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Local housing market performs well despite pandemic

Gov. Kristi Noem is encouraging people to come to South Dakota, saying the state is open for business
Published: Sep. 3, 2020 at 6:01 PM MDT
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RAPID CITY, S.D. (KEVN) - Many industries are taking huge hits because of the pandemic, but not the Black Hills housing market.

“It’s picked up since the pandemic started,” said Ron Sasso, a broker associate with Coldwell Banker. “That’s more what I’m seeing and as politics have gotten more divisive, I think people are trying to gravitate to where they know they’re going to be more comfortable.”

Daene Boomsma, the owner of Boom Construction in Rapid City, says their business is also up. The pandemic naturally lined up with their normal rush. He also said they have been busy building houses and the gap between new construction pricing and existing construction is as tight as it will ever be.

“It may be contributing to why our new construction is so busy is because people that own existing homes,” said Boomsma. “They’re getting a top dollar for that existing home, so that gap between moving up from that existing home and the existing home to the new is less than maybe what it is when that existing market is in a downturn.”

Sasso said he sees people moving from out of state, which he thinks has political undertones.

“It seems to be that much more politically motivated, as far as the decision to come here, looking at the politics from the states that they’re coming, and they’re looking at South Dakota,” said Sasso. “They’re looking at South Dakota’s governor and what she has done, and basically, we’ve got a very strong economy, we have not completely shut down everything. People are looking at that and that’s really driving a lot of people to come here.”

“I think that is still a wonderful place for people to come and enjoy our outdoor spaces,” said Governor Kristi Noem on Saturday at the Central States Fair. “We’re also telling everybody still to wash their hands, to be safe, and to use the precautions that we have been laying out since the very beginning.”

Both Sasso and Boomsma say, “the time is now.”

“If somebody is sitting on the fence about whether or not they should list their property, they absolutely should put their property up for sale because the inventory is low, prices are up and interest rates are near record lows right now,” said Sasso. “So even for buyers, it’s a great time because you can get more house for your money.”

Copyright 2020 KEVN. All rights reserved.

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