Des Moines Real Estate Picks Up In August

Summer Is Ending On A High Note

Des Moines real estate overall is changing. During the month of August, the number homes for sale exceeded 3,800 for the first time since 2015. Also up is the median price of for sale, pending and closed properties. One category of homes for sale in particular is way up over last year. There are over 20% more new construction homes on the market at the end of August than last year at this time. It’s no surprise that with 1/3 of the for sale inventory and a median list price of $314,000, new construction sales are the first to see the slowdown moving in to fall. Resale business is actually seeing an increase in activity as a result of school being back in session and vacations for the most part over. 

Monthly Market Snapshot as of August 31st

(Click Graphic To View Full Size)

New Construction Months of Inventory continues to increase deep into a Buyers market. Resale inventory and days on market are holding steady as a sellers market and selling at a faster pace. We are within days of breaking the 10,000 sale mark for 2018 and on track to again hit 14,000 transactions.

2018 Year Trend Reports
Active – Pending – Sold – Balance of the Market
Compared To 2017

(Click Graphic To View Full Size)Will we hit 4,000 homes for sale in 2018? It is certainly possible at the rate that inventory levels are climbing.

Home Inventory and Pending Sales Compared Over Time

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This graphic allows you to see how Home Inventory and Pending Sales both compare to different points in time from a week a back to as far as 9 years back. 

Months of Inventory
Buyer Pool and by Price Point

(Click Graphic To View Full Size)

~Les Sulgrove, Broker

If you are interested in selling your home or purchasing a home, give me a call! I will help you determine your best strategy based on your local market data.

About Les Sulgrove

Les is an Iowa native born in Des Moines and raised in the southwest Iowa town of Bridgewater. He has been a resident of Des Moines since 1982 and has been married to his wife Linda for over 35 years. Together they have 3 grown children, 7 grandchildren and make their home on Des Moines south side. He has been a licensed REALTOR® since 1990 and is Vice President at VIA Group, REALTORS®. Les is the 2011 Past President of the Des Moines Area Association of REALTORS® (DMAAR) and received the award of Salesperson of the Year by DMAAR in 2007 for his involvement and service to the Association. Additionally, he is active at the Iowa Association of REALTORS® and serves on local, state and national committees. He also owns and operates the national technology networking group CyberProfessionals. This group of real estate professionals meets twice annually across the United States to learn from each other and share new marketing ideas with heavy emphasis on current and future technologies and their use in the real estate business. Les’ hobbies include golf, photography and sarcastic humor. He and Linda spend many Saturday mornings from Spring to Fall at the Des Moines Downtown Farmers Market. He enjoys spoiling his grandchildren at every opportunity.

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