(Des Monies, IA) -- The Des Moines metro has made the top-10 market for brisk home sale. The National Association of Realtors puts Des Moines in a list of cities, showing resilience during the pandemic, and promise for the future.
“We are excited to see the Des Moines metro gain national attention as a top 10 market. With Des Moines’s relatively low unemployment rate, overall affordability and stable economy, we expect our metro area to thrive for the foreseeable future,” said DMAAR President Lance Hanson.
Hanson says the Des Moines area is often listed among the top real estate markets in the nation, but in recent years it's been more consistently making the top-10.
November was another big month for home sales in the area. The Des Moines Area Association of REALTORS® (DMAAR) reports sales were up 23-percent compared to last year, with 1,288 properties sold.
The realtors say homes sold in an average of 61 days in November 2020 compared to 54 days from November 2019.
The median sale price rose 1.2 percent at $215,000 in November 2020 compared to $212,500 in November of last year. The number of properties on the market continues to fall below last year’s number. With only 2,387 homes on the market, that calculates to 38.7 percent less homes available when compared to November 2019.
The organization says more than 70-percent of properties were had conventional financing. Cash purchases amounted to over 11 percent of the sold properties. 9 percent of sold homes were financed with an FHA Loan.
“We continue our extended sales curve to represent an increase for Nov 2020 over 2019 with a very small drop from October 2020. This continues to be a year of surprises with very low interest rates and new sales records along with record low inventory," stated Hanson.
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