Moving Help is Available for Low Income Families
Sioux Falls, SD – March 14, 2008: Beginning March 1, 2008 Sioux Falls has a new non-profit organization that assists people who are in less than desirable living conditions who need assistance with moving of their personal belonging to a better or safer living area. They do not locate a new place for them, but provide the manpower to help them over their personal belongings; as, many times they have no means to get to their new home. They have performed two successful moves thus far and have made two gentlemen very happy.
The website for the new organization is: http://www.orgsites.com/sd/map/. Referrals to this program go through the 211 Help! Line here in Sioux Falls. At this time, only residents within Sioux Falls city limits are being accepted.
If you would like additional information on this program, wish to volunteer, donate items, or would like a presentation to your company, contact Kristi Leisinger, MBA, 605-351-0053 or bubbadig@aol.com
February 2008 Local Market Update
A free research tool from the REALTOR® Association of the Sioux Empire
Brought to you by the unique data-sharing traditions of the REALTOR® community
Lincoln and Minnehaha Counties, SD 2007 2008 Change 2007 2008 Change
New Listings 277 285 + 2.9% 571 547 - 4.2%
Closed Sales 134 143 + 6.7% 262 256 - 2.3%
Average Sales Price $118,393 $120,718 + 2.0% $123,636 $109,274 - 11.6%
Percent of Original List Price Received at Sale* 94.7% 95.6% + 0.9% 94.5% 94.5% + 0.0%
Average Days on Market Until Sale 70 111 + 58.9% 75 95 + 26.6%
Total Current Inventory** NA 947 NA -- -- --
Single-Family Detached Inventory NA 734 NA -- -- --
*Does not account for list prices from any previous listing contracts or seller concessions **City inventory figures were first tracked in January 2008
Sioux Falls February Year to Date
Average Sales Price
$118,393 $120,718 $123,636
$109,274
February Year to Date
2007
2008
Activity—Most Recent Month
277 285
134 143
2007 2008
New Listings
Closed Sales
Activity—Year to Date
571 547
262 256
2007 2008
New Listings
Closed Sales
Ratio of Sales Price to Original List Price
94.7% 95.6% 94.5% 94.5%
February Year to Date
2007
2008
Current Inventory
734
213
Single-Family Detached Townhouse-Condo
Average Days on Market Until Sale
70
75
111
95
February Year to Date
2007
2008
Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme due to the small sample size involved.
All data from the RASE Multiple Listing Service. Reports are created and maintained by the Minneapolis Area Association of REALTORS®.
Nationally, home sales fell nearly 21% from October through December, compared with the same period the year before. At the same time, the median price plunged by a record 5.8%, to $206,200.
South Dakota was the only state where sales rose - at an impressive 8.9%. Sales were flat in North Dakota, and no figures were available for Idaho, Indiana and New Hampshire. John Gustafson of the South Dakota Association of Realtors credits that state's strong industrial base, low crime rate and affordable home prices.
Housing Market in the Sioux Empire Experiences Third Best Year on Record
Sioux Falls, SD; January 21, 2008: Statistics compiled by the REALTOR® Association of the Sioux Empire and released today show continued strength in the Sioux Empire’s housing market as year end numbers for 2007 were the third best on record for the number of homes sold. 3616 residential units were sold throughout the Sioux Empire in 2007 compared with 3631 in 2006, a decline of less than a ½ of one percent from last year.
Median residential home values increased 4.9% in the Sioux Empire from $137,900 in 2006 to $145,000 in 2007. The Sioux Empire is defined geographically by RASE as a five county area that includes Minnehaha, Lincoln, McCook, Turner and Lake counties.
Numbers for residential units sold in city of Sioux Falls followed similar trends with the number of homes sold declining just over ½ of one percent from 2505 units in 2006 to 2489 units in 2007; median prices rose 2.6% from $144,000 to $147,845 over the same period of time. This is the fifth best year on record for the housing market for the city of Sioux Falls.
"Every day we seem to hear negative news coming from the National media about how badly the housing market is doing," says RASE President Kim Smith. "However, these numbers released today confirm the notion that all real estate is local as residents of Sioux Falls choose to ignore the doom and gloom forecasts and continue to keep our market strong."
Local market strength continues to be driven predominantly by pre-existing home sales both within Sioux Falls and its surrounding communities, as well as significant growth along the outer edges of Sioux Falls in communities such as Brandon, Tea and Harrisburg. Pre-existing homes represent approximately 80% of the real estate market tracked by the Multiple Listing Service. In the city of Sioux Falls, new construction has declined 6.35% from last year.
With such a strong year compared to national estimates, 2008 has the potential to see even more sales in the Sioux Empire. “Interest rates continue to be extremely low and inventory levels throughout the region are such that we are seeing neither a traditional buyers nor seller market,” commented RASE CEO Barton Hacker. "These are strong leading indicators that we have a stable real estate market. Despite discussions of a possible economic downturn, conditions here remain generally positive for anyone considering the purchase or sale of their home.”