Monthly RASE MLS Statistics

RASE May 2021 Housing Market Statistics

Sioux Falls, SD – June 4, 2021:

Monthly Market Indicators

As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.

New Listings in the Sioux Falls region decreased 26.8 percent to 528. Pending Sales were up 22.8 percent to 647. Inventory levels fell 46.0 percent to 1,019 units.

Prices continued to gain traction. The Median Sales Price increased 13.3 percent to $255,000. Days on Market was down 24.4 percent to 68 days. Sellers were encouraged as Months Supply of Homes for Sale was down 54.3 percent to 2.1 months.

With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.

Housing Supply Overview

Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at the same time last year, and sales prices are surging as a result. While the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time in most market segments. For the 12-month period spanning June 2020 through May 2021, Pending Sales in the Sioux Falls region were up 19.9 percent overall. The price range with the largest gain in sales was the $800K to $900K range, where they increased 100.0 percent.

The overall Median Sales Price was up 7.8 percent to $237,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 8.5 percent to $231,000. The price range that tended to sell the quickest was the $200K to $250K range at 73 days; the price range that tended to sell the slowest was the $900K to $1M range at 148 days.

Market-wide, inventory levels were down 46.0 percent. The construction type that lost the least inventory was the Previously Owned segment, where it decreased 42.6 percent. That amounts to 2.0 months supply for Single-Family homes and 2.2 months supply for Condos.

– ShowingTime

RASE May 2021 Monthly Market Indicators Reports

RASE May 2021 Housing Supply Overview Reports