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.
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|
|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|