March 2018 Housing Trends

March 2018 Housing Trends

April 12, 2018

March Housing Report 

Des Moines, Iowa – April 10, 2018 –Despite the cooler temperatures, contacts closed increased over this time last year according to the Des Moines Area Association of REALTORS®(DMAAR) 1,123 homes sold in March 2018 which is up nearly 4 percent over last year and up 53 percent over February 2018.

The median sale price increased 9.3 percent over March of 2017 and bumped 4 percent over February of this year. Days on market was unchanged this March when compared to March of the previous year at 71.  

The number of properties is on the rise with 3,141 active listings in the metro area. February 2018 showed 3,071 active listings and March 2017 showed 2,959 active listings.

60.7 percent of homes sold in March 2018 were financed conventionally. 14.4 percent of homes sold in March were cash purchases and 11.2 percent were financed with an FHA loan. 

“Spring typically brings a fast-paced real estate market but this year we have had a slower start to the season. Inventory is up from February and days on market is the same as last March. The Median Sale price is up over 9 percent from the same time last year,” said Brennan Buckley, President of the Des Moines Area Association of REALTORS®. “Talk to your Realtor® about the market in your neighborhood. They can help you decide if it is time for you to sell your home and move up or if it is the right time to purchase your first home. In this market, you have to be ready to make a purchase decision quickly. Be ready by being pre-approved for a home loan and know what you need versus what you want”, said Brennan.