Des Moines Area February Sales Up 10.4% Despite Low Inventory

February Sales Up 10.4% Despite Low Inventory

March 10, 2021 February sales increased 10.4 percent from February of 2020 in the Des Moines Metro area reported the Des Moines Area Association of REALTORS® (DMAAR). The median sale price rose 16.6 percent compared to the number of sold properties in February 2020.

851 residential properties sold in February 2021, while only 771 sold in February 2020.

The median sale price rose to $226,000 in February 2021 compared to $193,900 in February of last year.

The number of properties on the market continues to fall far below last year’s active listings. Only 1,787 homes were on the market compared to 3,487 active listings in February 2020.

612 properties or 71.9 percent of sold properties were financed conventionally. Cash purchases amounted to over 10 percent of the sold properties. 11 percent of sold homes were financed with an FHA Loan.

Homes continue to sell extremely fast with an average of 46 days compared to 74 days in February 2020.

“Our sales continue to eclipse last year’s numbers. A low number of homes on the market continues to cause challenges for those ready to buy. Multiple offers are extremely common right now. It is very important for buyers and sellers to work with a Realtor that has the professional expertise to help them in this fast-paced market. This is a great time to sell your home with a high demand of buyers ready and willing. Your Realtor can help you prepare your home for sale and knows how to navigate these multiple offer situations,” stated DMAAR President Ted Weaver.

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®.