What’s The Real Estate Market Doing?

Do you ever wonder how our real estate market is here in Des Moines? Unfortunately, we spend a lot of time listening to how rough things are in other cities around the country, but too often we don’t really consider what our real estate climate is like.

I’m a fan of having as much information available before I take action on any big decisions. I don’t know about you, but I think buying or selling a home is a pretty big deal.

As a blogger and mortgage professional, when I receive good information – I pass it on. Home listings and sales are an interesting set of information most of us don’t have super easy access to. Thankfully, I have a Realtor that hammers me with e-mails (Just kidding, I don’t mind them) on market updates and her opinion on where things are at.

Do YOU Need Help?

As a mortgage professional, I cannot sell real estate.  I can however help you connect with a Realtor.  If you are looking for some answers, I’d be happy to introduce you to someone who can help!  No question is silly or too off the wall.

I can also reach out to my connections throughout the country if you’re looking for real estate outside of Iowa.  So please, feel free to contact us, we’d love to help!

Why Should You Care About Statistics?

Whether you’re looking to purchase, sell or refinance a home – this stuff matters. These statistics are compiled from the Multiple Listing Service and cover the Des Moines, Iowa residential real estate market.

With her permission, I post the facts here so you can come up with your very own market opinion. Here’s this week’s market commentary:

“The Des Moines Real Estate Market has had another busy week of new listings and offers written.  Another positive to report is that the average days on market has slipped below the 100 day mark to 94 days.  Now that isn’t a fantastic number, but it is actually lower than this same time last year.  I think the steady stream of new home buyers out shopping is keeping that number down.

First time home buyers it is important to remember that you only have until December to take advantage of the $8000 tax credit that is available.  One important thing to note is that you must OWN the home on December 1st, not just have an accepted offer on a house.  For those of you thinking about buying this fall, keep that in mind.

Around the metro we are steadily seeing traffic pick up.  One thing that I like to pay close attention to is how many months of inventory is on the market in different areas of the metro.  Just a side note, 6 months of inventory is considered a balanced market, anything above a buyers market, anything below a sellers market.  Currently the average for the entire metro is 9 months of inventory (meaning if no new listings came on the market it would take 9 months to sell the existing inventory).

Curious about different suburbs?  You’re in luck!

Grimes- 6.2 months of inventory
West Des Moines-8 months of inventory
Ankeny-8.8 months of inventory
Norwalk- 6.5 months of inventory
Urbandale 8.2 months of inventory”

– Heather Barglof, RE/MAX Real Estate Concepts

What Does This Report Cover?

I really enjoy this chart because it gives a breakdown of:

• Days on the Market
• Price Per Square Foot
• Number of New Listings
• Number of Expired Listings
• Number of Price Reductions
• Pending Home Sales (by price)
• New Home Sales (by price)
• All Active Home Sales (by price)
• Best of all, it compares this week vs. last week and last year!

This is a great chart.  I’m not a Realtor and would never try to take the place of one.  If you’re looking for statistics in your specific neighborhood (because your neighborhood is the only one that matters when you’re selling), I can help connect you with the right Realtor for the job!

We Love Great Information and Love to Give Great Information!

If you’re a super cool person and have any market statistics you think our readers would find valuable, please feel free to contact me. If it’s relevant, It’ll show up here!

If you’re looking for my professional opinion or looking for a comment (press related), please contact me here.