Sioux falls continues to be a stable and strong market compared to many other parts of the country. Foreclosure rates remain relatively low, and we continue to maintian a strong economy including a low unemployment rate. I would like to share with you some mid year statistics according to the REALTOR'S Association of the Sioux Empire (RASE).
New listings have increased 6.8% since the same time last year. But are still down 4.8% year to date from the same point last year.
The average sales price for the month of July has increased 7.1% to $178,272. But down 8.5% over the last year averaging $159,055.
July was a great month for the average time that homes were on the market prior to selling. Averaging 61 days for those that closed this month. This is down 22.2% percent from last year in July. But so far this year the average has stayed around 93 days on the market for homes, which is an increase of 11 days from the average at this time last year. Median sales price remains as $144,000 in almost exaxt proximity to the same time last year.
Current inventory of listings for single family homes is 889 for the area. With closed sales at 301 for the month. Closings down 16.6% from last year.
Mortgage rates have also remained steady just slightly increasing from 6.9% last year to 7% in July for 2008.
Brought to you by:
James C. Johnson
Legacy Real Estate
I Specialize in Quality Investment Property in Sioux Falls and the surrounding area. If you are looking for investment real estate or commercial office space in the area you can contact me at 605.366.0980, or firstname.lastname@example.org. Also check out our website www.legacysiouxfalls.com, or www.investsiouxfalls.com.