Oct. 8, 2020

Home sales in the city of Sioux Falls increased 28 percent in September, causing inventory to drop to essentially half of what it was a year ago.

There also were 10 percent fewer new listings than the same time in 2019, according to the monthly report from the Realtor Association of the Sioux Empire.

That led to a 2.4-month supply of inventory on the market, down 48.4 percent from the same time last year.

“Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market,” it said in an analysis.

“With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.”

The average price of a home sold in the city last month was $275,860, up 8.6 percent from last year. The median price was $242,000, up 12.8 percent.

The average house also sold a week faster than last year, taking 70 days.

And as in August, sellers received on average more than their original list price – at 100.2 – indicating many multiple-offer situations driving up prices.