With the fast paced market this Spring, the market has become more of a seller’s market. This meaning that there are more qualified buyers than there is inventory. According to DMAAR (Des Moines Area Assoc. of Realtors) the median sales price is up nearly 7% over last year.
The Associations statistics show that 802 contracts were closed in April and the average days on market dropped to 103 days. There were 3,912 active listings which is down nearly 650 from April 2012. These numbers antiquate well as to why it is a seller’s market. This trend is continuing to stay on course. What does this mean to you as a home owner? If you have thought about moving, this is the time. With the qualified buyers ready to purchase, sellers are getting a little more of the upper hand. The numbers don’t lie.
Low interest rates remain, meaning more qualified buyers. If this trend continues as it looks like it will, consider this the time to sell. Nearly 57% of Des Moines Metro homebuyers financed a home with conventional financing in March 2013. FHA maintained a steady 18% and cash purchases made up over 19.5% of the transactions. These are promising numbers that have led to home values continuing to climb in Iowa.
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(DMAAR Press Release Dated May 8, 2013.)