How is the Real Estate Market doing in 2016?

How is the Real Estate Market doing in 2016?

Now that we are six months into 2016, it’s time to see how we’re doing so far this year!

Here are the statistics for all homes sold in 2014, 2015, and the first half of 2016 (may not include For Sale By Owner):

2014 2015 2016
Total Homes Sold (Single Family, Condo, Townhouse) 10,281 11,588 5,503
Average Price $186,408.00 $198,393.00 $203,372.00
Days on Market: 0-30 4,635 45% 4,831 42% 3,072 56%
Days on Market: 31-60 1,545 15% 2,603 22% 673 12%
Days on Market: 61-90 1,114 11% 1,558 13% 453 8%
Days on Market: 91+ 2,987 29% 2,596 22% 1,305 24%
Months of Inventory Active 3.26 2.89 3.58

So what does this data mean?

  1. The average house price in Des Moines is rising as the market continues to come roaring back, and as the interest rates stay low. With rates hovering around 3%, buyers are realizing that their money will buy them much more house than ever before.
  2. Over half of homes sold in 30 days or less, showing that demand continues to be high.
  3. Inventory has crept up to almost a balanced market overall. However, in some price ranges and areas, we are still seeing a sellers market (meaning that there are more buyers than homes for sale).

If you are interested in navigating this market to sell and/or purchase a home or investment property, we can dig into this data much further and put together a customized strategy. Contact me today!