March 11, 2024

New listings of homes for sale in Sioux Falls took a jump in February, with a 36.7 percent increase compared with a year ago.

That corresponds to 294 new homes listed for the month, up from 215 last year, according to the Realtor Association of the Sioux Empire Inc.

Closed sales were up 10.1 percent at 142 homes, or 13 more than the same time last year.

Nationwide, existing-home sales exceeded economists’ expectations, according to an analysis included with the report.

“Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South and West regions,” it said.

Inventory in Sioux Falls sits at a 3.6-month supply, up 20.2 percent from a  year ago.

The average price of a home sold in February was $327,359, up 6.3 percent, while the median was $295,000, up 2.4 percent.

The average house spent 80 days on the market before selling, one more day than last year.

Sellers received on average 98.2 percent of original list price, down from 98.9 percent last year.

“Although buyers may find additional options in their home search, inventory remains below the five to six months’ supply of a balanced market, and demand is exceeding supply,” the report said. “As a result, existing-home sales prices have continued to rise.”

The price range with the largest gain in sales in Sioux Falls was $800,000 to $900,000, which was up 52.1 percent.

The price range that tended to sell the slowest was $700,000 to $800,000 at 105 days, while homes priced at $200,000 to $250,000 sold the fastest at 64 days.