Rapid City market conditions are pretty stable, even though they are still a little soft. According to our local multiple listing service statistics total residential average sales prices for the first four months of the year are down from $169,280 in 2008 to $162,812 in 2009. So overall, our total sales price is down about 4%.
Average price of new construction single family homes is down about 11% compared to the first four months of 2008 while the average sales price of existing single family homes is only down about 3%. Existing single family homes average days-on-market has increased only 3 days from 2008 (2009 statistics show 75 days for the first four months average). For new construction, average days-on-market for the first four months increased from 129 in 2008 to 181 in 2009.
Townhomes and condos have strong sales statistics during the first four months of 2009. Average sales price has increased almost 17% from $154,926 to $180,976. The average days-on-market has decreased this year from 138 days to 90 days, an impressive drop of almost 35%.
For more information contact me at caroll@PropertyByReferral.com.