July Housing Stats: Homes Selling Fast, Sales Dip Slightly
August 11, 2021
Des Moines metro homes continued to sell at a record pace in July. July’s average of 24 days on the market tied the record low set in June. The median days on market was only 3 days again for the third straight month. Sales dipped 8.7 percent from July of 2020 in the Des Moines Metro area reported by the Des Moines Area Association of REALTORS® (DMAAR).
1,703 residential properties sold in July 2021, while 1,866 homes sold in July of 2020. To keep the sales in perspective, 2 years ago 1,420 properties were sold in July 2019.
The median sale price increased 8.7 percent to $250,000, compared to $229,900 in July of 2020.
The median of 3 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 amount of available properties on the market in July did improve slightly over June with 2,086 properties on the market compared to 1,838 properties in June. In July of 2020, there were 2,785 properties on the market. In past years that were not influenced by a pandemic, the metro has 3,500-4,100 properties on the market in the summer months.
1,291 properties or 75.8 percent of sold properties were financed conventionally. Cash purchases amounted to over 10 percent of the sold properties. 8.9 percent of sold homes were financed with an FHA Loan.
“July was another month of small gains in the number properties on the market, which is a positive sign toward a more balanced market. While the sales dipped slightly, homes continued to sell extremely fast and the median price climbed again. It is important to keep in mind that sales are still well over the number of sold properties we saw 2 years ago. The slight decline in pending home purchases and sold purchases may indicate buyers electing to be patient and wait for more homes to come on the market,” stated 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®.