DMARR Market Update



January’s real estate activity continued on the strong market trends from the fall of 2020. Sales rose over 20% percent from January of 2020 in the Des Moines Metro area reported the Des Moines Area Association of REALTORS® (DMAAR). The median sale price increased 15.7 percent compared to the number of sold properties in January 2020. 920 residential properties sold in January 2021, while only 763 sold in January 2020. The median sale price rose 15.7 percent to $238,400 in January 2021 compared to $206,000 in January of last year. The number of properties on the market continues to fall below last year’s number. With only 1,957 homes on the market, that calculates to 45 percent less homes available when compared to January 2020. 650 properties or 70.6 percent of sold properties were financed conventionally. Cash purchases amounted to over 11 percent of the sold properties. 9 percent of sold homes were financed with an FHA Loan. Homes sold very fast at an average of 44 days compared to 64 days in 2020. “Sales up over 20% in January is great to see. Typically January is one of the slowest months of the year. This is a great start for us for 2021. With the low number of homes on the market, we need more properties in most price ranges. The current conditions of low interest rates and properties selling very fast with multiple offers make this a great time to sell your home. Speak to your local Realtor® to start the selling or buying process,” stated DMAAR President Ted Weaver. Additional statistics and information about the Des Moines area housing market are available at the DMAAR website www.dmaar.com.