January 2012 Real Estate Stats
How did real estate hold up in Rapid City, SD in what is typically the coldest month of the year (or at least it seems that way to me…)? Unseasonably warm weather I think was a huge component to this month’s real estate stats, as buyers were able to get out there and look around without parkas, snowsuits and/or snowplows.
Here are the basics (the things I feel are most news-worthy):
1. We need more listings. Overall, we are down 171 homes (that would be a decrease of really close to 20%) at the end of January that were available to buy. Typically there is a lull right around Christmas and winter time as sellers “wait until Spring” to list their homes. But this is a bit ridiculous.
Sales meeting on Tuesday was: “I have a buyer and we’ve looked at what’s there and can’t find what we want. Let me know if you have something coming!”
Point for the day: If you are thinking of selling your home (hey -with interest rates down, move UP to a bigger/nicer home and increase your wealth!) – especially in the $130,000 to $200,000 sweet spot, talk to your realtor and get it listed! Just make sure it gets priced RIGHT!
2. Even with limited inventory, sellers are getting their price. Average sale prices of single family homes are up $41,000 and change from January last year. That’s 27%!
Doesn’t necessarily make it a seller’s market yet, but I’ve heard numerous stories about double offer situations and buyers losing out on the home they want.
Point for the day#2: If you find the home you want to buy, don’t wait too long! (at the risk of sound too-realtory) Jump on it!
3. New construction continues to find its way. A few years ago, there was new construction (spec) homes all over the place. Now – not so much. But there are plenty of great builders that would love to help you build your Rapid City dream home. You’ll just need to get them a contract first!
Now that I am done blabbing, the graphs are the pudding of the proof…or something like that:
So here’s the deal: I’ve tried to make this Rapid City real estate market report with as little realtor-speak as I could…so that you could understand what is happening without a bunch of 3 letter acronymns and symbols. Let me know how I did. Is this stuff making sense to you?
Let me know how I can improve!
Thanks!
– Tristan