How did the Rapid City Real Estate Market handle in February of 2012?
Did the “wait to put your home on the market till Spring” adage come into play? Did sales continue to pop with the nice weather? Here’s where the rubber meets the road.
1. Sellers are still getting their price. Average sale prices of single family homes are up $14,000 and some from February of last year. That’s 8.4%. That being said, the average sale price has actually gone done approx. $10,000 since last month. Could be that last month there were some high priced sales that threw the stats off some, but my take on it is that the homes left in inventory needed some more repairs than normal thus affecting the sales price.
2. Asking prices remain steady. The average asking price for single family homes has remained almost the same as last month, but is up 7.6% or approx. $19,000 from this time last year.
3. Listing numbers are improving. Whether it’s the warm weather or the word is out, our listing numbers have increased from last month and are about the same as last year. The warm weather is bringing buyers out sooner than normal and our “spring” season has already started. If you were planning on waiting until spring to sell, you should get your home listed NOW!
4. New construction is steadily coming back around with more listings than we had in January. Active and sales prices are consist with last month’s and last year’s, but they are taking longer to sell. One builder that is building near Ellsworth Air Force Base is selling new construction faster than they can get it built! We are actually needing more new construction…as long as it doesn’t go crazy like 4 years ago.
Spring temps have been awesome these past few weeks. But we definitely need that Spring snow dump or lots of rain. Fire danger has been extreme – there have been multiple fires that have threatened some homes in Rapid City. It even got close to my golf course!!
But when you can BBQ in March in South Dakota and be outside running around in shorts and Tshirts, no one is complaining too bad.
Good stuff continues!
– Tristan