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The Spring Market Is Itching To Get Going!
February only saw a total of 11 days of sunshine and measurable snow 15 of the remaining days. Needless to say this has affected the start of Des Moines real estate sales. There’s no need to panic however. Iowan’s are not strangers to winter weather and with the exception of a couple of larger storms, homes were added to the market and in many cases under contract within a day or two. The graphs below tell the story, so read on!
Monthly Market Snapshot as of February 28th
(Click Graphic To View Full Size)
The biggest movement in the market this month was the lowest price point resale inventory. Pending inventory counts rose by over 200 in the resale category with 1,723 homes now waiting to close. New construction pending counts dipped slightly but this is typical at this time of year as the upper price point homes generally become most active in late March when the weather fully breaks. Even with the challenges of weather, the overall closed sale counts are ahead of 2017 at this date.
2018 Year Trend Reports
Active – Pending – Sold – Balance of the Market
Compared To 2017
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You need to click on this graphic to bring it to full size. The dip in the homes for sale quadrant is absolutely due to February weather. The pending quadrant flattened out as well during the same period.
Months of Inventory by Buyer Pool and by Price Points
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The biggest story on this graphic is the upper price range activity. As hot as the lower ranges are, the $700,000 and above price ranges were still deep in a winters nap in February. Only two sales occurred above the $700,000 price in February but the upper buyers are making their way into the market. Remember the end of January’s graphic… (below)
~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.