Des Moines May Housing Trends Report6/12/2019
The Des Moines Area Association of REALTORS (DMAAR) reports another month of healthy sales despite May’s stormy weather.
Median sale price was up 2.4 percent from May 2018. The median sale price came in at $210,000 last month.
1,419 residential properties were sold in May 2019 while 1,498 were sold in May 2018. This is a 5.3 percent decrease from last year. May had a 23.2 percent increase in sold properties when comparing to the 1152 sold properties in April.
Properties are selling quickly with an average of 65 days on market. This is a 14% increase from May 2018, but a small increase from last month.
The seasonal trend of more listings in Spring continues with 3,734 active properties on the market in May. That represents an increase of 9.3 percent when compared with May 2018. That is also 246 more homes on the market than in April 2019.
“The activity in May was typical for Spring in Iowa. Active and sold properties are growing in number. We look forward to warmer weather and a strong June in sales. Typically late Spring and Summer is the busiest time of the year in real estate. With interest rates still just over 4 percent and a busy season ahead, this is a great time to buy or sell your home. A local Realtor’s market expertise and experience will guide you through the buying and selling process. Go to DMAAR.com and check the member directory to find a local Realtor,” stated DMAAR President Jenn Clark.
972 properties or 68 percent of solds were financed conventionally. Cash purchases amounted to 13 percent of the sold properties. Only 10 percent of homes were financed with an FHA Loan.
Additional Statistics and information about the Des Moines area housing market are available at the DMAAR website, www.dmaar.com.