January Home Sales UP despite Low Inventory

January Home Sales UP despite Low Inventory

February 11, 2022

Des Moines metro home sales in January increased slightly compared to a year ago reported by the Des Moines Area Association of REALTORS® (DMAAR). Sales increased by 5.6 percent.

972 residential properties sold in January 2022 while 920 homes sold in January of 2021. The median sale price remained the same compared to January of 2021, at $250,000. The median number of 12 most accurately represents the data set for Days on Market in this case. The average days on market calculated to 39 days.

The amount of available properties on the market in January dipped from last month with 1,692 properties on the market compared to 1,947 properties in December. In January of 2021, there were 1,957 properties on the market.

717 properties or 73 percent of sold properties were financed conventionally. Cash purchases amounted to 11.8 percent of the sold properties. 6.8 percent of sold homes were financed with an FHA Loan.

“A sales increase in January is a great start to 2022! With the extremely low number of homes on the market, we’re encouraging buyers to have patience in finding their homes. It appears that First Time Homebuyers are purchasing properties in the $100,000-$300,000 range. Interest rates remain well below the historical average, so it’s still a great time to buy! We can’t stress enough the importance of getting pre-approved and speaking to your local Realtor® about starting the selling or buying process,” stated 2022 DMAAR President Jen Stanbrough.

Additional statistics for January and information about the Des Moines area housing market are available at the DMAAR Housing Stats page.

The Des Moines Area Association of REALTORS® is a professional association that represents more than 2,700 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®.