RASE 2023 HOUSING MARKET STATISTICAL REPORTING
Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring, increasing for the third consecutive month, according to NAR.
New Listings in the Sioux Falls region decreased 5.2 percent to 490. Pending Sales were up 16.6 percent to 400. Inventory levels fell 13.5 percent to 1,009 units. Prices continued to gain traction. The Median Sales Price increased 6.7 percent to $284,900. Days on Market was up 7.5 percent to 86 days. Absorption rates were even with last year as Months Supply of Homes for Sale remained flat at 2.6 months.
Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there was just 2.6 months’ supply of existing homes at the beginning of March, far below the 4–6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.
Purchases of new single-family homes increased 7.2% month-over-month as of last measure, exceeding economists’ expectations and rising to the highest level in nearly a year, according to the U.S. Census Bureau. The limited supply of existing homes on the market, along with lower mortgage interest rates, softening sales prices, and a rise in the number of builders offering sales incentives, helped boost new home purchases, causing builder confidence to increase for the second consecutive month in February. For the 12-month period spanning March 2022 through February 2023, Pending Sales in the Sioux Falls region were down 14.6 percent overall. The price range with the largest gain in sales was the $900K to $1M range, where they increased 76.5 percent.
The overall Median Sales Price was up 14.0 percent to $297,000. The construction type with the largest price gain was the New Construction segment, where prices increased 14.3 percent to $350,000. The price range that tended to sell the quickest was the $200K to $250K range at 61 days; the price range that tended to sell the slowest was the $1M and above range at 98 days. Market-wide, inventory levels were down 10.4 percent. The construction type that gained the most inventory was the New Construction segment, where it increased 17.6 percent. That amounts to 2.3 months’ supply for Single-Family homes and 3.2 months’ supply for condos.
NEW
4201 S. POPPIES AVE., SIOUX FALLS, SD - $725,000
Originally built in 2018, this southeast Sioux Falls home is filled with upgrades throughout and includes 5 beds and 3 baths with an oversized 3-stall, heated garage. As you enter the home, you will fall in love with the open concept and tray ceiling with wood beams in the living room. Kitchen is spacious and open to dining room with a door to a covered deck. Granite counters, tiled backsplash and stainless steel appliances make it a wonderful gathering spot for entertaining guests. Large ensuite includes tray ceiling, large walk-in closet, double granite vanity and walk-in tiled shower. Two more bedrooms finish off the main level. Basement was recently finished to add two additional bedrooms, a large bonus room, family room and wet bar with granite tops. Lawn is set up with inground pet fencing, landscaping and lawn sprinkler. Oversized, 3-stall, 1,100 sq.ft. garage includes drain, heater and water hookups.
OPEN HOUSE: SUNDAY 2-3 PM
Looking for privacy and serenity with plenty of land? Check out this 51-acre property that includes 4 beds and 2 baths with oversized two-stall detached garage that is heated. Home has 2,904 finished square feet. Property includes 4 outbuildings. Shop has 3 bays with concrete floor and oversized overhead doors with one of them large enough for a semi. This acreage is set up for livestock or horses with fence around entire property and pens set up. Newer roof. Home has two mini splits to maximize energy efficiency. Property has private well. Kingbrook Rural Water is a available with $100 app fee and $1,500 hookup charge to the system.
ROLLING HILL DR., RUNNING WATER, SD
$55,000 & $65,000
ONLY TWO LOTS LEFT! Own your own slice of heaven near the village of Running Water. Beautiful Missouri River views with public access nearby. If you are a hunting enthusiast, there are public hunting grounds close by filled with deer, turkey and waterfowl.
OPEN HOUSE: SATURDAY 1-3 PM
NEW LISTING
This zero-entry 1,543 sq.ft., 3-bedroom, 2-bath plan features easy living and design sure to please. High inviting entrance with Andersen windows and always warm in-floor heat throughout entire home. Quartz countertops and kitchen backsplash tile accents with eat-in island. Master suite includes walk-in tiled shower with large walk-in closet. Oversized 3-stall heated garage. Mechanical room doubles as a storm shelter with 8” thick fully reinforced concrete walls poured with 4’ footings below and double doors for worry-free storm protection. Large covered front and back patios for sitting. Located in Boulder Addition in Tea just south of new Hy-Vee.
505 S. QUARTZITE AVE. | $519,000 Chuck Moss
500 S. QUARTZITE AVE. | $425,000
This zero-entry 1,357 sq.ft., 3-bedroom, 2-bath home features easy living and design sure to please. Large inviting entrance with high ceilings, Andersen windows and accents throughout. Painted cabinets, quartz countertops and kitchen backsplash tile accents with eat-in island. Master suite includes walk-in shower, heated tile floors and large walk-in closet. Oversized 3-stall heated garage. Mechanical room doubles as a storm shelter with 8” thick fully reinforced concrete walls poured with 4’ footings below and double doors for worry-free storm protection. Covered front patio for sitting as well as a larger outdoor concrete patio in back with overhead cedar pergola. Located in Boulder Addition in Tea just south of new Hy-Vee.
OPEN HOUSE: SUNDAY 2-4 PM
NEW LISTING
What attracted to you this specific industry?
I was born into it. My grandfather Paul began in this industry during the 1940s and ‘50s building lily ponds and planting and selling nursery stock in the Sioux Falls area. My dad Phil helped out his dad when he was in high school and college; he actually met my mom while trimming trees at my mom’s and grandma’s house. Dad eventually started teaching and coaching in Watertown, SD and then was later provided an opportunity to join Lakeland Nurseries in Watertown. We moved to Sioux Falls in 1977 to expand the footprint of Lakeland Nurseries. During the ‘90s, we changed the name to Landscape Garden Centers (with an S) because, at the time, we had small garden center pop-ups in Sioux Falls, Sioux City, Omaha and Council Bluffs, all connected through the Sears Company. Sears later rebranded, which resulted in the pop-up garden centers being phased out, but we kept the plural “Centers” in our name. Paul Dejong (longtime employee) and I purchased the business from my father in 2003 and I have had 100% ownership since 2017. Last year, we relocated to our 11-acre site on 271st Street, three miles southwest of our previous location.
What’s your personal motto?
Do what you say you’re going to do. That is one of our core values.
What do you find most rewarding about your day-to-day business?
It’s very rewarding to work with such an awesome group of individuals who bring so much energy, personality and knowledge to work every day. Serving the people of Sioux Falls and the surrounding areas is also pretty awesome.
What is unique about the services you provide?
What sets us apart is our ability to provide a variety of interconnected services to our customers, including a premier Garden Center, Landscape Services and Landscape Design and Installation. Our goal is to provide the best experience, whether it’s in person, via email, Facebook or a phone call. We believe keeping that personal touch is important. That’s why we answer the phone with a live person who is trained to direct our customers to the correct person the first time.
What kind of services do you offer customers?
Landscape Garden Centers has three distinct areas of service:
Our Garden Center provides nearly any plant possible such as bare root, potted and B&B trees, shrubs, roses, and fruits, all of which are hardy and perform well in South Dakota. The greenhouse is constantly changing through each season with annuals, vegetables, herbs, tropicals and houseplants. We also have an incredible selection of outdoor pottery, fertilizers, soil amendments, chemical solutions and garden supplies. The garden center is always styled beautifully with garden and plant-related decor for both home and outdoor spaces.
Have questions on what may be ailing your particular plant? Landscape Garden Centers can offer advice and/or a diagnosis to help your plant thrive!
Our Garden Center staff is able to design, plant and maintain seasonal outdoor containers at homes and businesses, as well as interiorscapes in offices and other commercial properties.
Landscape Services include mowing, lawn and tree fertilizing, ash tree treatment, irrigation start-up, repair and maintenance, plant bed maintenance, disease and insect control and turf diagnosis, as well as Christmas decorating and lighting and snow removal.
Landscape Design and Installation services help you with all sizes of projects.
Hardscaping – This includes pool projects, outdoor cooking areas, entertainment spaces, patios, benches and sitting and retaining walls. We also help with drainage issues, as well as with renovating existing landscapes.
Softscaping—Includes choosing the correct plant material and shade tree to be used, along with the layout of perennials and flowering shrubs for year-round interest.
What are the different garden venue spaces available?
Landscape Garden Centers has a variety of spaces available for customers to rent including The Greenhouse, The Courtyard and The Café. Our spaces are well-suited for events such as graduation celebrations, corporate gatherings and birthday parties for all age groups. We also
provide a venue for weddings, as well as a place for wedding party pictures. Multiple clothing stores use our space for styled photo shoots.
There are a lot of scheduled workshops throughout the season listed on our website calendar as well. Private classes for groups/ families are also available. We have hosted everything from team-building workshops to bridal showers, bachelorette parties, school clubs, etc. with a planting class or other seminar tailored to the group’s interests.
We are open to any concept, so free feel to reach out to us at events@landscapegardencenters.com.
What is the Green Choice Rewards Program?
This is a new program we are introducing this year that will provide even more benefits to our customers for only $100 per year.
• Lifetime warranty for all Zone 4 and hardier plant materials
• Free yard waste drop-off at LGC
• Free perimeter pest control (when signed up for lawn care program)
• Free workshop registration
• Free use of gardening and landscaping tools
• 15% off rental fee of garden venues
• 15% off bagged mulch, soils and compost
• 15% off large pottery and containers
• Monthly Garden Center discounts
Where do you see LGC in the future?
I see it continuing to be a premier company that people rely upon for information, as well as creating relationships with those who enjoy gardening and growing as much as we do. Our goal is to always find ways to improve and provide a great experience every time.
Here is your opportunity to own a lakefront compound that includes 4 lots in total with your own boat ramp on Lake Brant. Each lot measures 40ft x 80ft. Large kitchen features plenty of hickory cabinets, dual ovens and is open to living room. Entire main level has in-floor heat. Living room features projection TV with whole home audio and slider to patio with lake views. Two sizeable bedrooms with large walk-in closets and in-floor heat on upper level. Hickory trim and 3 panel hickory doors throughout. 9000 watt generator hooked up to home. Water and sewer on 3 of the 4 lots which provides plenty of room for expansion. Forty feet of beached shoreline to enjoy those summer sunsets with a bonfire and making memories with your family. Sale includes more than 60 feet of dock. (2) 110-amp outlets and (2) 220-amp outlets for campers on the property. Back two lots have a metal storage/workshop building with propane heat and another oversized double garage.
