March 2012 Des Moines area home sales show jumps in closed units and home prices

By
Real Estate Agent with RE/MAX Real Estate Concepts

March 2012 was a good month for buyers and sellers of real estate in the Des Moines area made up primarily of the cities of Altoona, Ankeny, Carlisle, Clive, Des Moines, Indianola, Johnston, Norwalk, Pleasant Hill, Urbandale, Waukee and West Des Moines and comprising a population of about 562,000 residents.

We were all pleasantly surprised to see sales leap appx. 25% in March 2012 from 580 units last year to 727 closed units this year. The icing on the cake though was a rise in prices which we had not been seeing, from $143,933 on average last March to $159,496 this March. Sales prices and closed units also rose month on month also. Inventory levels continue to remain below average as well with about 4,529 homes on the market on average in March 2012, or about 900 fewer than the year prior. What that means for sellers is that those who have homes on the market should get more showings all in all. The warm weather and rock bottom interest rates at about 3.88% likely fueled the uptick. Days on market fell YOY from 116 to 112, but rose month on month from 106 days in February.

Clive had the highest rise in unit sales clocking in a 70.6% increase over last year, while Indianola lagged the pack with a -30% decline yoy. Clive also saw the biggest average price increase at 27.4%, but Johnson prices sagged -2.8%, the only metro area seeing a decline.

The top five price categories were:

  1. $200,000~$249,999  83 units
  2. $120,000~$139,999  69 units
  3. $140,000~$159,999 69 units
  4. $110,000~$119,999 65 units
  5. $300,000~$399,999 36 units 

Homes priced $400,000 and over logged 24 units out of an active inventory of appx. 300 units, continuing their upward trend. Closed units rose 60% month on month while inventory rose only about 36.6%

Condo/townhome units sold were 92, out of an inventory of appx. 875 units. Unit sales rise were outmatched with inventory outpacing unit gains.

The top three methods of financing were:

  1. Conventional  364 units
  2. FHA               166 units
  3. Cash             160 units
City
3/2012
Total Sold
3/2011
Total Sold
Total Sold
% Change
2012
YTD Sold
2011
YTD Sold
YTD Sold
% Change
21
18
+16.7%
46
40
+15.0%
92
62
+48.4%
206
154
+33.8%
29
17
+70.6%
64
40
+60.0%
220
183
+20.2%
539
433
+24.5%
14
20
-30.0%
39
44
-11.4%
22
15
+46.7%
51
45
+13.3%
15
13
+15.4%
25
21
+19.0%
56
44
+27.3%
117
93
+25.8%
21
17
+23.5%
53
47
+12.8%
71
61
+16.4%
152
149
+2.0%
TOTAL - DMAAR MLS (all cities)
727
580
+25.3%
1,675
1,392
+20.3%
City
3/2012
Avg Sale Price
3/2011
Avg Sale Price
Avg Sale Price
% Change
3/2012
Median Sale Price
3/2011
Median Sale Price
Median Sale Price
% Change
178,495
172,189
+3.7%
155,000
152,450
+1.7%
181,662
180,263
+0.8%
169,900
174,750
-2.8%
270,040
212,005
+27.4%
212,500
198,500
+7.1%
92,214
87,291
+5.6%
82,700
77,000
+7.4%
149,250
122,673
+21.7%
134,500
119,000
+13.0%
225,977
232,562
-2.8%
212,000
168,527
+25.8%
163,186
156,692
+4.1%
145,900
153,500
-5.0%
223,580
223,282
+0.1%
200,700
192,450
+4.3%
193,785
185,334
+4.6%
204,080
182,900
+11.6%
217,088
186,171
+16.6%
180,000
162,000
+11.1%
TOTAL - DMAAR MLS (all cities)
159,496
143,993
+10.8%
140,000
130,450
+7.3%
City
3/2012
Days on Market
3/2011
Days on Market
Days on Market
% Change
83.0
109.2
-24.0%
120.1
132.0
-9.0%
168.9
116.3
+45.2%
99.7
109.5
-8.9%
99.6
120.1
-17.1%
122.5
188.1
-34.9%
50.9
73.7
-30.9%
103.2
96.2
+7.3%
123.7
156.0
-20.7%
124.8
99.4
+25.6%
TOTAL - DMAAR MLS (all cities)
112.0
116.0
-3.4%

 

Data courtesy of The Des Moines Area Association of REALTORS, DMAAR, The Iowa Association of REALTORS, IAR, and REMarketpulse.com owned and operated by Les Sulgrove REALTOR, for the period 03/01/2012~03/31/2012. All rights reserved. Data provided is believed to be accurate but should not be relied upon without verification.

Posted by

   

Contact Matt Grohe Realtor® RE/MAX Real Estate Concepts - 3125 Douglas Ave #205 Douglas Ave. Des Moines, IA , or call 515-988-3726 to list your property for sale or to purchase a property in Des Moines, West Des Moines, Windsor Heights, Clive, Johnston, Urbandale, Ankeny, Waukee, Norwalk, Carlisle or surrounding areas.

Online at: http://www.MyIowaHome.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Iowa
Groups:
Market Reports
Iowa Real Estate
Tags:
des moines area home sales

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the printer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
645,057
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Matt - Anyone interested in the Des Moines area is going to find your real estate market report very helpful.  Nicely done!

April 22, 2012 09:31 PM #1
Rainmaker
238,540
Matt Grohe
RE/MAX Real Estate Concepts - Des Moines, IA
RE/MAX Des Moines

Thanks Laura! I try to keep it brief and to the point while giving lots of relevant info.

April 22, 2012 09:35 PM #2
Show All Comments
Rainmaker
238,540

Matt Grohe

RE/MAX Des Moines
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cloud to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information