Blog-August 9, 2022—10-11—The Report Card Show

   It’s a special week-----and with the Ag Summit---with the Mayor, Ag Secretary, Darren Hefty AG PHD, and Jim Woster---helping us with the Come Together Leadership of Agriculture on Ag Appreciation Day at the Sioux Empire Fair---Wednesday----we moved the Report Card Show to the 10:00 Slot on Tuesday---with all of the record breaking building permits---the interest in homes –buying, building, selling, and financing---it fit to be a day before the Ag Leadership.

    So this morning----our housing leadership paves a new way.

    The Keynoter is Tony Bachman---Coldwell Banker---

     He points out as we entered August, many people are asking questions about what to expect moving forward---

• Are home prices going to FALL?
• Is the Housing Market in for a CORRECTION?
• Or is the Housing Market going to CRASH?
• The Market has SHIFTED---and that’s a good thing
• Listings are down 6.3% compared to last July and 5.4% for the year
• Closed Sales Down 27% compared to last July and 10.2% for the year
• Days on Market until SALE are down 4.4% from 68 days to 65 days
• Median Sales Price is $214,700—up 17% compared to last July of $269,000
• Percent of Original List Price Received is still at 102.4% of the list price
• Monthly Supply of Homes For Sale is down 31.4% from last year at same time
• Inventory Levels as of yesterday (Monday August 8, 2022)---single family homes available—456 with 123 of them being $300,00 or less, in Sioux Falls 240 of those we have 47 active homes for buyers to review $300,000 or less

      Here are the building Permit Stats---first time to $1 Billion + in less than 8 months

City of Sioux Falls Building Permits-------January 1-July 31st, 2022

--------------------------------------------------2020-----------2021----------------2022

Total Building Permits Issued--------$349.8 M-----$607.2 M----------$1,077.2 B

New Residential--------------------------$126.3M-----$186.5 M------------$181.0 M

Single Family Units------------------------390-----------542-------------------507

Townhome Units---------------------------194-----------265-------------------277

Multi-Family Units------------------------537----------1181------------------2400

New Commercial------------------------$121.1 M--- -$247.5M------------$745.9 M

Res/Addition Remodel-------------------$36.2 M-----$38.4 M------------$745.9 M

Comm/Add Remodel---------------------$66.2 M----$134.8 M-------------$87.8 M

Community Numbers-2021 vs 2022-January 1-----July 31------------Pct Change

Sioux Falls Home Sales -----------------1988-----------1,777--------------- -10.6%

Sioux Falls New Listings----------------2642-----------2,394---------------- -9.4%

Sioux Falls Metro Home sales---------2529----------- 2,268--------------- -10.4%

Sioux Falls Met New Listings----------3383-----------3,092----------------  -8.6%

Dell Rapids Home Sales----------------- -37---------------41----------------+10.8%

Dell Rapids New Listings---------------  -45---------------54--------------- +20.0%

Madison Home Sales---------------------  67-------------- 72------------- --   +7.5%

Madison New Listings------------------- -80---------------97---------------- +21.3%

Lennox Home Sales----------------------- 32---------------32-----------------    0.0%

Lennox New Listings--------------------- 52---------------52-----------------    0.0%

Harrisburg Home Sales---------------  -115--------------105----------------- -7.1%

Harrisburg New Listings--------------  151--------------150----------------- -0.7%

Brandon Home Sales-------------------  113--------------100---------------- -11.5%

    Anne Ferrell—is President of the Real Estate Association

    Jon Beatch---President Sioux Empire Home Builders Association

    They  provide the leadership that helps us work with the building needs and the buying and selling of housing. Both bring their own ideas what all these facts around them---to share what they are seeing in the market-place---on the street----and in the future. We are blessed to have them interpreting the facts and figures---and bringing up the Fall Parade of Homes which is now just a month away.

     10:33---Brent Adney—SD Housing Authority and Dave Kelly—Fairway Mortgage give us the financial picture on who can buy---under what terms and the kind of programs that are available.

     We are told that the July Market Indicators and Housing Supply Overview are in for Review

       These two guys will help us understand the financial side---what programs are out there—the kind of questions being asked----and where are we in the cycle of ups-downs-those that can play and those that may have to wait.

       How does Sioux Falls area compare with other areas in the State----Brent and Dave will discuss----and we’ll all learn something.

     10:45---Jerry Berg---INTEK----the shape a house in during the for-sale period of time is pretty important. Many who perhaps were looking at selling and in the process may have gotten a surprise or two with 4-5 inches of rain.

     Jerry is fresh from a television interview last night---talking about the clean-ups and all that is important. We’ll ask him for an update---and a bigger picture scenario. We’ll have about 9 minutes to talk----which lets us discuss a few more things than just being on for 1 or 2. Great reporting---great insight---we’ll just go deeper.

    Our Report Card show we have been doing 10 or so years---each month. Reporting with the experts—what they see---sharing what we should know---and we include even the stats on building permits and Community by Community performance.

    Our Next Report Card Show will be September 12th.

     Listen live at 1320, 105.1, 107.9—use the KELO App—Streaming on Line---or just ask Alexa.

     Norm Anderson will have the show available as a PODCAST By NOON on the Day that the Show Runs Live.

     Go to the KELO-AM Website—look for It’s YOUR Business—in this case the August 9, 2022—10-11 Show. Use these notes as a guide to what was in the show—and the stats that make up the history for the first 7 months of 2022.

     Questions for me—feel free to call/text—605-728-2455 (BILL) –or email me at bill.zortman@mwcradio.com.