(Des Moines, IA) -- Home sales are on the rise in the Des Moines metro. Des Moines realtors say sales are up 20-percent over last year, active listings are up, and the median sale price is at a record high at $299,500.
The Des Moines Area Association of Realtors says nearly all metrics up in the month of May.
“In this spring market, we are seeing a continued rise in the number of homes listed but we are also seeing a higher median for days on the market,” Erika Hansen, DMAAR President said. “This is a good thing for home buyers, giving them the chance to view multiple properties and make informed decisions with the help of their trusted REALTOR®.”
From DMAAR:
Home sales in the month of May increased 19.95% with 1,371 homes sold, compared to the 1,143 sold in April. May 2023 saw 1,270 homes sold resulting in an uptick of 7.95% year-over-year.
May pending sales were down 7.81% with 1,322 contracts written compared to April’s 1,434. Year-over-year pending sales slipped 5.16% with 1,394 contracts written in May 2023.
Active listings continue to rise. In May, DMAAR saw an increase of 5.77% with 3,279 houses listed on the market compared to last month’s 3,100 homes. Last year, the May market included 2,651 homes listed, resulting in the year-over-year statistic jumping 23.69%.
The median sale price for the Des Moines metro area for May was a record high at $299,500, an increase of 6.02% from April’s $282,500 median sale price. Year-over-year there was an increase of 3.63% in price compared to last year’s $289,000.
Days on the market increased 5.17% with 61 days in May compared to last month’s 58 days. In May 2023 the number of days on market were 51 causing an increase of 19.61% of days on the market.
Of the properties sold in May, 902 or 65.79% were financed conventionally. Cash purchases amounted to 16.56% of the properties sold, and 11.23% were financed with an FHA Loan.