Real Estate Market Stats – April 2010
Spring time has finally hit. With a late snow in May and cloudy and rainy days since, we have been looking for some warm sun! This week looks to show us some warmer temps. It needs to stay dry for more than one day so I can get my back deck painted!
Along with Spring came the buyers. We started out the year with plenty of activity, but as we got into March and the tax credit started winding down, the fence started to empty. The graphs below show the price ranges of Rapid City homes that have sold in each month. The majority of the sales still hold in the $120,000 to $200,000 price range. But the number of sales in the peak doubled from the first 2 months to the last 2. Over 30 sales in the $150,000 to $175,000 range in March, with the $125,000 to $150,000 price range catching up in April. (first time homebuyers getting on board)
Take a look at the sales:
We currently have 894 preowned homes and 240 new construction homes active on the market for a total of 1,134 homes. This is about where we stay at this time of year.
Homes move-in ready in good locations that are priced right don’t spend too much time with a sign in front of them. Across the board, days on market (from list date to closing) have been averaging 87 days.
Now is still a great time to get your home on the market. Interest rates remain low.
Questions have been posed about the market now that the tax credit has expired. I have seen plenty of activity. Homes are getting showed, buyers are out looking, open houses have been hot. So based on these observations, homes around Rapid City will continue to sell.
Have a great one!
Prudential Kahler REALTORS