What happened in the Rapid City Real Estate Market in April 2020?
Wowza April was a long month. How did the Rapid City real estate market weather the corona virus pandemic? Find out in the video below.
Also find out the average single family residential sold price in April 2020 compared to April 2015 and April 2010. The growth is staggering!
It's May, it's May the lovely month of May!
Boy April seemed to take forever didn't it? Well how did the real estate market hold up? Let's find out in today's video.
Hey everybody I'm Tristan Emond with Mindful Living Realty welcome to our April 2020 market forecast report.
So let's talk about a few numbers first just to get us started because everybody loves numbers and it seems like I look like I know what I'm talking about.
What's interesting about April 2020 compared to April 2019 is even though we had this pandemic going on things didn't slow down much.
In the last couple of days, 21 homes in the Rapid City area have gone under contract. Their average days on market? 15!
In April 2020 we actually had 11% more homes active on the market than when he did in 2019. That number is only about 300, so our inventory is still low but we did have more homes on the market this year than last.
We also sold about 4% more homes in April 2020 then we did in April 2019. The days of market actually were a couple days less but really about the same.
What's really interesting about this is that even though we had more an actives, we had more solds, our average sold price in the single-family category was 3% less than April 2019. That average sold price is about $248,000.
You want to know what the average sold price for single-family home was in April 2015? right around $200,000. April 2010? $165,000. Just to give you an idea about real estate in Rapid City continues to grow.
So blah blah blah - numbers, numbers. Who cares?
What does this really mean for you whether you're buying or selling?
Sellers it is a seller's market. The buyers are looking for properties. They can't find exactly what they're looking for a lot of times. You have the upper hand. However, don't be stupid about this. Buyers are smart enough to know that if the water heater doesn't work or if the deck is beat-up and not taken care of, they're not gonna give you the price you want. They're gonna move on to different property. Make sure you take care of your maintenance items. Make sure your home is taken care of.
Buyers - as normal things are tight. You've got to be fast; you've got to be quick. My best advice for you buyers is to really hone in on what you want on a property. When you take a look at the property the first time, take a moment to think about how you feel about this property. If you feel this property is the one for you, make sure you put your best foot forward putting the strongest offer that you can.
If you're thinking about buying or selling a home during this time, please reach out to us let's have a chat and talk about how we can help you.
Our extensive online marketing plan is great for a lot of eyeballs for sellers.
Buyers, we've done this many times before. We got your back. We'll guide you through each step of the process.
Stay safe my friends and love where you live.