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RASE November 2010 Housing Market Statistical Reporting

Sioux Falls, SD – December 8, 2010: We are at a historical moment of acute industry transformation, and there are billions of dollars in investment capital parked against the wall, skates on, patiently waiting for just the right market song to dance pairs to. The economy waltzed to the tune of substantial private job growth. With interest rates maintaining at record lows and the 2010 tax credit now yesterday’s fashion, let’s look at the activity happening in our local rink, er, market.

The 200 Pending Sales in the Sioux Falls region decreased 19.0 percent since last November. New Listings increased 1.2 percent to 329 and the 2,275 active listings were up 11.8 percent. Months Supply of Inventory—which should ideally fall between five and six—increased 27.9 percent to 8.6 months.

Prices gained some ground last month. Median Sales Price increased 4.2 percent since November 2009, checking in at $142,700. Market times increased 27.4 percent and are now at 97 days.

The national housing market continued to stabilize on the heels of some of the most positive economic news since the Great Recession began in December 2007. As foreclosures continue to depart the arena, the increased share of traditional sales coupled with greater consumer purchasing power should lift home prices and foster a balanced marketplace.

Greg Sax, 10k Research & Marketing

Check out the Market stats here:

November Market Stats
The market has slowed, however the good news is I am helping my clients successfully sell their homes faster than ever.  If you would like to have that opportunity as well please call me at 605-333-5093 or feel free to call my cell anytime 605-521-4413.

Dana Fisher

The New York Times recently ran an article highlighting new lending guidelines by Fannie Mae, which become effective on December 13, 2010. These new guidelines will make it easier for some buyers to qualify and almost impossible for others. If you’re thinking of buying a home, these new guidelines will have an impact on you and this article is a must read. Depending on your circumstances you may not qualify after December 13, 2010. You can read the article by clicking here.

Another important deadline you might want to pay attention to is the deadline to convert to a Roth IRA. Roth IRAs allow you to withdraw funds in retirement tax-free. For 2010 only, you can convert a traditional retirement account, or IRA and spread the resulting tax liability over the next two years. Now may be the time to convert and you can read more by clicking here.