February 2016 Rapid City Real Estate Market
So what’s going on? What’s happening? It’t time for your February 2016 Rapid City Real Estate Market Report. {Cue Evening News sounding music…}
Sneak peak: Spring market is HERE.
With the mild winter and unusual warm temperatures this year, the buyers are out looking for homes.
It’s looking like a normal April month…already.
Homes that are in the right location, good condition and priced right are lasting only a few days on the market. I haven’t heard of too many double offer scenarios, but with the new inventory getting sucked up before the ink is dry on the monitor, I anticipate more of those stories to be told.
So…now is the time to get your home on the market. If you can, don’t wait until April or May.
Statistically speaking, we see the Rapid City Real Estate Market holding it’s own…as is expected in our Spring market. Prices continue to slowly rise, inventory is getting to be the issue as buyers are ready to buy. So as with normal supply and demand…prices are going to continue to rise.
Here is the short and quick graph on the stats:
In other interesting news:
- New Construction is selling QUICK as well. There are more developments building, so our active homes are up 6% from last year. BUT the days on market is 86% less – so they are selling much quicker than last year. Interestingly enough, prices have only come up .3% since last year.
- Townhomes and Condos are kinda the opposite. A few more on the market since last year – 9%. But days on market is UP 35%, but still netting an increase of 22% in average sold price. I would assume this indicates a larger number of upper end townhomes and condos sold since last year.
That’s what I got!
Life is always interesting in the Rapid City real estate market.
Know anyone looking to get their home sold? Contact us 605-593-9367 or team@rapidhomesonline.com.
Great stuff!
- Tristan
