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Home Inventory On The Rise As Summer Fades
Home inventory levels are finally on the rise
After a seven year slide, Des Moines home for sale inventory has finally taken a turn back upwards. In August 2010, the Des Moines MLS recorded 5,912 homes for sale and every year since then inventory levels have been on a steady downward spiral. Partly because of the number of home buyers out in record numbers and also due to a lack of sellers putting homes on the market. I’ve talked in the past about some of the reasons for such a shortage of inventory but finally this month we have seen a turn upwards. I will keep an eye on this data over the next few months to make sure that it’s just not a blip on the radar, but one thing is for sure, buyers are finally beginning to enjoy an ever so slight increase in homes to choose from.
(Click Graph To Download)
Eight months in to 2017, here are the benchmark numbers in the Des Moines real estate market as of August 31st.
- The number of homes for sale are at the years highest level at 3,526 homes on the market. The highest inventory level of homes for sale in 2016 was 3,484 homes.
- Pending sales continue to typical and predictable slowdown as we move towards fall. There are currently 2,393 homes in Pending status compared to 2,495 a year ago (4.1% decrease year over year)
- Sold transactions are on a similar trajectory as 2016 tracking a little over 600 closed sales ahead of the same time last year.
- The Months of Inventory is also creeping upward at 2.9 MOI but well within the definition of a Seller’s Market overall.
Months of Inventory By Three Categories
(Click Graph To Download)
Months of Inventory by $100K Price Ranges
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Homes For Sale Inventory Approaches Last Years High
(Click Graph To Download)
Pending Sales Experience Surge In July
(Click Graph To Download)
Closed Transactions 350 Units Over Last Year
(Click Graph To Download)
Sellers Market Slowly Moving Towards Balanced
(Click Graph To Download)
~Les Sulgrove, Broker
VIA Group REALTORS
If you are interested in selling your home or purchasing a home, give me a call! I will help you determine your best strategy based on your local market data.