale was down 46.0 percent to 2.7 months.
Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.
Housing Supply Overview
Interest rates set new record lows again in October, and are helping to maintain buyer purchasing power in the face of rising home prices driven by multiple offers across many segments of the market. While seller activity in some segments has improved, available inventory remains tight in many areas. For the 12-month period spanning November 2019 through October 2020, Pending Sales in the Sioux Falls region were up 19.3 percent overall. The price range with the largest gain in sales was the $600K to $700K range, where they increased 68.2 percent.
The overall Median Sales Price was up 8.6 percent to $228,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 8.6 percent to $222,615. The price range that tended to sell the quickest was the $150K to $200K range at 76 days; the price range that tended to sell the slowest was the $700K to $800K range at 136 days.
Market-wide, inventory levels were down 36.0 percent. The construction type that lost the least inventory was the New Construction segment, where it decreased 35.7 percent. That amounts to 2.6 months supply for Single-Family homes and 3.1 months supply for Condos.