The Des Moines metro housing market in November showcased seasonal trends typical of the year-end slowdown, with a mix of steady demand and market adjustments across metrics tracked by the Des Moines Area Association of REALTORS® increasing.
“In November, we saw the telltale signs of a year-end market begin to appear with some metrics slowing, a typical occurrence of the winter months,” Erika Hansen, DMAAR president, said. “Still, we know that interest in the metro housing market continues to outpace prior years, thanks in part to a more buoyed fall market. Now is an ideal time for buyers to connect with their trusted REALTOR® to explore available opportunities.”
Home Sales Dip
November showed a decrease in contracts closed, dipping 12.5% with 1,010 homes sold compared to October’s 1,154 sales. Compared year-over-year, contracts closed jumped 10.8% from the 912 homes sold in November 2023.
Contracts written in November decreased by 19.7% with 873 home sales pending, compared to last month’s 1,087 pending sales. In November 2023, there were 785 contracts written, resulting in pending sales rising 11.2% in year-over-year comparisons.
Active listings in the Des Moines metro had a slight drop of 4.3% to 3,769 listings in November compared to October’s 3,938 listings. Year-over-year comparisons for November show an impressive 16% increase in active listings versus the 3,249 active listings of one year ago.
The median sale price in November increased 0.03% to $290,000 compared to last month’s $289,900. In 2023, the median sale price was $274,900 resulting in a 5.5% increase year-over-year.
Days on the market dropped this month by 5.9% to 48 days compared to October’s 51 days on the market. Year-over-year, we saw an increase of 2.1% from the 47 days on the market in November 2023.
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