May Housing Stats: Homes Selling at a Record Pace
June 9, 2021
Homes in May sold at a record-setting pace with an average of 31 days on the market. The median days on market was only 3 days. Sales rose over 15 percent from May of 2020 in the Des Moines Metro area reported by the Des Moines Area Association of REALTORS® (DMAAR).
1,496 residential properties sold in May 2021, while only 1,299 sold in May of 2020.
The median sale price increased 9.8 percent to $245,950, compared to $224,000 in May of 2020.
The median days on market was only 3 days in May. The median takes the middle set of numbers in a data set. In this case the median DOM more accurately reflects the fast-paced market of DMAAR.
With inventory still very low, the number of properties on the market continues to fall well below last year’s number. With only 1,734 homes on the market, that calculates to 43 percent less homes available when compared to May 2020.
1110 properties or 74 percent of sold properties were financed conventionally. Cash purchases amounted to over 9.6 percent of the sold properties. 8.9 percent of sold homes were financed with an FHA Loan.
“Homes continue to sell extremely fast with our average days on market at 31 days in May. With the median days on market of only 3 days, that illustrates how fast homes are being sold. I know of many homes that were sold within hours of being listed on the market. This is definitely a seller’s market right now. We recommend buyers are pre-approved for a loan and work with a Realtor® to guide them through the process. Buyers need to be ready to act fast and navigate through multiple offers and contracts that are accepted after only a few hours or days of coming on the market,” stated President Ted Weaver.
Additional statistics and information about the Des Moines area housing market are available at the DMAAR website
The Des Moines Area Association of REALTORS® is a professional association that represents more than 2,400 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®.