Rapid City Real Estate Market in 2018.
Hi everybody – happy 2019 and welcome back to Tristan and his WHITEBOARD LIVE!
So… of course we need to check out the 2018 Rapid City residential real estate numbers. See what happened last year.
So, you can see up here I've got a bunch of numbers. We're gonna go over a few things – we'll look at how things went.
We see the last year we were up 6 and 1/2 percent on our average sold price from 2017. What was really interesting to me was that in 2012 – since 2012 we're up 21%. So steady growth – consistently – in our market as far as sold price is concerned.
I like to look at the price points that are selling the most to kind of give you an idea of where all the action is going at. We can see in 2016 in the $150.000 to $200,000 price range, we had about 513 sell. And in the $200,000 to 250,000 range…365. So quite a difference.
However, this year are 2018, the $200,000 to $250,000 is taking the lead. Of course, that does make sense as the prices go up, we're seeing more sold in this area as more of those homes become mainstream.
Used to be, you could buy quite a bit of home for $150,000. Now, you know, you almost need $200,000 to get into something that's really nice, right?
Of course, the above would also reflect days on market. The more action we have, the lower days of market. In 2016 we had 47 days on the market and we're down about 10 days here in 2018.
A very strong market if things continue to click.
This red number down here is the number I want to drive some attention to.
That is how many homes are on the market as of January 1. That's low. That's not that many homes on the market at all…compared to where we usually are. We're usually in the 500 range about this time.
I see a lot of buyer pent-up demand. We could be seeing an early spring season this year – you never know, but I think I can say we might have some of that coming here.
Glad you're around for this 2019! Hope to see you next time on Tristan and his WHITEBOARD! Have a great day!
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