Inventories are up about 15% from the beginning of the year. Sales are steady and closed/sold properties are consistent with this past spring activity. Price adjustments are up. Mortgage rates are level, and perhaps slightly down. All of this indicates a slower market for sellers, and better opportunities for buyers.
The market will remain solid. Prices will be flat through the summer. Inventories might rise slightly. Mortgage rates will be level. This will be a balanced market which allows sellers to get their home sold, and yet give buyers enough time to contemplate their plan without being rushed. The economy continues to be strong, and we expect it to be strong throughout the year.
|Sioux Falls||Total Area|
|June 1-15 |
|Active Number of Listings||617||652||1000||1053|
|New Listings added this period||297||309||439||432|
|Number of Pending Sales (not closed)||192||173||270||239|
|Number of Sold (closed)||227||221||331||273|
|Number of Homes Off Market (Inactive)||61||98||99|