townhomes + twin homes

9503

No backyard neighbors! 2019-built 3 bed, 2.5 bath twin home located in desirable west side of Sioux Falls. Generously spaced ranch-style floor plan with walk out. On the main level, enjoy the open floor plan of the kitchen, living room, and dining space. Kitchen upgrades include custom staggered cabinets, granite countertops, and tile backsplash. Easy access main floor laundry and half bath. The main bedroom suite includes a private master bath and walk-in closet. Outside is fully fenced yard, overlooking green space with nature and wildlife. Lower level features a family room with linear fireplace, two additional spacious bedrooms, and full bathroom. The lower also includes a mechanical room/storage.

RISA STUART

320-241-8919 • clarrisastuart@yahoo.com

910

BRAND NEW twin home just minutes from Sioux Falls and Brandon. This home features 2 beds (+ office/exercise room) and 2 baths for main floor living. Beautiful finishes. Living, dining and kitchen all flow nicely together and feature gorgeous vinyl plank flooring throughout. Large picture window allows for great natural light in living room. Kitchen offers beautiful stainless steel appliances - including gas stove, large corner pantry, and good sized island. Primary suite is good size and has its own bath and huge walk-in closet. Owner’s suite offers a marble walk-in shower and private door for the stool. A second good sized bedroom offers a pass through bath and great closet space. A bonus room - perfect office or exercise space. Mudroom includes drop zone, bench and hooks right off garage and then a private room for laundry. Fully insulated and heated garage to top it off. Great space and nothing more to do but move in!

JOHN ANDERSON

605-321-7177 • john.anderson@kw.com

KRISTEN

Chief Executive Officer

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.