The average number of days on market was down to 46 days for September 2020, as compared to 55 days from September 2019. The median sale price came in 6.8 percent higher at $229,700 in September 2020 compared to $215,000 in September of last year. The number of properties on the market continues to fall below last year’s number.  With only 2,640 homes on the market, that calculates to 38 percent less homes available when compared to September 2019.

“The third quarter ended very strong with September sales over 21 percent higher. Homes are selling at such a fast pace that we encourage serious buyers to make sure they are pre-approved and have all their finances in order to move quickly on a home purchase. Working with a REALTOR will help ensure a smooth transaction in this fast-moving market.  In many cases, homes are moving from active status to pending sale in only a day or two. With a limited amount of homes available in some price ranges and a lot of buyers ready, this a great time to sell your home before the end of the year,” stated DMAAR President Lance Hanson.

1,068 properties or 74 percent of sold properties were financed conventionally. Cash purchases amounted to over 11 percent of the sold properties. 8 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 websitehttps://www.dmaar.com/news/housing-stats

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®.