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Homes Going Quicker In Sioux Falls

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A new report shows homes in Sioux Falls are selling faster than ever, but that's not all, the price tags are getting bigger too.

Brandon Martens from The Realtor Association of the Sioux Empire says, "You name it, everybody from first-time homebuyers to savvy investors."

With interest rates as low as three and a half percent, Martens says, it's no surprise people are buying and then holding on tight.

Martens says, "They're refinancing their current home and they're getting into a low interest rate and they're not turning around and selling it as easy as they would have, because the rates are so low and they have such a stellar payment on their house that they can't go wrong."

But that in turn creates a shortage of homes. In February, there were 888 houses for sale in Sioux Falls compared to this time last year, when there were 1,070. That's a 17 percent decrease.

"It's huge. It's huge for sellers and buyers. For sellers you're going to see a little bit less competition so you're going to be able, hopefully, to get more for your money," says Martens.

And in Sioux Falls, sellers are getting exactly that. Compared to this time last year, the median sales price for a home went up 1.4 percent. Not only that, but homes are selling at a faster rate. On average, homes are selling in about 75 days, that's nearly 35 days faster than they were last year.

Martens says, "Compared to the last three, four years, they're definitely unusual."

Low interest rates, more for your money, and faster than ever before, good news for the Sioux Falls housing market.

Also good news, the number of closed home sales has risen from last year. It's seen more than a 21 percent increase.
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