t's the end of the first quarter of 2021. So it's real estate market video report time.
Hey Everybody, Its Tristan Emond with a mindful living Realty, a realtor right here in rapid city, South Dakota. Now you've heard over and over again from even me people saying, Oh, the real estate. Market's crazy. It's nuts. It's insane. And so today we're going to bring forth a few numbers to showcase. Just where things are at to give you a better feel of the market in Rapid City area.
I'm creating some fantastic slides just for you guys, because Hey, who doesn't love numbers, right. Okay. Whatever. Well, here we go. So let's first look at the average sold price, single family, residential sticking with rapid city and the surrounding areas. The average sold price actually went down from January to March from 257 to 247.
Now, keep in mind, these sold prices [00:01:00] actually reflect 30 to 60, maybe even 90 days previously when everything actually was on contract. So let's look at this year 2021 January sold, ever sold price was $295,000. That's up from December 20, $292,000, but then it just keeps going up 300,000 in February 312,000 in March.
Historically and rapid city.We have seen prices, just veer, very flat to very slowly escalate, maybe a couple of percentage points year over year. But here this year, just from February and March, we've got a 4% increase in home sold prices in 2021. Now of course, the reason for this is economics one Oh one.
Low supply high demand. This next chart showcases the listings added as the input date in each month of 2021. Now these numbers don't reflect the numbers of actives during this during the month, since active is a always moving number, but it showcases how many listings were put on the [00:02:00] market in each month.
So in January, 2021, we had 166. 135 in February, went down a little bit. And unfortunately coming back up to 169 March. Yeah. These numbers there now they're super low. And that's what creates the very strong seller's market. This is we're talking about a strong sellers market. He says, as he segues to his next chart, let's talk next about the list to sale price percentages.
Now this showcases how close the final purchase price got to the actual listing price. And as you can see here, We're starting in January is historically, we have been running about 97 to 98% of purchase price to list price. But here we are a hundred percent. And as you can see from this chart, and ain't going down a hundred percent in January, 101% in February.
In March, I put a hundred, 100-102%. There were like three purchases that were under 75% list to sale ratio that I just took out just to kind of get rid of the outliers, to give a feel for what the real, the real [00:03:00] picture is. Uh, and that became a 102%. And I added days on market on this chart, just to give you a feel of how fast things are selling.
Also in March, there were a number of properties that were sold over a hundred days on the market. Which just probably been one of those deals where finally people got around to buying the properties have been on the market for a little bit longer because nothing else was available and they needed to buy something.
So I said all that in number format to say, this properties are selling very quickly, multiple offers. And of course, over asking price, I was talking to another agent after presenting an offer and asking, well, how many offers did you get? And she mentioned six or 10 or how ever many it was. And then she said, can you imagine somebody presented an offer with only asking price?
So that's where things are at right now, asking price is the starting price you go up from there and see where things go. Now, there have been stories across the nation in bigger locations of property selling for 50 to a 100 thousand dollars over asking price. Well, I've heard of a few of those here.
I haven't heard that being the [00:04:00] norm, asking you for 15, 20, 25,000 over asking price isn't unheard of. All right. So where's this all going? Is it going to slow down or are we going to see things kind of smooth out? Of course, anything could happen, but at this moment I really don't see things slowing down.
Anytime soon, demand is still high. Inventory remains low. And when we do get more inventory, that's immediately gobbled up. And those foreclosures that are in forbearance, well, they're going to be in forbearance. Sounds like now until 2022, which means they're probably not can come to the market until 2023, which would actually be great for the marketplace that would help give us a few more properties for investors to purchase and add them to the, the rental market or to the present, uh, single family home market.
So sellers, whether you list now or you list a little in a few months, probably isn't going to make a big difference. Trying to navigate to the exact high point might be a bit of a challenge. Maybe you wait for longer, who knows, but right now, certainly sellers market you'll certainly get multiple offers for your property.
Assuming it's not a [00:05:00] piece of junk and fundation issues, et cetera, et cetera, buyers are to tell you there, there is no secret sauce to getting your offer accepted. Have you seen anything like this? Runaway? Let me tell you what the hot on hot marketplace out here in the rapid city Wilster market. Let me tell you what the best way that you can get that home bought for yourself.
Let me change the secret sauce. That's right. The secret sauce to getting your offer accepted over everybody. Else's there are 25 things you need to do to make sure your offer gets accepted in this marketplace. Contact me today, send a check for 29 95 95 95, and I'll teach you what you need to know. There really is very little secret.
The more money is going to win. No contingency is going to win. Cash is going to win. The best thing that you can do is get in the game, present your offer, give them the best offer that you can and keep moving forward with persistence and patience. I know that's why I say all the time, but it's the true story.
You saw the prices they're continuing to rise. They're not going to go down anytime soon. Waiting a year may not be the best option for [00:06:00] you now. It depends. Everybody's got a different story. I understand that. And I'm not saying that now is the time for everybody to buy a house. But what I am saying is if you want to buy a property, sitting around waiting for things to hopefully get better, may not be the best option you need to get in the game.
Put in your offers, do everything you can to present the best offer as possible. We'll work with you a hundred percent of the way to make sure you're protected, but also do everything we can keep to get that home for you. Alright Everybody. There we go. Real estate market numbers for this month. I would've loved to be outside in the park, uses information for you, but you know, it's still a little cold looking forward to Spring.
You guys let her remember.