Market Conditions

The following information was obtained through Realtors Association of the Sioux Empire. It does not include private sales outside the system, and reflects all residential activity for the past two weeks ending 3/15/19. Updates will be bi-monthly.

Comments:

Inventories continue to decline. Mortgage rates are declining as well. Pending sales and closed sales are up slightly. New listings coming on the market are also up, but not enough to improve a higher inventory level.

Forecast

The sun is shining and winter is basically over. Expect more houses to hit the market. Inventories might creep up, but sales will continue to improve also. Mortgage rates will be level off in the 4.25% range for a 30 year loan. Prices will start to go up, and houses will sell faster. The American economy, and Sioux Empire specifically will continue to improve, wages and household incomes will increase. Consumer confidence to continue to rise as well. Expect real estate to do very well for the foreseeable future; that goes for both homeowners as well as investors.

 Sioux Falls Total Area
 Feb 15-28
Mar
1-15
Feb
15-28
Mar
1-15
Active Number of Listings 541`
530
846
830
New Listings added this period 117
155
162
229
Number of Pending Sales (not closed) 68
97
94
131
Number of Sold (closed) 55
107
77
143
Number of Homes Off Market (Inactive) 38
57
60

92

Agent

The Tony Ratchford Group

The Tony Ratchford Group

Phone605.359.4100

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