The Rapid City Real Estate Market continues to roll right along, with some interesting twists and turns in the mix.
With the unusually warm spring Rapid City weather (rain is REALLY needed, though), the buyers came out and decided it was time to get off the fence and start buying. It has been a bangarang of a year already. (I hope I spelled that right, the spell check gave no suggestions to correct…
Here is the rundown:
1. Single Family Homes. STILL NEED STUFF TO SELL! Especially in the $130,000 to $150,000 range. We are down 97 units from last year, but yet still sold 200 in the month of March (same as last year). Sellers are getting a bit more of their control back with multiple offers and quick sales becoming a bit more common. The average time it took homes to sell this March is down 6% from last year.
translation: (sellers) If you are interested in selling, now may be a good time for you to sell! (depending on your personal situation) (buyers) If you see the home you really like, jump on it. Be sure to have your pre-approval and homework done before you go looking so you are ready to go!
2. New construction. Ever see the original “King and I” with Yul Brenner? ”Is a Puzzlement!” We are short of new construction listings (one builder can’t get them past the framing stage before they are sold!) with more sales versus last year….but the days on market is longer and the average sold price is way down. My thought form here is we are getting back to listing new construction homes before they are sold (“spec homes”) and the builders are building less expensive homes. Hence…
translation: Looking to buy new in Rapid City? There may not be a whole lot of spec homes going up, but as more builders get back into it, we may see more availabilities. Hopefully we won’t see a huge overbuild like back in 2006…plenty of residential lots are available if you find a builder able to build for you.
Spring in Rapid City has been awesome. We’ve got green leaves on trees, green grass – in MARCH!! I even went golfing. This kind of stuff doesn’t usually happen until May. I think it was June last year before we saw leaves.
Looking forward to helping you with your Rapid City real estate sale or purchase. We do our best to truly care for our clients. Give us a call to see what we can do for you!