Des Moines named a Top 10 Market, November Sales Up 22.9%
December 10, 2020
The Des Moines Area Association of REALTORS® (DMAAR) reports November sales jumped 22.9 percent last month with 1,288 sold properties compared to 1,048 solds in November of 2019.
Homes sold in 61 days on average in November 2020 compared to 54 days from November 2019. Over 850 properties sold in less than 30 days.
The median sale price rose 1.2 percent at $215,000 in November 2020 compared to $212,500 in November of last year. The number of properties on the market continues to fall below last year’s number. With only 2,387 homes on the market, that calculates to 38.7 percent less homes available when compared to November 2019.
923 properties or 71.6 percent of sold properties were financed conventionally. Cash purchases amounted to over 11 percent of the sold properties. 9 percent of sold homes were financed with an FHA Loan.
Top 10 Market in the US
“We continue our extended sales curve to represent an increase for Nov 2020 over 2019 with a very small drop from October 2020. This continues to be a year of surprises with very low interest rates and new sales records along with record low inventory. We are excited to announce the Des Moines metro was identified at as Top 10 market in the US by NAR’s Chief Economist, Dr. Yun.” stated DMAAR President Lance Hanson.
The Des Moines -West Des Moines market was chosen based on its resilience during this pandemic period and it is expected to perform well in a post-COVID-19 environment. Read more aboutNAR’s Top Ten Markets During and In a Post-COVID Environment in 2021-2022.
“With Des Moines’s relatively low unemployment rate, overall affordability and stable economy, we expect our metro area to thrive for the foreseeable future,” asserted Hanson.
Additional statistics and information about the Des Moines area housing market are available at the DMAAR website www.dmaar.com.
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®.