The Des Moines Metro Experienced a Surge in Active Listings in February
March 12, 2024
The Des Moines area housing market experienced a surge in active listings with more than 100 added from last month. Despite the influx, closed sales remained consistent with past figures for both monthly and yearly comparisons.
“February delivered a market boost, enabling REALTORS® to highlight the crucial role they play in the home buying and selling journey,” Erika Hansen, DMAAR President, said. “Purchasing a home is a major decision that shouldn’t be taken lightly. Finding the right REALTOR® for you is essential to an efficient and expert driven transaction. REALTORS® will take care of you every step of the process.”
Home Sales Increase
The number of home sales in the Des Moines metro area decreased slightly 0.29% in February with 675 homes sold compared to the 677 sold in January. Year-over-year, there was a wider decline of 2.88% from 695 homes sold in February 2023.
Pending sales helped the market blossom this month, with 1,158 pending sales in February. This was an increase of 20.75% compared to last month's 959 pending sales. February 2023 had 1,032 pending sales which has this year’s figure surpassing it by 12.21%.
The monthly and yearly perspectives reveal a strong picture of active listings in the metro area. February saw 2,852 active listings, a 3.86% boost from the previous month of 2,476 active listings. Compared to the 2,463 active listings of February 2023, the new listings were an increase of 15.79%.
February median sale price of $265,000 decreased a mere 1.85% from the previous month that saw a median sale price of $270,000. The slight decrease could be attributed to the cold weather that the metro saw. The median sale price still represents a large jump from the previous year's median sale price of $245,000.
In February homes averaged 69 days on the market, up from the 61 days homes were on the market in January and up from last year’s 59 days on average.
Of the properties sold in February 436, or 64.59% were financed conventionally. Cash purchases amounted to 16.59% of the properties sold, and 12.15% were financed with an FHA Loan.
As we approach the busier spring buying season, prospective buyers should look to take their first steps in the purchasing process to get prequalified. This ensures that you are looking at homes in your price range and also allows for quick action when you are ready to put in an offer. After pre-qualification, meet your REALTOR® in their office or a mutually agreed-upon location.
Safety and comfort is important for the agent and the client. Finding the right REALTOR® is essential to an efficient and expert driven transaction. REALTORS® will take care of you every step of the process. Do your part by getting prequalified and meeting at the office or agreed upon location to ensure everyone’s safety and an enjoyable home search and purchase.
Additional statistics and information about the Des Moines area housing market are available at the DMAAR Housing Stats web page.
The Des Moines Area Association of REALTORS® is a professional association that represents more than 2,700 REALTOR® members. The association consists of REALTORS® from the larger metro area, including but not limited to communities such as: Adel, Perry, Polk City, Newton, Knoxville, Indianola, Pella, Winterset. 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®.