Blog-April 1, 2024—9-10—Remodelers Show----------
1st day of April—NO FOOLIN----we did the Remodelers Show and thanks to the work of Butch Warrington---we had our first numbers for the first quarter of the year---January thru March 2024 compared with 2023—and 2022
---------------------------------------------------------------2022----------2023-----------2024
New Residential---------------------------------------$58.1 M-----$15.5 M-------$35.4 M
New Commercial------------------------------------$275.2 M----$169.7 M------$74.4 M
Res Add & Remodeling----------------------------$16.7 M-----$12.9 M------$14.0 M
Comm Add & Remodeling------------------------ $26.3 M-----$72.2 M-------$35.2 M
New Commercial Manufacturing------------- ----$4.3 M---- $22.3 M-------$27.7 M
Office, Institutional, Educational--------------$142.1 M-----$32.4 M------$850.0 K
Single Family Units------------------------------------183------------33-------------105
Townhome Units-----------------------------------------68------------25---------------25
We had Butch lead the discussion with the help of Todd Boots—Former State Building Association President, Steve Swenson, Handyman, Joel Ingle-President of Home Builders and Teddi Mueller—Executive Director of the Home Builders.
It gave us a chance to talk about the May 11th Parade of homes---70 home will be available to see----and we’ll continue to point to that time—when people can visit in Sioux Falls and across our area. It’s something people can learn about trends—opportunities---and perhaps get their questions answered.
All on the panel seemed to agree that there is “Optimism,” back in the market and people are making the adjustments to cost.
Steve was able to talk about trends at Handyman—what people are seeing what they want including the choice to have the open showers versus the tubs. To each his own—but it is nice to visit with Mr. Swenson each month about what is available ---and what people are picking out.
Todd---remembers the days at SD State President of the Home Builders Association---but he is still looking to help people in 2024 and 2025. Good ideas----well-versed---and smart in styles as well.
No Brent Adney this week—but we expect him next week for the Report Card Show. Kelly-Kelly and her husband Dave Kelly—talked the financials. Kelly was sharing the Heckham—those that 55+ or 62+---and what they should look at and how it makes sense to know what works---opportunities that give you choices----and get yourself prepared for a little later in life. With Brent Away---Dave—share interest rates---some say 6% others thinking 6 ½%--but the best bet is to look-talk----and plan your own direction. Both the Remodelers Show and the Report Card Show—talks about the interest rates—and what is expected.
Tony Bachman---Coldwell Banker is the consistent part of the Remodelers and Report Card Shows each year. We get some facts and figures---and the President’s of the Home Builders and the Realtors—get a consistent friend to visit with during our Remodelers and Report Card Show each month.
We talked about the new listings that came out and in March---and looked ahead to April, May and June.
Among the facts:
Foreclosures are still low when looking at pre-pandemic by 25%
Mortgage rate projections think 30 year rates could be in the high 5% range
More Economists are projecting a soft landing when it comes to a recession from 2023. 39% predicted no recession and in January 2024--% are predicting no recession
Low unemployment rates nationally below 4% and locally we are at or just below 2%
Many home owners are sitting on a tremendous amount of equity, 39% own their home free and clear, and 29% have over 50% equity in their homes.
Consumer confidence is good—only in 5 people think prices are going to fall.
On an average, homes appreciated about 4 to 6% in 2023.
The Remodelers and Report Card Show—provide the most expertise in two hour long shows each month. It’s a show we have done for more than a decade----and we get high marks for having current leadership---to discuss the topics each month.
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 –generally by noon or within 24 hours. This 9-10 Show---is first on---and first on the website.
Use these notes as a guideline to what is on the show----and who are the leaders sharing what they know.
Questions for me—feel free to call/text at 605-728-2455 (BILL) or email me at bill.zortman@mwcradio.com.
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