There's good news and bad news when it comes to the Sioux Falls housing market. The good news, chances are you'll get more for your home if it sells in 2015.

The bad news, fewer people appear to be buying homes in Sioux Falls so far this year.

New listings were down 7.7 percent, and closed sales fell 3.5 percent, compared with the same time last year, according to the Realtor Association of the Sioux Empire.
The average sales price of house on the Sioux Falls market right now is $190,469. That by the way is a 9 percent increase over the previous year.

The Realtor Association says that 2015 looks like a year that will be marked with talk of changing mortgage rates and regulations.

“Rates should stay low, but consumers and finance experts alike believe that we’re at or near rate bottoms. Early indications point to more sales, more listings, more new construction and more excitement."

The average Sioux Falls home ends up spending about 96 days on the market before it sells. Four days less than this time a year ago.

Sioux Falls had a 3.2-month supply of homes on the market in January, which was identical to January of 2014.

Source: Argus Leader

 

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