It only seems like winter has been here since 2011…
By now we have survived February, a month that seems to last forever. I hope that the saying “March comes in like a lion and leaves like a lamb” is true.. not expecting it, but hoping.
One thing I do know is that we are extremely short of homes for sale. This graphic above shows just how far behind we are compared to the previous 5 years. It’s hard to imagine that in 2009 we had almost 2,000 more homes for sale than we do today. Now before we go wishing for something that we may not really want, be sure and check out the balance of the market chart below. Even as the real estate business appears, we are actually in a balanced market.
If more listings come on the market and the buyer pool doesn’t increase to match it, we should see a swing back to a buyers market as existing buyers find more selection. In this scenario home prices typically do not rise.
What I believe will happen is that the buyer pool will not only increase, but will continue at a faster pace than the number of homes entering the market. This will favor sellers as supply is short of demand. When this occurs, home prices begin to rise and buyers may experience competing for the same homes.
The bottom line message is that if you are thinking of selling your home, this is the “sweet spot” time of year for you.
Ladies & Gentlemen… gas up your cars and start your engines! The market is going to be on fire!
Keller Williams Greater Des Moines
February 2014 Balance of the Market Report
February 2014 Inventory Breakdown By Type
February 2014 Homes For Sale
February 2014 Pending Transaction Count
February 2014 Home Sales YTD
February 2014 New Construction Inventory
February 2014 Active, Pending, Sale Price Average
SimplyDesMoines.com is your local resource for real estate market conditions and statistics in the Des Moines and central Iowa area.
Les Sulgrove is a licensed REALTOR® with Keller Williams Greater Des Moines and has been licensed to sell real estate in Iowa since 1990. If you are looking to buy or sell your home, contact Les today!