What happened to summer? It was here, it was gone, and now it's time for your
summer market update report! I've got numbers scribbled on a page
let's do this.
Hey everybody, I'm Tristan with Mindful Living Realty. Welcome to your Rapid City Real
Estate Market Report: Summer 2020. Let's take a look at what
happened during the summer. What's happening right now. And maybe
we'll gander a little bit into the crystal ball
see what might happen in the future. If you ask any real estate agent to
describe summer 2020 real estate they'll tell you
one thing: busy. Good Luck!
Just because there was a pandemic on doesn't mean people weren't out buying
and selling homes in (the) Rapid City area. Now I did pull some numbers I know
numbers are boring but I want to make sure that you know what I was talking
about and not just spouting stuff like: Now
it's time to sell your house! Now is time to buy your house!
so from june 1 to august 31st in our MLS, which
includes not only Rapid City but also certain areas of the Black Bills. I just
used the whole MLS system. So within our black Hills MLS system
there were 920 homes sold during the summer. With an average days
in market of 39, and a median of 13. Just to give you an
idea what that means; 429 of those homes sold
in single-digit days. We weren't kidding when we were telling your homes are
flying off the shelves. Low inventory, high buyer demand, lots and
lots of bidding wars. One of my first time homebuyer families
lost out on three homes before they finally got the fourth one.
My buyers were patient they were perseverant we found them a property
got in there right away put in a strong offer with a short time frame for
acceptance and got it accepted. So what about now
what's happening now with residential real estate?
Over the past couple days there were 34 homes
that were new on the market. 27 under contract
and only nine of those were single digits. So presently we're seeing the
days in market expand just a little bit but don't let that stop you from making
sure you present that offer. that strong offer,
right away. I got on the back end of our Black Hills MLS system;
I entered active and residential. How many homes do you think popped up?
287. That's it, 287 active homes
in our entire black hills MLS system. In years past it's been at least double
that. So when we say there's low inventory, there's low
inventory. The other thing that's interesting right
now is new construction. Now we're seeing a lot of new construction going on right
now new developments. But, with COIVD all the hurricanes
plus all the hail storms in our area we're seeing materials
not only be longer to get here, but also the price going up. So not only in the
new construction homes going to get more and more expensive
they're also going to take longer to get built. So what's going to happen
the rest of this year? Of course the answer really is
who knows? But that's no fun let's talk about what we think might happen.
I'm currently working with clients from about 10 different states that are all
talking about moving to South Dakota. Now this just happened for me just a few
weeks ago. And they're all talking about moving to
the area within the next few months or spring of next year. Add to these
people coming in plus the current low inventory, and as
we're getting closer to wintertime when Sellers are saying "Yeah
I'll just list till spring"; I don't foresee the market shifting or
slowing down anytime soon. However, I've been wrong
before this is a weird election year. And, hey,
it's 2020 who knows what's really going to happen.
So if you are a seller you're thinking about selling your home;
it is a seller's market. The inventory is low, buyer demand is
high. You should be able to get your home sold for a very competitive price very
quickly. However, this also prevents a challenge
for you if you want to sell and buy and possibly move up. Number one
the home you want to buy probably won't accept the home sale
contingency because, why should they? Another buyer will come along without
one and just bite out from underneath you. Number two,
even though you're getting more money from your home all the rest of the
prices have gone out too. So unless you really want to jump from
your price to the price of your home to the price of the next home it could
be very difficult to really get you to something that's actually an upgrade
based on where you want to go. Buyers I'm sorry it's kind of the same thing
patience, persistence, get in the game, play the game,
keep putting offers in. Make sure you have an understanding of not only what
you want, but also what you need your time frames
and what means the most to you sometimes it might simply be "Hey, I just
want to get into a house". Thanks for watching our video today! I
hope you liked it. Do me a favor hit that subscribe button,
click the notification bell, give me a thumbs up! Make sure you stay abreast of
everything that's happening in Rapid City real estate
and moving to Rapid City in the Black Hills area plus all the cool things
around. We love our area we want to make sure
that you love where you live too. Have a great day.