DMAAR Housing Stats October 2020
November 11, 2020
The Des Moines Area Association of REALTORS® (DMAAR) reports October sales surged over 34 percent last month with 1,547 sold properties compared to 1,150 solds in October of 2019.
The average number of days on market was down to 43 days for October 2020, as compared to 53 days from October 2019.
The median sale price rose 19.7 percent at $235,000 in October 2020 compared to $196,400 in October of last year. The number of properties on the market continues to fall below last year’s number. With only 2,566 homes on the market, that calculates to 36 percent less homes available when compared to October 2019.
“The Des Moines October real estate market was moving fast again with properties selling very quickly. Over 1,000 properties sold in less than 30 days. We’re continuing to see a high number of sold properties. The busy fall is likely due to the pent-up demand from the slow Spring due to the uncertainty of the pandemic. The low interest rates continue to make conditions ideal for home buyers,” stated DMAAR President Lance Hanson.
1,167 properties or 75.4 percent of sold properties were financed conventionally. Cash purchases amounted to over 11 percent of the sold properties. 7.3 percent of sold homes were financed with an FHA Loan.
Additional statistics and information about the Des Moines area housing market are available at the DMAAR websitewww.dmaar.com.
The Des Moines Area Association of REALTORS® is a professional association that represents more than 2,400 REALTOR® members. The mission of DMAAR is to be the voice of real estate in the Des Moines area. The term REALTOR® is a registered trademark, which identifies real estate professionals who adhere to a strict code of ethics as members of the National Association of REALTORS®.