The Des Moines Area Association of REALTORS® (DMAAR) reports February sales rose 9.7 percent from last year with 771 sold properties compared to 703 solds in February 2019.

 

The average number of days on market increased slightly, with 74 days for February 2020 compared to 70 days in February 2019.

 

The median sale price was very comparable to last year. February’s median sale price came in at $193,900 while February’s median sale price in 2019 was $194,450. 

 

The number of properties available rose 4.7% from last February with 3,487 homes on the market.

“We saw our second month in a row of increased sales from last year. Interest rates are close to record lows. We’re hopeful for good weather in March to keep the sales trending upward. Right now over 25% of single family inventory is new construction and 50% of condo/townhome inventory is new. The warm start to March should help boost the progress of those new home builds across the metro,” stated DMAAR President Lance Hanson.

 

510 properties or 66 percent of sold properties were financed conventionally. Cash purchases amounted to 16 percent of the sold properties. Over 9 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 website, www.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®.