What's going on in the Sioux Falls housing market? For anyone asking, here's a quick snapshot of our market today (May 18, 2011):
There are 1,126 homes for sale on the market in Sioux Falls
Nearly 50% of these homes are priced at $150,000 OR LESS
161 of these homes are priced at or BELOW $100,000 OR LESS
There are currently 337 Homes with ACCEPTED offers on them right now.
Since the first of the year, 611 Homes have sold in Sioux Falls.
Nearly HALF of these sales have occurred since April 1st!
My perspective:
We are teetering on a shift in the seasonal market here. There are some good indications that the Buyer and Seller markets are reaching an equilibrium. Historically this should shift a bit towards a Seller's market within the upcoming weeks. The numbers above show an even stronger potential for the shift.
Consider that within the last month and a half over 600 homes have sold or are under contract and there are fewer than 1200 homes available. This means a quickly shrinking availability of homes compared to home shoppers. This equals potential higher demand and therefore higher bargaining power for the Sellers out there!
If you are a Buyer, don't fret yet. Great rates and programs are available to give you more power than ever. Plus home prices have still been held low for now after coming off of the last couple of years, so you still have purchase strength for your dollar!
