Things are not always as they seem.
Ask almost any REALTOR® how the real estate market is right now and they will say “CRAZY!” And they are probably right. New listings coming on the market are experiencing a frenzy of showings and in many cases multiple offers. Buyers are discovering as well that if you find a home you like, you had better be prepared to act on it right then and there or it may be sold to someone else tomorrow.
This is what a normal spring market is like. But is this high activity being experienced overall in the market?
One of the most popular charts that I produce each month is the Balance of the Market report. It shows whether we are in a buyers market, sellers market or even market. The report I publish is what the entire MLS is experiencing. Currently we are at 3.6 Months of Inventory. In other words if no new listings came on the market, it would take 3.6 months to sell out our current listing inventory. 3.6 Months represents a Sellers Market. Prices tend to rise in a Sellers Market as well.
The market with homes for sale above $300,000 are in a Buyers Market with 6.3 Months of Inventory. Characteristics of a Buyers Market are declining prices. Both market types can experience heavy activity, especially in the spring. Homes for sale under $100,000 are at 4.5 Months of Inventory, a Balanced Market. Home prices are stable, not going up nor down.
So are you now totally confused? Don’t worry! Just remember that the real estate market is constantly changing. As a seller, if you focus on condition and listen to feedback for price, your home should sell. As a buyer, work with a proven real estate professional and be ready to act quickly if you find the home of your dreams.
Click The Graphic Images Below To Download Full PDF
May 2014 Balance of the Market Report
May 2014 Inventory Breakdown By Type
May 2014 Homes For Sale
May 2014 Pending Transaction Count
May 2014 Home Sales YTD
May 2014 New Construction Inventory
May 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!