March’s real estate activity warmed up for the spring months ahead. Sales rose over 19.5 percent from March of 2020 in the Des Moines Metro area reported by the Des Moines Area Association of REALTORS® (DMAAR).
1,256 residential properties sold in March 2021, while only 1,051 sold in March of 2020.
The median sale price increased 8.9 percent to $234,100, compared to $215,000 in March of 2020.
With inventory still very low, the number of properties on the market continues to fall well below last year’s number. With only 1,786 homes on the market, that calculates to 49 percent less homes available when compared to March 2020.
913 properties or 72 percent of sold properties were financed conventionally. Cash purchases amounted to over 11 percent of the sold properties. 9.9 percent of sold homes were financed with an FHA Loan.
Homes continue to sell very fast at an average of 47 days compared to 68 days in 2020.