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Housing Market Heating Up

April 19, 2012, 9:50 PM by Angela Kennecke

Housing Market Heating Up
SIOUX FALLS, SD -

If you've driven around Sioux Falls, you've probably noticed a lot of "sale-pending" signs.  That's because the housing market has picked up considerably, especially in the last month.  Home sales were up almost 20 percent in March over the same time last year.

Mike Chadwell just bought his home a month ago, in one of the best months for home sales in years. 

"And the quarter too.  March ends the first quarter and the first quarter is up quite a bit, not as dramatically as much, but the first quarter is up too.  It's been a good year," realtor Matt Larson said.

Chadwell had rented for a few years and watched the housing market, anxious to get back into it.

"My daughter and I would drive around looking at places and I considered it and went back and forth just because of jobs and whatnot and feel a lot more secure about the way things are with jobs in Sioux Falls right now.  And went by and found something just perfect.  Location, location, location.  It was perfect," Chadwell said.

Larson says it's that optimism over the job market in Sioux Falls that fueled home sales to jump almost 20 percent in March. 

"Maybe not recovered, but recovering. I think we've definitely made the curve and we're going back up definitely," Larson said. 

Larson says with a seven-month supply of inventory available, we are heading toward a balanced market in Sioux Falls.

"It is by no mean's a seller's market, but it's not the buyer's market it was," Larson said.

And that's also driving prices up for the average home by about 10 percent since the beginning of the year.  Chadwell is glad he made the leap back into home ownership when he did.

"I moved pretty quickly once I decided this was the place," Chadwell said.

The median sales price is now $145,000 for a home in Sioux Falls.

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