Inventory Continues To Grow in Des Moines Housing Market
September 13, 2023
The Des Moines housing market continued to experience gains in August, with active listings and sales slightly increasing month-to-month. In fact, the metro area hit a welcome milestone, exceeding more than 3,000 homes on the market for the first time since November 2022.
“An increased inventory in the Des Moines metro area is a welcome addition to the end-of-summer market,” Kim Bakey, DMAAR president, said. “As we prepare for cooler months, we are optimistic these bright spots in the market will continue.”
The number of home sales in the Des Moines metro area increased 7.5% to 1,314 homes sold in August, compared to the 1,222 sold in July. Year-over-year comparisons were the opposite, with a 10.6% decrease from the 1,470 homes sold in August 2022.
Pending sales decreased slightly in both monthly and yearly measures. August saw 1,162 pending sales, a decrease of 8.2% from the 1,266 pending sales of July and a decrease of 8.8% from the 1,274 pending sales of August 2022.
The number of active listings were boosted for the fourth month in a row, reaching above 3,000 for the first time in ten months. With 3,062 homes on the market in August, the metro experienced an increase of 6.3% compared to the 2,880 properties on the market in July. The listings represent a nearly 14.7% increase from August 2022.
August’s median sale price of $285,655 represents a slight decrease from last month’s price of $286,300. Year-over-year the price is on the rise, with an increase of 6.4% compared to the $268,250 median price in August 2022. Last month, homes averaged 38 days on the market, slightly down from July’s 42 days on the market. The increase was more significant yearly, as days on the market set at 24 in August 2022.
Of the properties sold in August, 837 or 64%, were financed conventionally. Cash purchases amounted to 18% of the sold properties and nearly 10% were financed with an FHA Loan.
Additional statistics and information about the Des Moines area housing market are available at the DMAAR Housing Stats web page.
The Des Moines Area Association of REALTORS® is a professional association that represents more than 2,700 REALTOR® members. The association consists of REALTORS® from the larger metro area, including but not limited to communities such as: Adel, Perry, Polk City, Newton, Knoxville, Indianola, Pella, Winterset. 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®.