October Was Very Good To Des Moines Area Homesellers


No Tricks But Plenty Of Treats

The month of October bucked tradition by seeing quite a bit of listing and subsequent sale activity. Looking back to 2014, September and October are the first two months that traditionally show a downturn in listing inventory. This year was different. Inventory in September continued to rise giving late season buyers fresh inventory to choose from. Word spread quickly and we experienced a mini burst of home sales. The dip in inventory you see is where buyers ate up new listings. This in turn spurred more sellers to come off the fence and inventory began to build. As of this report the levels have started to turn downward again.

 

Monthly Market Snapshot as of October 31st

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Virtually all of the bonus activity in October was in the resale category. New construction Months of Inventory remain in the 12 month range.

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

(Click Graphic To View Full Size)This graphic tells the story best of a busy October. The dip in Active Inventory levels and the bubble up in Pending transactions are a true sign of buyers buying at a fast pace. The YTD Closed transactions are slightly behind the same time last year but with this last months mini surge, I am confident that Sold transactions will catch up to last year in November and early December.

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

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Yellow indicates a Sellers Market. Red is for a Buyers Market. Blue represents a balanced market. As you can see, the Des Moines real estate market is clearly split between a Buyers and Sellers market. If a home is listed for sale under $300,000, odds are good that in the near future these homes will sell quickly.  Anything above $300,000 is going to take longer but the flip side is that buyers for these homes will have ample inventory to choose from, especially in the $600-$700,000 price point.

~Les Sulgrove, Broker
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.

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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