Monthly RASE MLS Statistics

RASE June 2020 Housing Market Statistics

Sioux Falls, SD – July 2nd, 2020:

Monthly Market Indicators

While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up
demand by prospective home buyers.

New Listings in the Sioux Falls region decreased 20.0 percent to 666. Pending Sales were up 41.8 percent to 750. Inventory levels fell 29.4 percent to 1,426 units.

Prices continued to gain traction. The Median Sales Price increased 2.2 percent to $230,000. Days on Market was down 2.5 percent to 78 days. Sellers were encouraged as Months Supply of Homes for Sale was down 39.6 percent to 3.2 months.

While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during
what is expected to be an active summer selling season.

Housing Supply Overview

Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers. While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Until sellers regain confidence, housing inventory will continue
to be constrained during what is expected to be an active summer selling season. For the 12-month period spanning July 2019 through June 2020, Pending Sales in the Sioux Falls region were up 15.3 percent overall. The price range with the largest gain in sales was the $450K to $500K range, where they increased 68.1 percent.

The overall Median Sales Price was up 7.0 percent to $219,900. The construction type with the largest price gain was the Previously Owned segment, where prices increased 7.1 percent to $214,150. The price range that tended to sell the quickest was the $900K to $1M range at 65 days; the price range that tended to sell the slowest was the $700K to $800K range at 127 days.

Market-wide, inventory levels were down 29.4 percent. The construction type that lost the least inventory was the New Construction segment, where it decreased 26.6 percent for the month. That amounts to 3.2 months supply for Single Family homes and 35 months supply for Condos.

– ShowingTime

RASE June 2020 Monthly Market Indicators Reports

RASE June 2020 Housing Supply Overview Reports