Rapid City Real Estate - the market stats for July 2011

Rapid City Real Estate Market - for July 2011...

Did things continue to hold during the month of July? We finally had some warm temps, but typically July tends to be the summer doldrums as people are out vacationing and enjoying the few months of summer we have up here. But this year things were more happenin'.

Across the board, we had 21 more units sell than last year (up 2.6%) and a 10% growth of homes under contract.

Things keep rolling in single family homes - number of sold homes up 7.5%...with days on market being slightly longer - averaging to be 15 more days. But again, average sold price is holding steady at an upward trend compared to last month - this month being up 3% from last year.

New construction continues to find its balance. It's getting almost impossible to finance a spec home, and many builders are waiting until the line is signed before starting a build. 23% fewer homes sold this month over last and average sale prices down 2.2%.

Finally, as the Sturgis Motorcycle Rally is in full force, the Central States Fair is due to come in 2 weeks, we are planning a back to school shopping trip (for stuff - the agonizing clothes trip we'll save for a second fun day...the boys haven't figured out the joys of shopping yet...), and we have numerous school open house functions on the calendar, I want to know one thing...

What HAPPENED to SUMMER??

- Tristan

Tristan Emond
Prudential Kahler REALTORS(R)
www.rapidhomesonline.com