Rapid City Market Reports

Rapid City Real Estate Market Report – February 2011

Rapid City real estate – the market report for February 2011…

It’s been cold.  And snowy.  And everyone is really ready for Spring!  Today gave us a breather with a snow melting 40 degree day.  But how long is that going to last??  And the Southerners are saying “Why on earth are you living up there??!!”

I complain about the snow, but I certainly can’t complain about the market!  It seems to be slow as we are still in the deep freeze, but when it lets up with spring like temps for a few days, things get a bit more serious!

Here are the facts:

Across the board, sold residential homes in the month of February are up 14% compared to last year, but under contracts are down 16%.

When you separate out the single family residences, the number of solds are up 27%, but then the days on market show things slowing down quite a bit with an average of 93 days – up from 71 last year.  But the sales price remained about the same – up around 2%.

New construction hugeness once again!  More actives since last year (builders are beefing it up, again!), about the same number of solds, and days on market is DOWN a huge 41%.  And all the while keeping the sold prices on even keel – up 3% compared to last year.

Here are the graphs:

Rapid City real estate market report – February 2011 total residential

Rapid City real estate market report – February 2011 single family Rapid City real estate market report – February 2011 total residential average

Rapid City real estate market report – February 2011 new construction Rapid City real estate market report – February 2011 new construction average

 

Looking forward to a busy Spring as things warm up.  (notice a certain theme here…I’m on the positive confession wagon…)

Have a great one,

–  Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidcityhomes.net