Housing report: ‘Recipe for sellers’ market’

It’s definitely a seller’s market in Sioux Falls.

Sellers received a whopping 99.8 percent of their original list price for the month of April, according to the Realtor Association of the Sioux Empire Inc.

The average price was $230,840.

“Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs,” according to an analysis included with the report. “While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.”

New listings were down 1.6 percent year-over-year, contributing to a 3.1-month supply of homes on the market.

Closed sales dropped 8.4 percent.

The average house was on the market for 88 days before selling, which is four fewer days than the same time last year.

 “Spring is in the air, and housing activity is heightening. There appear to be more buyers out on the prowl, given the fact that sales prices are still going up, while the number of days a house is on the market continues to drop,” the report said. “This is a recipe for a seller’s market.”

Housing report: ‘Recipe for sellers’ market’

It’s definitely a seller’s market in Sioux Falls.

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