Sales Rise over 19.5% in March
April 12, 2021
March’s real estate activity warmed up for the spring months ahead. Sales rose over 19.5 percent from March of 2020 in the Des Moines Metro area reported by the Des Moines Area Association of REALTORS® (DMAAR).
1,256 residential properties sold in March 2021, while only 1,051 sold in March of 2020.
The median sale price increased 8.9 percent to $234,100, compared to $215,000 in March of 2020.
With inventory still very low, the number of properties on the market continues to fall well below last year’s number. With only 1,786 homes on the market, that calculates to 49 percent less homes available when compared to March 2020.
913 properties or 72 percent of sold properties were financed conventionally. Cash purchases amounted to over 11 percent of the sold properties. 9.9 percent of sold homes were financed with an FHA Loan.
Homes continue to sell very fast at an average of 47 days compared to 68 days in 2020.
“It was good to see March’s activity was steady and higher than last year. Early indications in April show signs of more properties coming on the market. We hope as the weather improves, construction on new homes will continue to ramp up and potential sellers will put their properties up for sale to meet the buyer demand. Interest rates are still very favorable. We continue to see multiple offers on properties and oftentimes an offer is accepted the same day or in just a few days of a property being listed for sale. It is important for buyers and sellers to have a professional Realtor on their side looking out for their best interests during this fast-moving market,” stated DMAAR President Ted Weaver.
Additional statistics and information about the Des Moines area housing market in March are available here. Historical Stats 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®.