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:
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,
Prudential Kahler REALTORS