Home Sales Up and Prices Up in August
September 13, 2021
Des Moines metro home sales in August increased slightly from a year ago and the market showed a modest slowdown from the fast pace experienced this Spring and Summer.
Sales increased by 3 percent from August of 2020 in the Des Moines Metro area reported by the Des Moines Area Association of REALTORS® (DMAAR).
1,678 residential properties sold in August 2021, while 1,628 homes sold in August of 2020. To keep the sales in perspective, 2 years ago only 1,291 properties were sold in August 2019.
The median sale price increased 6.25 percent to $255,000, compared to $240,000 in August of 2020.
The median of 5 days on the market takes the middle set of numbers in a data set which in this case more accurately reflects the fast-paced market in the Des Moines metro area. The average days on market calculated to 24 days.
The amount of available properties on the market in August rose slightly over last month with 2,173 properties on the market compared to 2,086 properties in July. In August of 2020, there were 2,654 properties on the market. In past years, prior to the pandemic, it was not uncommon for the metro to have 3,500-4,200 properties on the market in the summer months.
1,235 properties or 73.6 percent of sold properties were financed conventionally. Cash purchases amounted to 11.3 percent of the sold properties. 9.1 percent of sold homes were financed with an FHA Loan.
“We definitely saw a bit of a slowdown in August. Typically, the market tends to see a gradual decrease in activity as school restarts and families settle into their new routine. With that said, homes are still selling in less than month in most cases. Our inventory continues to creep higher which will give our buyers more choices and bring us closer to a balanced market,” stated DMAAR President Ted Weaver.
Additional statistics and information about the Des Moines area housing market are available at the available at the DMAAR Housing Stats web page.
The Des Moines Area Association of REALTORS® is a professional association that represents more than 2,600 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®.