The housing market in the Des Moines metro area has started to slowly spring to life. Both inventory and sales increased in March, showcasing that homebuyers are still dedicated to finding, or selling, a home. I’m Melissa Hatchitt, REALTOR® at Zealty Home Advisors and today we will discuss the current housing market data in the Greater Des Moines area provided and sourced from the Des Moines Area Association of Realtors.
DMAAR president Eric Webster stated “The Des Moines Housing Market showed all the signs of a blooming spring with increases in sales, contracts written and inventory... Despite uncertainty in the markets and overall economic landscape, housing appears to continue on its typical spring trajectory, picking up. Now's the time to contact your trusted REALTOR to take advantage of the spring market."
Available homes tipped the scales at an 19% increase compared to last year’s numbers signaling the arrival of warmer temperatures, and both buyers and sellers alike looking for their next opportunity to put down roots in a new location. Compared to February, active listings are up by an almost 1.5% increase.
March experienced a 35% increase in sales compared to February. Last year, at this time, talks of federal interest rate decreases were ramping up, buoying sentiment. Conversely,
uncertainty in the current economic forecast could make those looking to jump into the housing market more cautious.
The number of days in which homes spent on the market had seen a mild fluctuation, which bodes well to the indicators of a market that is ramping up. Compared to February, March ticked off one less day on the market, with 72 days. Compared to last year, March added 5 additional days on average, making for a 7.5% increase. The median sales price saw a modest increase from $280,000 to $289,900, making for a 3.5% increase since February, and a 1.7% increase compared to last year’s median sales price of $280,000.
If you’re thinking about entering the housing market and would like to strategize the best plan to help you find your dream home, we’d be happy to help you. Give us a call or email us today! And if you aren’t already, make sure to follow us on all of our socials and subscribe to our YouTube channel.
