Des Moines Real Estate Sales Running Wide Open
Real estate in Des Moines has become a 7 day a week proposition for Realtors and buyers alike. The biggest focus is on watching for new listings and agent to agent networking. The most needed price range of homes continues to be between $100,000 and $250,000. Homes for sale in all price points up to $450,000 are now experiencing the benefits of being in a sellers market. $450,000 to $600,000 homes are in a balanced market with 4-6 months of inventory. Only the top end of the Des Moines market (above $600,000) remains in a buyers market.
Prices Continue To Rise As Inventory Levels Out
I thought it was appropriate to update and bring back a graphic that I first produced back in February. It shows a direct correlation between the inventory of homes for sale and the median list prices. Initially, this graphic may appear a bit confusing, but take note of the blue trend line first. January 1st we started the year with just over 3,200 homes for sale. Inventory began to rise but as buyers came out early, homes began to sell faster that we were listing them. The result was a continual drop until early March when we finally started to see a leveling off. As of April 30th, we are sitting just under 3,000 homes for sale. The orange trend lines show almost a totally opposite reaction to inventory. As the number of homes for sale drop, the median list price rises starting January 1st at $215,000 and reporting in April 30th at just over $260,000.
What To Expect Next
We have been about a month ahead of schedule all year long in 2016. A year ago at this time, we began to see home inventory rise as pending sales peaked. I would be hard pressed to believe that we have peaked yet. That means we started our year earlier and are continuing to experience record activity. Pending sales are 10% higher than last year at this time and the 30 day rolling median sale is almost to $200,000 coming in at $198,342 as of 4/30.
If you are a buyer, continue to be ready to go at a moments notice to see a new property on the market because odds are, it won’t be there the next day.
If you are a seller, get your home on the market NOW! We Need You!!!
~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.
April 2016 End of Month Recap Reports
(Click on Thumbnail To Download Full Sized PDF)
April 2016 Year To Date Homes For Sale
April 2016 Year To Date Pending Transactions
April 2016 Year To Date Homes Sold
April 2016 Year To Date Balance of the Market