SIOUX FALLS, S.D. (KELO) – Pending home sales have increased and prices are staying moderate but inventory is down for the real estate market. That’s all according to the monthly indicators released by the Realtors Association of the Sioux Empire for March.
Despite some uncertainty in the general economy right now, the real estate market doesn’t seem to be slowing down.
“We’ve noticed that there are a lot of buyers out there looking at open houses and we’re seeing more and more approval from lenders coming through. So we’re just seeing a lot of activity that way,” Tony Bachman, a broker for Coldwell Banker Empire Realty, said. “We’re even seeing, in some price points, multiple offers again which is something we experienced quite a bit of a couple years ago.”
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The Realtors Association of the Sioux Empire found that in March there was a four percent increase in new listings and a 65.5 percent increase in pending sales compared to March of last year. However, inventory for homes has decreased by five percent.
“So what we’re seeing is, is the supply and demand. We’re seeing demand starting to outstrip supply,” Bachman said. “A little concerned on that front because now, what happens when you have a situation like that, now we might see a little bit of incremental raising of prices out there in the marketplace.”
For now, though, Bachman says prices have stayed fairly consistent from last year to this year.
“We’re right in that 310 to 320 as your median price point in our marketplace right now,” Bachman said.
He says right now is a good time for people looking to buy a house.
“If we do get into this market where it gets faster and faster it’s going to make it harder and harder for a buyer to find the homes at the price that they want,” Bachman said. “And sellers right now are getting what they want for their homes in many cases. Of course, they always have the condition where it’s got to be priced right, location and, you know, how does it present itself. If you have all three of those, usually those homes are gone in a matter of days.”
Bachman says the fastest-moving price point for houses right now is 150 thousand to 200 thousand. He also noted that the month’s supply of inventory is at 4.1, meaning if they sold everything on the market right now, it would only take 4.1 months.
