Brookings, SD

Brookings Real Estate market sees an extremely active March. Residential Real Estate Sales totalled nearly $4.4 Million Dollars. This is a 45% increase over March '08. Average Sale Price continued to climb, ending the month at $155,629. This is an increase of 4% over the March '08 average sale price of $150,055. Additionally, Homes Under Contract ended the month with another positive. Total Homes Under Contract increased by more than 17% from March 2008's total. Total Inventory Continues to grow, ending up 73% over March 2008's total.

The Brookings, SD real estate market saw an improvement in Total Residential Sales for the month of February as compared to the same month last year. February 2009 produced a Total Residential Sales volume of just over $1.7 Million Dollars. This is a 50% increase over February 2008's total. The good news continues with February's Homes Under Contract increasing by 25% over 2008. New Inventory rose by 41% as our Existing Inventory continues it's upward trend, increasing by 55% in February. Lastly, February 2009 yielded a 4% increase in Average Sale Price from $126,539 in 2008 to $131,731 in February 2009.

Nationally, we had some good news in February. The government passed a stimulus bill that included assistance for home buyers. The First Time Buyers can now receive a Non-repayable tax credit for 10% of the purchase price of a home up to an amount of $8000. This means that if a first time home buyer purchases a home in 2009 they are eligible to receive a credit towards their tax bill up to an amount of $8000. This is a gift from your government! It is not a loan, it is yours. I'm told that if you don't have an $8000 tax burden then the remainder is sent to you in the FORM OF A CHECK! There has never been a better time than NOW to buy a home. I repeat. "THERE HAS NEVER BEEN A BETTER TIME THAN RIGHT NOW TO BUY A HOME!!"

For more information on the stimulus plan and it's effects on home buying see the following pages: http://www.brookings4sale.com/files/1442649/Government_Affairs_Tax_Credit_Chart_021309.pdf

http://www.brookings4sale.com/files/1442649/Government_Affairs_Homeb_Tax_Cred_QA.pdf

If you still have questions call me at 605.691.1240

Brookings Real Estate market starts 2009 off the mark. January 2009 produced a Residential Sales total volume of just under $1.6 Million Dollars. This is a 31% decline from January 2008. On the brighter side, homes under contract in January were relatively flat with only 6% less than January 2008. New inventory fell by 45% while our existing inventory rose by half, or 56% over the existing inventory levels of last January.

In short, this is a GREAT time to be a Homebuyer! Interest rates are low, inventory levels are high and sales are at a slower pace than in recent years. I have to tell all you homebuyers in Brookings South Dakota, "Now IS the time!" If you've been watching the Brookings Real Estate market for more than the last six months, you'll know that this is a monumental opportunity.

This opportunity will surely end soon. The days of competing offers for properties is already returning. If you've been waiting for the bottom of the Brookings Real Estate Market, I'd just say, "Don't wait to long, because it may already be gone!"

Residential Sales Take Off

Brookings area residential real estate sales strong in May 2008. Sales were up by 10% this May compared to the same period in 2007. The Brookings area Multiple Listing Service (MLS) recorded $7.2 million dollars in sales for May 2008 as compared to $6.5 million dollars in sales for May 2007.

Home values were on the rise as well. The average home price for May 2008 was $157,515. This is an increase of 13% over the average price of $139,754 for May of 2007.

Source East Central Board of Realtors MLS Compiled by Justin Fjeldos