23 Days in May Saw A Trace or More of Precipitation
According to the National Weather Service, for the month of May, the Des Moines metro experienced only 8 days without rain.
The average rainfall amount for May is 4 3/4 inches but this year we got exactly double that amount at 9.5 inches. The daily temperatures were almost 5 degrees lower from the norm, making May not only wet, but cooler too.
As a result, the Des Moines Multiple Listing Service is showing the effects of a tough weather month. While home for sale inventory continues to rise, much of this is due to a slower pace of accepted offers. Days on Market this month is slightly longer and Months of Inventory is on the rise compared to this time last year. 1,557 homes saw price reductions this past month signaling that sellers are making adjustments as well. One bright spot is the overall Median Sale Price is up by almost 2 1/2% over May of 2018, but when you look at the source of those gains, they are predominantly from Single Family and Condo/Townhome Resales. New construction is essentially flat and many builders are offering upgrade incentives.
One statistic that hasn’t changed this month is percentage of Back on Markets. For the second month in a row, 18% of sales fell through and came back on the market.
View the full resolution image by clicking on any of the graphics.
May Metro Single Family Resale Data
May Metro Condo/Townhome Resale Data
May Metro Single Family New Construction Data
May Metro Condo/Townhome New Construction Data
Click This Link for the 2018 Des Moines Real Estate Year End Market Recap
~Les Sulgrove, Vice President
VIA Group REALTORS
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.