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January 2017 Supply of Home on the Market

by Solus Real Estate Group

SUPPLY OF HOMES ON THE MARKET

January 2015 and 2016

 

    This shows how many months supply of houses are on the market.  These numbers reflect an average length of time a home was on the market before selling.   

                                                                                      

Price Range

January 2015

January 2016

Change

$1,000-$100,000

3.7 Months

3.2 Months

-13.5%

$100,000-$150,000

2.3 Months

1.8 Months

-21.7%

$150,000-$200,000

2.6 Months

1.9 Months

-26.9%

$200,000-$250,000

3.3 Months

2.2 Months

-33.3%

$250,000-$300,000

3.9 Months

2.8 Months

-28.2%

$300,000-$350,000

5.6 Months

3.1 Months

-44.6%

$350,000-$400,000

4.8 Months

4.7 Months

-2.1%

$400,000-$450,000

7.8 Months

5.2 Months

-33.3%

$450,000-$500,000

6.7 Months

5.1 Months

-23.9%

All Price Ranges

3.5 Months

2.6 Months

-25.7%

December 2016 Home Sales

by Solus Real Estate Group
Interesting month in Real Estate. December was a strong month compared to last year in both pending & closed sales and median sales price. The new Listings, current listings and months supply of homes on the market are down very dramatically. The YTD numbers are not as strong a difference from 2015. 
 
Sales are up for the month and inventory of homes is down. Along with that median sales prices are up. All put together it seems like a great time to sell your house. Interest rates have dropped slightly, a signal that it is a great time to buy as interest rates will increase sooner than later. 
 
2017 is going to be a strong year!
 
Real Estate Sales for December 2016
 

 

Dec  2015

Dec 2016

% Change

YTD 2015

YTD 2016

% Change

New Listings

258

206

-20.2%

6116

6298

+3.0%

Pending Sales

328

427

+30.2%

4536

4755

+4.8%

Closed Sales

328

344

+4.9%

4532

4614

+1.8%

Median Sales Price

$164,750

$179,900

+9.2%

$171,000

$181,900

+6.4%

% of Original List Price Received

97.5%

98.2%

+0.7%

98.2%

98.5%

+0.3%

Inventory of Homes for Sale

1290

1044

-19.1%

 

 

 

Month’s Supply of Homes for Sale

3.4 Months

2.6 Months

-23.5%

 

 

 

 

November 2016 Sales Statistics

by Solus Real Estate Group

November 2016 Sales Statistics

Supply is increasing slightly but not in proportion to the pending sales that have increased dramatically for the month. The inventory is still less than a year ago and month's supply is down significantly.

 

Nov  2015

Nov 2016

% Change

YTD 2015

YTD 2016

% Change

New Listings

328

352

+7.3%

5858

6068

+3.6%

Pending Sales

275

385

+43.6%

4208

4444

+5.6%

Closed Sales

273

283

+3.7%

4204

4247

+1.0%

Median Sales Price

$168,000

$179,900

+7.1%

$172,000

$182,000

+5.8%

% of Original List Price Received

97.8%

97.9%

+0.1%

98.3%

98.6%

+0.3%

Inventory of Homes for Sale

1493

1271

-14.9%

 

 

 

Month’s Supply of Homes for Sale

4.0

3.2

-20.0%

 

 

 

 

Interest rates today are still near historic record lows.

30 year: 3.99%                     20 year: 3.875%                          15 year: 3.375%

It is important to mention that rates have moved up a bit within the last month. If you’ve been waiting on the sidelines to find the perfect time to obtain financing, now is your chance. We may see rates increase a bit more before we see them decrease. What is impacting rates is high demand for stocks and a lower demand for bonds in the US. There are a couple of upcoming events that could impact the stock market in a negative way and thus drive more investors to bonds. One is the Federal Reserve which meets this week. They are expected to increase rates by 0.25% (not directly related to mortgage rates). If they do something contrary to that, the stock market may react negatively. The other event to watch is Italy. If Italy decides to break away from the Euro in early 2017, world financial markets and our stock market may decrease. If one or both events happen, we may see people turn to bonds instead of stocks. When this happens mortgage rates typically decrease.

Rates provided by Brian Spaans of First Bank and Trust.  Call him directly at 605-782-8080 for more information.

Supply and Demand for October 2016

by Solus Real Estate Group

SUPPLY OF HOMES ON THE MARKET

September and October 2016

 

    This shows how many months supply of houses are on the market.  These numbers reflect an average length of time a home was on the market before selling.     

                                                                                      

Price Range

September 2016

October 2016

Supply Oct 2015

$1,000-$100,000

3.8 Months

3.0 Months

5.0 Months

$100,000-$150,000

2.6 Months

2.6 Months

2.8 Months

$150,000-$200,000

2.9 Months

2.4 Months

3.2 Months

$200,000-$250,000

3.8 Months

3.3 Months

4.2 Months

$250,000-$300,000

4.4 Months

4.2 Months

5.0 Months

$300,000-$350,000

5.6 Months

4.4 Months

4.4 Months

$350,000-$400,000

6.4 Months

5.6 Months

6.4 Months

$400,000-$450,000

8.7 Months

6.9 Months

8.8 Months

$450,000-$500,000

7.7 Months

7.7 Months

7.4 Months

 

 

What does this mean for you?  If you are selling, you can estimate how long your home might be on the market.  As a buyer, this gives a sense of how quick you need to be with writing an offer. 

 

Conventional:     30 year 3.875%         20 year 3.75%        15 year 3.25%   

FHA, VA, Rural Development   30 year 3.25%     15 year 2.875% SD Housing First Time Buyer     Conventional: 30 year 3.625%     30 year PLUS 4.125% (3% gift for down payment from SD Housing)   

FHA, VA, Rural Development   30 year 3.125%  30 year PLUS 3.625% (3% gift for down payment from SD Housing)          Rates by Brian Spaans of First Bank & Trust.

 

Yes, it is a great time to buy and sell!

The Solus Real Estate Group is here to serve in all of your Real Estate needs.

 Give us a call to see how these low mortgage rates could benefit you!!

 
   

 

 

Harlan TenNapel-harlan@solusrealestategroup.com

mark youngberg- mark@solusrealestategroup.com

Erika Boen – erika@solusrealestategroup.com

September and August Home Supply

by Solus Real Estate Group

SUPPLY OF HOMES ON THE MARKET

September and August 2016

 

    This shows how many months supply of houses are on the market.  These numbers reflect an average length of time a home was on the market before selling.     

                                                                                      

Price Range

September 2016

August 2016

Supply Sept 2015

$1,000-$100,000

3.8 Months

3.3 Months

4.8 Months

$100,000-$150,000

2.6 Months

2.9 Months

3.2 Months

$150,000-$200,000

2.9 Months

2.6 Months

3.8 Months

$200,000-$250,000

3.8 Months

3.3 Months

5.0 Months

$250,000-$300,000

4.4 Months

4.5 Months

5.4 Months

$300,000-$350,000

5.6 Months

4.6 Months

5.8 Months

$350,000-$400,000

6.4 Months

5.1 Months

8.4 Months

$400,000-$450,000

8.7 Months

8.1 Months

10.6 Months

$450,000-$500,000

7.7 Months

6.7 Months

7.9 Months

 

 

What does this mean for you?  If you are selling, you can estimate how long your home might be on the market.  As a buyer, this gives a sense of how quick you need to be with writing an offer. 

 

A balanced supply of homes on the market is 4 to 6 months.  We are only balanced in the $250,000 to $350,000 ranges, slightly underbalanced below and an excess of supply over $350,000.  Also compare September 2016 with one year ago to get an indication of changes over time.  Supply is certainly moving faster this year.

Conventional:     30 year 3.25%         20 year 3.25%        15 year 2.75%   

FHA, VA, Rural Development   30 year 3.0%     15 year 2.75%

 SD Housing First Time Buyer     Conventional: 30 year 2.875%     30 year PLUS 3.75% (3% gift for down payment from SD Housing)    FHA, VA, Rural Development   30 year 2.625%  30 year PLUS 3.125% (3% gift for down payment from SD Housing)          Rates by Brian Spaans of First Bank & Trust.

September Sales Numbers

by Solus Real Estate Group

Here are the numbers for September sales. It continues to look like a sellers market but not a 100% Sellers market at present.  New Listings are close to keeping pace with last year at this point. Pending Sales in September were up dramatically while the YTD is only up 7.6%. The amount of the list price that the sellers got versus what they were asking is up  but again only by 0.3%. The inventory of homes for sale is getting lower by 25%. Now we will wait to see what happens to the market with impending weather and political changes.

 

Sept  2015

Sept 2016

% Change

YTD 2015

YTD 2016

% Change

New Listings

533

506

-5.1%

5077

5197

+2.4%

Pending Sales

374

590

+57.8%

3496

3762

+7.6%

Closed Sales

371

439

+18.3%

3492

3506

+0.4%

Median Sales Price

$170,000

$185,000

+8.8%

$171,000

$182,950

+7.0%

% of Original List Price Received

98.4%

98.7%

+0.3%

98.3%

98.6%

+0.3%

Inventory of Homes for Sale

1784

1456

-18.4%

 

 

 

Month’s Supply of Homes for Sale

4.8

3.6

-25.0%

 

 

 

 

Supply of Homes On the Market February 15 to May 15, 2016

by Solus Real Estate Group

SUPPLY OF HOMES ON THE MARKET

February 15 to May 15, 2016

    This shows how many months supply of houses are on the market.  We have taken how many sold

during the past three months and then divided it by the number of homes currently on the market.                               

Price Range

Months Supply

Last Months Supply

Supply 3 Months Ago

$1,000-$100,000

3.1 Months

3.0 Months

2.4 Months

$100,000-$150,000

2.3 Months

2.6 Months

2.4 Months

$150,000-$200,000

2.1 Months

2.9 Months

2.7 Months

$200,000-$250,000

4.0 Months

4.6 Months

3.7 Months

$250,000-$300,000

5.2 Months

5.9 Months

4.0 Months

$300,000-$350,000

5.2 Months

7.7 Months

7.0 Months

$350,000-$400,000

5.4 Months

7.8 Months

9.9 Months

$400,000-$450,000

7.0 Months

8.3 Months

16.6 Months

$450,000-UP

15.4 Months

16.0 Months

13.4 Months

 

 
   

The market is improving as we expected at this time of the year; all price ranges except one has the supply decreased.  Balanced market is a 4 to 6 month supply of homes. Below $300,000, we continue to have a shortage of supply of Listings but above $400,000, we have an oversupply. The interest for mortgages has stayed much the same as last month with a slight increase in some of the products.

Conventional Fixed rates (45 day lock-5% down) the 30 years rate is 3.5%, the 20 years rate is 3.25% and the 15 years is 2.75%.  The SD Housing SDHDA FHA/RD/VA (fixed rate-1% fee) is 2.625%, SDHDA FHA/RD/VA (fixed rate plus) is 3.25%, SDHDA Conventional (1% fee) is 3.0% and the SDHDA Conventional (fixed rate plus) is 3.75%.  VA/FHA/RD- Minnehaha & Lincoln counties 30 years is 3.25% (RD 3.25%) and 15 years (RD not available) is 2.75%. 

Rates by First Bank & Trust - Brian Spaans                                                                

Yes, it is a great time to buy and sell!

Check out our Links!

by Solus Real Estate Group

Good Morning to you all! And a wet one it is going to be. Be happy that we did not get the 2-4 feet that Denver got yesterday! We need this moisture!

We want to make you life easier today, let’s give you an idea of some things that you will find on our web site when you check it out. Check out our Links Tab on our web site.  The one thing that our friends and clients tell us that they use the most is our Preferred Providers pages, there you will find someone to fix your lawn sprinklers system, someone to do some landscaping for you and a couple ideas for Handyman or painters or cleaning people.

When you go to the actual page for all the links Real Estate in Sioux Falls and in general, you will see this first section, included in there is a buying vs. renting calculator,

The 2nd section is on Sioux Falls Interest, The first link is Sioux Falls Road Construction that will give you the most up to date construction projects, Did you know that 22nd street at Minnesota is going to be closed? There was also an interesting interactive map that you can check out construction that is scheduled for your areas!  

Do you wonder what the Outdoor Campus has available for programs, Check out the Sports & Recreation section.

What does EROS have to offer for Satellite Imagery? Try it out! Lot of ideas in the South Dakota Points of Interest.

Do you ever wonder How your FICO Scores work or Check out The Instructables Page for video ideas of how to make costumes, snacks, planters, how to lay Pavers and easy lint fire starters? Do you want the white house to send personal greeting for a special day? You will find these ideas and many more in the last section “General Information”

We hope you will find some great and useful links on our Links Pages,

March Statistics

by Solus Real Estate Group

 Sioux Falls City Council put the finishing touches on a New Boulevard Landscaping Ordinance; check out the Argus Leader article.  There are some links in that article also with even more details.  There are some guidelines of what you will and will not be able to do in your boulevard.

The March Statistics have arrived so here are some ideas on what is happening in our market currently:

 

 

March  2015

March 2016

% Change

YTD 2015

YTD 2016

% Change

New Listings

581

667

+14.8%

1442

1459

+1.2%

Pending Sales

307

490

+59.6%

746

955

+28.0%

Closed Sales

307

294

-4.2%

745

697

-6.4%

Median Sales Price

159,500

168,000

+5.3%

158,000

171,250

+8.4%

% of Original List Price Received

97.6%

98.6%

+1.0%

97.4%

98.2%

+0.8%

Days on Market

103

100

-2.9%

108

101

-6.5%

Inventory of Homes for Sale

 

 

 

1668

1362

-18.3%

Month’s Supply of Homes for Sale

 

 

 

5.1 Months

3.4 Months

-33.3%

 

 

For the last 12 month period pending sales were up 21.8% overall, the price range with the largest gain was the $200,000 to $300,000 price range where they increased 47.6%.  When you look at the numbers above the pending sales are up 28% but the home for sale are down 18.3%.  Supply and demand tells us that the market is strong right now with fastest sales in the $100,000-$150,000 range at 74 days and the price range of above $300,000 is the slowest at 121 days.  If you have any thought about making a change, this is really a fantastic time to do it!  When interest rates increase, this market will probably change substantially.  Current 30 year mortgages are still in the 3.5% and the 15 year is around 2.75%!

 

Multiple Offers, What to offer, What to look for in the Winner Offer

by Solus Real Estate Group

The market is strong in many places in the country. A fellow realtor in California has a really hot market with 10 offers on a property, his offer was 37% above list price and there were higher offers that were for all cash and no contingencies. We have a good market but not anywhere that hot. We are experiencing many multiple offers of properties; there are many ways to make your offer stand out in the crowd besides just offering the best price. We have the experience to help you win, let us show you how. It really pays to work with the agents that have experience right now if you are buying or selling. 

If you are the seller, you need to know what to look at besides just the price such as does the buyer have an Experienced Local Lender that all the agents can talk to when there are questions or problems? Other things for the seller to consider include the type of loan the buyer is getting. Where does the lender do their underwriting, is it local, out of state, or is it outsourced out of the country? What inspections are being required? How long are they going to take to do those inspections, so how long are they going to hold your house off the market? Is there going to be a minimum $ amount before they ask for any repairs? Is your house ready to sell? Need some work done? Go to our Solus Group Preferred Providers to find someone we trust to do the work. 

One of the other problems with the market being strong is the property has to appraise for the sales price. It seems that if you have a buyer willing to pay the price that you are asking that all should be well. Not true, the bank doing the buyers loan needs to be assured that the value is there so they will order an appraisal. If the house does not appraise, not only does the buyer not have to buy but the seller does not have to sell and the lender may not make the loan. Sometimes the agents are allowed to submit other comparable properties for the appraiser to consider. If that does not work, can the buyer come up with some more cash, will the seller consider something less, are there other terms that could be acceptable to all the parties including the lender?

As you can see with the market being strong, it is more important than ever to work with someone has had success and experience to trust with your real estate needs.

Displaying blog entries 1-10 of 146

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Photo of Solus Real Estate Group Real Estate
Solus Real Estate Group
Ameri/Star Real Estate
5900 S Western Ave
Sioux Falls SD 57108
(605) 274-7273
605-336-9600
Fax: (605) 336-7749

Solus Real Estate Group Specializes in Selling or

Buying Homes and other Real Estate or Property in the Sioux Falls, South Dakota Region.