Inventory Continues to Make Small Gains in Metro Market

November 21, 2023

The fall continued to provide a harvest of homes available for buyers in the Des Moines metro area housing market.

“Available inventory continues to make small increases in the Des Moines metro, providing buyers with slightly more options as we enter the winter season,” Kim Bakey, DMAAR president, said. “More inventory, coupled with fairly steady pricing proves we’re entering a more stable market for prospective buyers working with their chosen REALTOR.”

The number of home sales in the Des Moines metro area declined 12.1% to 955 homes sold compared to the 1,086 homes sold in September. Year-over-year comparisons reflected a similar fluctuation when compared to the 1,083 homes sold during the same month in 2022.

Six fewer pending sales were recorded in October, with 974 contracts written last month compared to the 980 sold in September. The opposite was true for yearly measures, with October seeing a 3.7% increase in written contracts compared to the 939 pending sales of October 2022.

The number of active listings continued to grow marginally in October with a handful of new listings added. With 3,309 homes on the market in October, the metro saw a 2.4% increase in available listings compared to the 3,231 homes on the market in September. The margin was more significant year-over-year with active listings representing a 10.7% increase from one year ago.

October’s median sale price dropped from that of September, but continued to rise from last year. A median sales price of $274,745 represents a 5.3% decrease from September and an increase of 4.7% increase October 2022.

Last month, homes averaged 43 days on the market, down from the 46 days homes were on the market in September, but up significantly from the 34 days on the market one year ago.

Of the properties sold in October, 580 or 60.7%, were financed conventionally. Cash purchases amounted to 21.9% of the sold properties and nearly 8.8% were financed with an FHA Loan.

Additional statistics and information about the Des Moines area housing market are available at theDMAAR 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®.