Sioux Falls June Home Sales Slower Prices Still Higher
As the Sioux Falls population grows, more housing is needed. Availability and affordability are continual players in the ever-changing market.
Comparing June sales from one year ago to this year, the Realtor Association of the Sioux Empire reported a decrease of 7.7 percent in 2017. Jodi Schwan of SiouxFalls.business tells KSOO News the number is more inventory based.
“It’s not necessarily that people are struggling more economically not wanting to make that big investment, it’s that they can’t find the right type of property on the market. I don’t know when we are going to see movement in inventory quite honestly because we’re at about a three-month supply of homes on the market which continues to be about historically low levels.”
Another facet of Sioux Falls housing sales Schwan finds fascinating is the movement at the extremes.
“Houses in Sioux Falls between $100,000 to $150,000 are selling the quickest. Houses at $1 million and above are showing the biggest increase year-over-year. There’s a lot of movement at the extremes of the market, but then the $800,000 to $900,000 range for example is pretty slow.”
Increasingly, Schwan says that social media is used as a recruiting tool by neighbors to funnel people to houses that as a result become sold before hitting the open market.
Schwan also notes the price trends continue to rise with the average Sioux Falls home sale for June just shy of $238,000. Learn more from Schwan's report at SiouxFalls.business.